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How to choose a seller name for your brand

That your product or service is unique is not enough, you also need the market to easily identify it. This is how Bimbo, Escudo, Tía Rosa and Juguetes Mi Alegría did it.

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That your product or service is unique is not enough, you also need the market to easily identify it. This is how Bimbo, Escudo, Tía Rosa and Juguetes Mi Alegría did it.

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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

Branding is one of the most important marketing strategies, but it is also one of the most valuable intangible assets of an organization. So much so that, for example, a large part of the business of a franchise has to do with other entrepreneurs being willing to pay royalties for using their brand or commercial name, which is recognized and is already positioned in the market.

If you want your company to have a selling brand, the first thing you have to consider is that it should be easy to remember and pronounce , both in Spanish and in other languages. In addition, it must be associated with some special attribute or benefit of what it represents. That is, bring to mind specific qualities or associations regarding the product or service.

“It must be taken into account that, in accordance with Mexican legislation on industrial property , a trademark cannot be descriptive or evocative of the products or services to be protected,” explains Rafael Manterola, lawyer and specialist consultant in industrial and intellectual property. For example, avoid words like comfort for furniture, creamy for creams, or crunchy for snacks.

You should also be careful with generic words, those that necessarily designate the product by its common name. As skimmed, it designates a type of milk.

In addition, it is essential that, together with the logo, your brand projects the image of the company. Remember that these elements contribute to those first impressions that consumers form when they know a product and that they weigh so much in purchasing decisions.

Here, one of the most recognized cases in the world of marketing: the Escudo soap . Does it sound familiar to you? Everyone in Mexico knows it, even if they don’t necessarily use it. And it is that Escudo is one of the best positioned brands within the universe of personal care products in the country. But it is also one of the biggest mistakes in the history of Mexican marketing.

At the end of the 80s, the company Procter & Gamble (marketer of the product) made the decision to integrate many of its brands in various countries. As a result, Escudo soap and all its variants in other countries were unified under the American brand Safeguard.

This canceled years of positioning and trust on the part of the brand, which was replaced by an unknown, strange and difficult to pronounce name for the Hispanic market. The result: soap sales plummeted, until the multinational company resurrected Escudo a few years later.

What a good brand needs

Remember that your brand will be the clearest expression of your business. It should work well in all formats, including product packaging, letterhead, and non-visual media, such as the telephone.

These are the eight rules that you cannot ignore when choosing the name of your business.

1. It must be memorable. Here the goal is to stay in the mind of the consumer clearly and without competition with other stimuli. Some examples of well-positioned brands are the Miguelito chamoy and the Mi Alegría toys . Another case is the Vips cafeterias: in just four letters and with a single syllable, this name brings us the memory of the atmosphere, smell and decoration of those restaurants. Another interesting example is Gansito Marinela, which owes its positioning, in large part, to its slogan: “Remember me.”

2. It should be easy to pronounce. If consumers cannot pronounce the name of the product, they will be less likely to buy and prefer it. What sounds strange and alien will hardly become an essential part of daily life, although it is not impossible. Some examples of brands that faced this challenge but managed to position themselves in Mexico are Häagen Dazs or Facebook .

3. It must be compatible with the rest of the company’s brands. In the case of individual brands for specific products or services, they must fit into the linguistic universe of the company to which they belong. A good example is Sabritas’ Fritos, Doritos and Cheetos snacks, which have separate names but are compatible in terms of image and positioning.

4. It must correspond to your target market. Take into account who your typical buyer is. Are you male or female? Young or mature? Sophisticated or traditional? The brand must talk about these valuations. Burberry sounds different from Baby Creysi, because its market segments are very different in terms of gender, age and socioeconomic status.

5. It must make global sense. This means that it should be easy to pronounce in other languages, especially English, Chinese or the language that is spoken in that market where you want to land. This will facilitate the process of expanding your business abroad at some point. But also, it is important that the brand is not confused with negative words. The Bimbo bakery had to change its brand in the US market because the word bimbo , in English, is a derogatory term against women.

6. It must convey the essential values of the product or service. Your brand must communicate the core benefit of your offering in an attractive and original way. The Ciel brand transmits clarity and lightness, while Suavitel promises with its name that the clothes will be soft. But this transmission of values does not have to be so literal. Many times you can imply what your product is about in an indirect way, by the way it sounds. Tin Larín is a play on words that sounds fun, friendly and nostalgic, as is the chocolate it refers to.

7. You must register. Your brand must be unique and inimitable. It is key that you do not look like any other and that you say what you have to say in the best way. To protect it, it is important that you register it with the Mexican Institute of Industrial Property (IMPI) . In addition to shielding the identity of your company and your products, it will eventually allow you to market the brand through franchise or licensing systems.

By the way, before opting for a trademark, it is worth investigating whether it has already been registered by someone else. This will save you unnecessary design, stationery and labeling expenses if it already belongs to a third party. It is also important that it can be articulated as a domain name for your website. You can do free searches for availability on sites like GoDaddy .

8. You must like it. Finally, before deciding on a name for your company or for your new product, discuss the options with friends, family and trusted customers. This way you will know which one has the greatest acceptance. You can do a small survey in your area or electronically. And, because most purchases depend on emotional criteria, brands must also have that “something” that makes them attractive. There are names that “sound good” and others that do not. So take into account the opinion of the market. The brand is a communication tool, and that is why you must make sure that the message reaches the receiver … and that it arrives well!

The Bimbo bakery had to change its brand in the US market because the word bimbo, in English, is a derogatory term against women / Image: Bimbo via Instagram.

The DNA of your brand

One of the tests that experts do to qualify trade names is to find their “genetic code.” You can also do it with your brand. It analyzes the cultural, emotional, linguistic, historical and symbolic associations of the word and the logo, as well as their semantics and structure.

If you already have a potential brand (with name and logo), submit it to the following questions:

A What are the cultural references of the brand? Example: Google evokes the number googol (10 to the hundredth power), which illustrates an unimaginably large number, similar to infinity, a central value to the cyber search service. The fact that the letters “o” are multiplied according to the number of search results refers us to this mathematical elasticity.

B What is the emotional weight of the brand? Example: Tía Rosa is, in emotional, textual and visual terms, a warm, homely, Mexican and soft brand.

C What are the linguistic references of the brand? Example: Juice brand Snapple sounds like apple. It also sounds like snap (the act of snapping the fingers), to give an idea of speed. The linguistic result would be the fact of obtaining the flavor and nutrients of an apple quickly and without effort.

D What symbols does the brand use? Example: the Televisa logo is constructed from three symbols: the sun, the eye, and the horizontal stripes. The sun symbolizes that which, without fail, rises every morning, in addition to allowing us to see each other. The eye obviously represents the act of looking. And the horizontal lines represent television static. These three elements are part of the brand’s values.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/lbOgLpHN2RA/367268

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Why You Should Make Twitter Spaces Part of Your Business Strategy

Twitter’s latest feature can help businesses grow their presence on the platform.

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Twitter’s latest feature can help businesses grow their presence on the platform.

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September 5, 2021 8 min read

Opinions expressed by Entrepreneur contributors are their own.

Audio content is all the rage these days.

From podcasting to Clubhouse, many businesses are making it part of their content strategy. However, they aren’t the only options for those looking to become part of the audio space.

What is Twitter Spaces?

Twitter Spaces is a place for users to host rooms where speakers can hold audio conversations. Listeners are able to tune in and can also request to speak, allowing them to step onto the virtual stage to share their thoughts and ask questions. And because there’s no video aspect to Twitter Spaces, you don’t have to worry about being camera-ready.

Beta testing for this feature began in November 2020. During this testing phase, all users had access to listen and speak within a Space, however only a small group was given access to hosting capabilities. It wasn’t until May 2021 that hosting Spaces became an option for all Twitter users that had at least 600 followers. Since then, many business owners are giving Spaces a go and figuring out how it fits into their overall content strategy.

Since Spaces has become available, Twitter has announced they are taking it up a notch by also offering a way to monetize the audio conversations you host on the platform. Ticketed Spaces are currently in the beta testing phase, allowing users the ability to charge anywhere from $1 to $999 for a ticket to attend a Space.

Why is Twitter Spaces beneficial for entrepreneurs?

As an entrepreneur, it’s important to put yourself out there online. These days, there are many different ways to do that. You can start a blog, a podcast, or a YouTube channel. You can also build your presence on various social media platforms. It’s all about knowing where your audience is and playing to your strengths. So, if you’re someone who loves to talk and you know your audience is active on Twitter, Spaces is worth considering.

Here are a few reasons why:

  • You stand a better chance at getting noticed. Our tweets have such a short lifespan, but when you’re live on Spaces, you’ll show up at the very top of a user’s mobile app. They’ll be more likely to see you and join the conversation this way.

  • You’ll have a built-in audience. With Clubhouse, users are really starting from scratch with building their audience on the platform. If you’re already on Twitter, then you have people who are there and ready to join your conversations.

  • Nothing is needed to get started. Having fancy equipment isn’t necessary. You don’t even need to put on your business attire. Instead, you simply need to open the Twitter app, start a brand new Space, and begin delivering valuable content.

  • It has accessibility in mind. While many platforms are stepping up to the plate in terms of accessibility, some are still lagging behind. Twitter Spaces has made their audio conversations accessible to those who are hearing impaired by offering live captions. This means you won’t be excluding members of your audience when you host a Space.

And with Ticketed Spaces on the way, many entrepreneurs will want to jump on board with Spaces now so they can establish their presence and prepare for monetization when it becomes more widely available. Everyone loves having multiple revenue streams, right?

Now, the question is, how can you best use Twitter Spaces as a way to grow your business? After all, implementing features like this into your content strategy won’t do much if you don’t have a strong foundation in place, outlining why and how you’re using it.

Here are a few tips for making Twitter Spaces work for you:

1. Know what you want to achieve with spaces

Your time is precious, which is why you want to ensure you’re reaping the rewards when you put time and energy into something. When it comes to Twitter Spaces, it’s smart to set goals for yourself so you know what you’re working toward. This way, you’ll be able to see if hosting Spaces regularly is working for you or not.

For example, you may want to use Twitter Spaces to grow your audience on the platform. In this case, you’ll want to monitor your follower count before and after your Spaces to see if you notice any growth. If you want Spaces to be a tool for promoting your offerings, you’ll need to see if people are taking action and purchasing after the conversation ends. Or maybe you just want to use it to establish yourself as a thought leader in your field. In which case, you’ll watch for engagement and take note of what people are saying about you and your content.

The point is, you want to use Spaces as a tool to drive specific results. If that doesn’t seem to be happening, then you’ll know that something needs to change about your strategy.

2. Host conversations that will appeal to your target audience

In order to entice people to tune into your Spaces (and keep them listening to the very end), you need to hold their attention. That means it’s up to you to figure out what they want and deliver it so they see the value in joining the Spaces you host.

Here are a few ideas you can try out:

  • Teach people how to do something. What’s something that your target audience would love to learn how to do that you can teach via an audio conversation? You could offer simple tips and tricks so they can leave your Space and immediately put your advice into action.

  • Discuss the topics in your industry. This is a sure-fire way to grab attention and get a lively conversation going with others in your field. Share your thoughts and opinions, then open up the floor for listeners to join in as well.

  • Host value-packed Q&A sessions. This could be an opportunity to answer burning questions your audience has for you or you could invite an expert onto the virtual stage for an interview, podcast style. Either way, focus on the questions your audience wants answers to.

If you’re not sure what kind of format will work best, try out a few different options and see what interests people the most. Sometimes it’s just a matter of testing to see what works.

Related: 10 Ways to Learn About Your Target Audience

3. Go live regularly on Twitter Spaces

As an entrepreneur, consistency is key to your success. You have to show up regularly if you want to boost your return on investment (ROI). If you aren’t showing up often, you run the risk of your audience forgetting about you entirely. And that’s the last thing you want!

To stay top of mind, it would be smart to create a Twitter Spaces show that you host at a set time. It gives people something to look forward to and the more you put yourself out there, the better chance you have at connecting with new people.

Consider creating a show that you host every week, every other week, or monthly. Go with what works for your schedule. Just make sure you’re showing up and giving it your all if you want to see results.

Related: Live Streaming Video: What It Is, Why It Matters and How It’ll Quickly Grow Your Brand

4. Be willing to experiment with new things

You never know what will work for you until you give it a try. That’s why it’s worth experimenting with how you use Spaces. Try a few of the ideas listed above, but be open to testing out other ideas as well. If you want, you can even ask your audience what they’d like to see from you, which could generate a few new ideas as well. After all, there’s no better source to learn from!

Ultimately, you have to be willing to test and tweak your strategy. If something is working well for you, keep it up. If something isn’t working, figure out why and see if there are any tweaks you can make to improve the idea. If not, scrap it and move onto something else. It’s not time wasted if you learn something valuable about what your audience enjoys.

Related: How to Create a Social Media Marketing Strategy From Scratch

5. Use Twitter Spaces as a tool to better understand your audience

Done right, Twitter Spaces can be used as a tool to help you connect with your target audience and develop a deeper relationship with them. They’ll get to know you better, and in turn you’ll get to know them better. From there, you can take what you’ve learned about their interests and pain points and use it to create future content within your brand.

And as we all know, providing valuable content is key if you want to boost your followers, engagement, and conversions. Plus, it’ll establish you as an expert in your field over time. Before you know it, your brand just might become a household name.

Related: 10 Laws of Social Media Marketing

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/BUD8B22whFY/380036

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2 Auto-Manufacturers Up More Than 6% in the Past Month

With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significan…

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With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significan…

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August 17, 2021 4 min read

This story originally appeared on StockNews
With solid progress on the COVID-19 vaccination front and substantial economic growth so far this year, auto manufacturers have witnessed a significant rise in sales in the first half of 2021. Given sustainability initiatives worldwide, the EV industry is expected to grow over an extended period. Hence, we think the shares of auto manufacturers, Tesla (TSLA) and Stellantis (STLA), whose shares have gained more than 6% in price in the past month, are well-positioned to move higher. So, let’s discuss.

The electric vehicles (EV) industry is expanding rapidly, bolstered by zero-emission initiatives worldwide. The near-term outlook for the EV industry seems to be bright, as governments around the globe place significant emphasis on accelerating EV production and sales to meet their sustainability targets. The EV market grew more than 40% during 2020, with a record 3 million EVs registered.

Furthermore, global EV sales rose by around 140% year-over-year in the first quarter of 2021. And auto manufacturers are now placing an emphasis on broadening their product portfolios and ramping up production to meet the increasing demand. The International Energy Agency (IEA) anticipates the EV industry will witness “healthy growth” during this decade.

The shares of two well-known players in the industry, Tesla, Inc. (TSLA) and Stellantis N.V. (STLA), have gained more than 6% in the past month and are poised to generate significant returns in the coming months also.

Click here to checkout our Electric Vehicle Industry Report for 2021

Tesla, Inc. (TSLA)

TSLA in Palo Alto, Calif., designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems globally. The company operates in two segments: Automotive and Energy Generation and Storage.

TSLA’s total revenue increased 98% year-over-year to $11.96 billion in its fiscal second quarter, ended June 30. Its income from operations grew 301% from its year-ago value to $1.31 billion, while its non-GAAP net income improved 258% year-over-year to $1.62 billion. The company’s non-GAAP EPS increased 230% year-over-year to $1.45.

Analysts expect TSLA’s revenues to increase 49.3% year-over-year to $13.10 billion in the current quarter, ending September 2021. A $1.38 consensus EPS estimate for the current quarter indicates an 81.6% rise from the same period last year. TSLA has an impressive earnings surprise history as well; it beat the consensus EPS estimates in three out of the trailing four quarters.

Over the past month, TSLA gained 6.5% to close yesterday’s trading session at $686.17. The stock gained 107.8% over the past year.

Stellantis N.V. (STLA)

Based in the Netherlands, STLA designs, engineers, manufactures, and sells passenger vehicles, pickup trucks, SUVs, and light commercial vehicles worldwide. It offers luxury, premium, and mainstream vehicles, as well as financial services, and parts and services, and also provides retail and dealer financing, leasing, and rental services.

On July 6, STLA announced its investment in Vauxhall’s Ellesmere Port manufacturing plant, which will become the first STLA plant to produce a solely battery-electric vehicle, in both commercial and passenger versions, by the end of next year. This is in line with the U.K. government’s decision to stop sales of pure petrol and diesel engine vehicles from 2030. The project is expected to garner significant returns for the company amid sustainability initiatives worldwide.

In May, STLA and Hon Hai Precision Industry Co., Ltd., together with its subsidiary FIH Mobile Ltd., formed a non-binding memorandum of understanding to form Mobile Drive, a joint venture aimed at accelerating development timelines to deliver innovative in-vehicle user experiences. Through this partnership, the company expects to push the boundaries in connected car technology and provide immersive digital experiences to its customers.

STLA’s net revenues increased 270.2% year-over-year to €72.61 billion ($85.55 billion) in the fiscal six months ended June 30. Its net profit stood at €5.80 billion ($6.83 billion), up 627.7% from the same period last year. Its cash flows from operating activities came in at €5.62 billion ($6.62 billion) over this period.

A $182.87 billion consensus revenue estimate for the fiscal period ending December 2021 indicates a 12.8% increase year-over-year. The Street expects the company’s EPS to rise 202.8% from the prior year to $4.02 in the ongoing year.

STLA gained 18.4% over the past month to close yesterday’s trading session at $21.68. The stock has gained 32.8% over the past six months.

Click here to check out our Automotive Industry Report for 2021

TSLA shares fell $1.91 (-0.29%) in after-hours trading Tuesday. Year-to-date, TSLA has declined -5.66%, versus a 19.54% rise in the benchmark S&P 500 index during the same period.

About the Author: Subhasree Kar

Subhasree’s keen interest in financial instruments led her to pursue a career as an investment analyst. After earning a Master’s degree in Economics, she gained knowledge of equity research and portfolio management at Finlatics.

More…

The post 2 Auto-Manufacturers Up More Than 6% in the Past Month appeared first on StockNews.com

Furthermore, global EV sales rose by around 140% year-over-year in the first quarter of 2021. And auto manufacturers are now placing an emphasis on broadening their product portfolios and ramping up production to meet the increasing demand. The International Energy Agency (IEA) anticipates the EV industry will witness “healthy growth” during this decade.

Source: http://feedproxy.google.com/~r/entrepreneur/latest/~3/6v3ry11KSOw/380514

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Why Steve Jobs’s Passion for Calligraphy Is an Important Example for You

By intentionally exercising your creative muscle, new opportunities naturally follow.

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By intentionally exercising your creative muscle, new opportunities naturally follow.

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August 8, 2021 5 min read

Opinions expressed by Entrepreneur contributors are their own.

In 1972, Steve Jobs took a calligraphy class at Reed College based on campus posters he saw after dropping out. The poster fonts themselves were artistic enough to catch his eye, and he audited this class, despite knowing the class would earn him no credit towards a degree.

Today, designers and marketers alike have nearly unlimited fonts and creative user interfaces for our digital devices. In a world dominated by ones and zeros, we all owe Jobs a debt of gratitude for bringing creativity into the world of technology.

Jobs was certainly hooked on the creativity of calligraphy. But there were additional creative foundational elements the class instilled in his mind that many business owners can use to reshape their brand and compete at a higher level.

Related: 4 Ways to Unlock Your Inner Creativity

Creativity: It’s a muscle you can exercise

All human beings are born creative and have the ability to exercise and develop their creativity muscle.

We encourage our children to experiment, express and explore creatively. Drawing outside the lines is not frowned upon until you register for a class in architecture.

As we begin our journey into reading, writing and arithmetic, however, the outlets for creativity diminish. Without consistently expressing ourselves, like muscle atrophy, our creative muscles also lose their strength without exercise.

Jobs intuitively knew to expand his creativity muscle when he invested his time into a calligraphy class at Reed. In his 2005 commencement address at Stanford, he spoke about his calligraphy class, saying,

“I learned about serif and san serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can’t capture, and I found it fascinating.”

Taking a class or course that focuses on creativity for no other reason other than artistic expression can naturally cross over into creativity in business.

Related: The 4 Key Learning Styles and How You Can Use Them to Learn, Teach, and Grow Your Business

Processes: Learn from alternate industries

We learn primarily through our vision. Our minds are wired visually and with tens of millions of images vying for our attention, but we can only process a very small percentage of it.

Remember the last time you were going to buy a car? Before you decided on that Subaru, you may have never noticed them on the road. After you narrowed down your search, you see them everywhere. That’s our brain filtering content with our reticular activating system.

Unfortunately, with limited resources of time and visual acuity, we tend to only learn from leaders in our own industry. I’m pretty sure Jobs had no intention of creating wedding invitations as a calligrapher, but as he immersed himself into the art of calligraphy, the act of calligraphy opened up creativity in other areas. Calligraphy not only boosted his creativity muscle, but during the creative process, creativity naturally spilled over into other areas — computers.

In the book, I, Steve: Steve Jobs in His Own Words, Jobs famously stated, “A lot of people in our industry haven’t had very diverse experiences. So they don’t have enough dots to connect and they end up with very linear solutions without a broad perspective on the problem. The broader one’s understanding of the human experience, the better design we will have.”

If you are in the services industry, study manufacturing best practices. This can even be applied to segments inside your industry. If you are involved in marketing, study economics or history.

Experiential: Power off the computer

While drawing curves with ink and paper are a serious separation from the bits and bytes of the computer world, there is an unspoken element of creativity and muscle memory that is often overlooked.

Handwriting.

A recent study by John Hopkins University demonstrated the power of experiential learning specifically with the written word. While writing by hand is going the way of the Dodo bird by the ease of a computer keyboard, this study found we shouldn’t be so quick to discard the pencils and paper. In a study of 42 adults learning Arabic, handwriting helped the participants learn the language surprisingly faster and significantly better than learning the same material through typing or watching videos.

Jotting down ideas or journaling by hand has been shown to unlock increased creativity in our minds and in our work.

Flow: Power off your brain

Creativity, like losing weight, can’t be honed in a single session. Moreover, anyone who has had brilliant ideas in the shower knows, the removal of distractions opens up your creative juices.

There is immense value in emptying your mind, meditating or going for a walk in the woods. We can certainly glean ideas from other works of art, copy, and business models. But, modifying an idea is not the same as creating one. There is a clear distinction between evolution and revolution. Both have their place, but most significant breakthroughs in business and society come not from the evolution of an idea, but through revolution of a completely new way of looking at the world.

Switching off the distractions and putting yourself in a fresh environment creates fertile ground for exercising your creative muscle.

Being creative, mindful and curious can unlock hidden value in your brand. It wasn’t just the skill of calligraphy that Steve Jobs had picked — it was a mindset to think creatively and give something a unique touch.

Related: Steve Jobs and Albert Einstein Applied the Concept of ‘No Time’ to Boost Their Creativity. What Does It Entail?

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