As of July 1, 2020, The Coronavirus has sickened 10.3 million people, killing at least 505,000 people. Meanwhile, 38% of people won’t touch Corona beer because of the name-association to the deadly virus. What does this have to do with your business/brand? The answer has to do with brand name marketing. Corona is the world’s 3rd most popular beer and 4th most famous beer, yet their sales dropped approximately 12% in a week. Whether or not you actually enjoy Corona beer, the fact is that the word “Corona” means a lot more to people than the virus or beer.
Your name, business or personal, says a lot. Your name stays with you in every step of your life. It’s how people identify you.
Every time you hear a name, you associate it with someone you have met. Good or bad, you carry that opinion as you enter a new relationship with a new individual. You can see this pattern show up in cars, too.
“My Nissan is 15 years old. I love it!
My Toyota though only lasted a year.
I’m never buying that car again!”
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If you had a bad experience with a Toyota, then you most likely will not repurchase a Toyota. Instead, you’ll reach for a Ford or Nissan, or another car brand that perhaps your mom, best friend, co-worker, ect. had that they fully enjoyed. So, you enjoy a nice Corona beer with a lime on a warm, sunny beach day. Or, you partied too hard once with Corona beer and now you stay away from it. It’s all about the experience that associates your brand with a feeling. And, how you business handles a negative experience can say worlds about your branding capabilities. Something as similar as a name (or virus) or one bad experience can pull a loose thread and ruin your business. Work on your business. Make your brand THE brand; the brand that everyone associates with pleasure. Be the Coca-Cola or Chick-Fil-A of your industry. When your brand name marketing is strong, nothing can tear you down. Is your business in need of some brand strengthening? Need to pick my brain? Reach out today for a coaching session.