Think Brand Protection does not apply to you? In a recent tsunami of brand flubs, several major corporations have illustrated how and why it is crucial to be vigilant about brand protection. PWC’s night at the Oscars blew up gloriously, Pepsi’s tone-deaf video about the power of fizzy water to heal social divisions, and United Airlines invention of a whole new idiom with the wonderful weasel word “re-accommodate” have all demonstrated what can go wrong.
A brand is a “name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” It is easy to see why a company’s brand is important. Your brand is what defines you, and what sets you apart from your competition.
Brand Protection therefore, is just another way to build on the success of your business. Think of brand protection as protecting your corporate identity. You don’t want a stranger stealing your identity and damaging your personal reputation and finances, nor do you want your competition stealing your ideas or your image and using it to their advantage, or finding ways to damage your business. Brand protection is important at every stage of your company’s growth. After all, consider the time and money that you have put into building brand awareness for your company.
Online brand protection is just as crucial. There are many things that you can do to secure your brand image, including using trademarks for anything that is unique to your company’s goods or services. Copywriting your marketing materials, website, and other corporate materials, is also very important.
Online reputation management is an important part of brand protection, and should not be overlooked. Bad customer reviews or inaccurate news articles can severely damage your reputation, and immediately affect your profitability.
Consider Brand Protection Insurance using a Private Insurance Company as a part of an overall Risk Management plan. Not every risk in your company can be or needs to be covered by commercial insurance. As you grow, it is important to identify unfunded risks in your company, and Brand Protection is clearly a significant such risk. By creating a Private Insurance Company you can start to fund this risk, building up your own fund to cover remediation and loss of income should the worst happen.