Comapny Logo Matters

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Creating a logo and a brand for your business is a great way to help your company stand out in the minds of the customers. Brand recognition (also referred to as brand awareness) is key in winning business online, as well as in creating a strong fan base.

The main benefit that your business logo serves is that they ensure that your customers remember your business. Printing your logo on merchandise through a quality service like custom gear can ensure that the word spreads about your product. But just having any logo is not enough. Here is why choosing the design of your business logo carefully is important.

It Represents Your Image

You probably have figured out by now that in the corporate world your image is everything. An advertising company may want their logo to be bold, in order to reflect the aggressiveness which is often what a client is looking for. On the other hand, an insurance company’s logo should reflect dependability and solidity in order to attract customers.

Consumer Loyalty

Even after you have established your brand image, the work of your logo does not end. More than half of the effectiveness of a logo comes from its repetition. In the business community familiarity is the key to growing your business. In other words, you want one time customers to give you repeat business as loyal customers, and showcasing your business logo in front of them all the time does that.

The Logo is Not Your Average Marketing Tool

If you are careful with your marketing tactics, your logo can be the reason for the sales of a company. For instance, brands like Nike have established the image that they are among the best that money can buy in terms of athletic wear. Their strategy was to associate popular stars in sports with their brand logo.

The Logo Established Ownership

Your logo is like your signature. It proves that you have legal ownership and that you have put into effect a safe guard for forgeries of your product. There can be no other equal in quality to your goods with your logo. In the modern world cheap forgeries are flooding the market, but to ensure the quality you claim customers would want to check the logo. It pays to invest in developing a great logo. You can take the case to court if someone tries to copy your logo to sell their goods.

The Psychological Aspect of It

Studies have shown that people tend to absorb more information through visual cues. People are able to relate to images of logo faster than the written name of a company. The current market is flooded with logos, everything from the pages of a newspaper to the bar at the bottom of your favorite television channel. That is why it is so important for a logo to have meaning, and be able to present something specific and vital to the subconscious.

Market Research

The process of gathering, analyzing and interpreting information about a market, about a product or service to be offered for sale in that market, and about the past, present and potential customers for the product or service; research into the characteristics, spending habits, location and needs of your business’s target market, the industry as a whole, and the particular competitors you face .

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Accurate and thorough information is the foundation of all successful business ventures because it provides a wealth of information about prospective and existing customers, the competition, and the industry in general. It allows business owners to determine the feasibility of a business before committing substantial resources to the venture.

 

Market research provides relevant data to help solve marketing challenges that a business will most likely face–an integral part of the business planning process. In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to develop without market research.

Market research involves two types of data:

  • Primary information. This is research you compile yourself or hire someone to gather for you.
  • Secondary information. This type of research is already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry. Most of the research you gather will most likely be secondary.

When conducting primary research, you can gather two basic types of information: exploratory or specific. Exploratory research is open-ended, helps you define a specific problem, and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents. Specific research, on the other hand, is precise in scope and is used to solve a problem that exploratory research has identified. Interviews are structured and formal in approach. Of the two, specific research is the more expensive.

When conducting primary research using your own resources, first decide how you’ll question your targeted group: by direct mail, telephone, or personal interviews.

If you choose a direct-mail questionnaire, the following guidelines will increase your response rate:

  • Questions that are short and to the point
  • A questionnaire that is addressed to specific individuals and is of interest to the respondent
  • A questionnaire of no more than two pages
  • A professionally prepared cover letter that adequately explains why you’re doing this questionnaire
  • A postage-paid, self-addressed envelope to return the questionnaire in. Postage-paid envelopes are available from the post office
  • An incentive, such as “10 percent off your next purchase,” to complete the questionnaire

Even following these guidelines, mail response is typically low. A return rate of 3 percent is typical; 5 percent is considered very good. Phone surveys are generally the most cost-effective. Here are some telephone survey guidelines:

  • Have a script and memorize it–don’t read it.
  • Confirm the name of the respondent at the beginning of the conversation.
  • Avoid pauses because respondent interest can quickly drop.
  • Ask if a follow-up call is possible in case you require additional information.

In addition to being cost-effective, speed is another advantage of telephone interviews. A rate of five or six interviews per hour is typical, but experienced interviewers may be able to conduct more. Phone interviews also can cover a wide geographic range relatively inexpensively. Phone costs can be reduced by taking advantage of less expensive rates during certain hours.

One of the most effective forms of marketing research is the personal interview. They can be either of these types:

  • A group survey. Used mostly by big business, group interviews or focus groups are useful brainstorming tools for getting information on product ideas, buying preferences, and purchasing decisions among certain populations.
  • The in-depth interview. These one-on-one interviews are either focused or directive. Focused interviews are based on questions selected ahead of time, while directive interviews encourage respondents to address certain topics with minimal questioning.

Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It’s usually published in pamphlets, newsletters, trade publications, magazines, and newspapers. Secondary sources include the following:

  • Public sources. These are usually free, often oMarket analysisffer a lot of good information, and include government departments, business departments of public libraries, and so on.
  • Commercial sources. These are valuable, but usually involve cost factors such as subscription and association fees. Commercial sources include research and trade associations, such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded corporations.
  • Educational institutions. These are frequently overlooked as valuable information sources even though more research is conducted in colleges, universities, and technical institutes than virtually any sector of the business community.

Public Information Sources
Government statistics are among the most plentiful and wide-ranging public sources. Helpful government

Almost every county government publishes population density and distribution figures in accessible census tracts. These show the number of people living in specific areas, such as precincts, water districts or even ten-block neighborhoods. Some counties publish reports that show the population ten years ago, five years ago, and currently, thus indicating population trends.

Other public information resources include local chambers of commerce and their business development departments, which encourage new businesses to locate in their communities. They will supply you (usually for free) information on population trends, community income characteristics, payrolls, industrial development and so on.

Don’t overlook your bank as a resource. Bankers have a wealth of information at their fingertips and are eager to help their small business customers get ahead. All you have to do is ask.

Commercial Information Sources
Among the best commercial sources of information are research and trade associations. Information gathered by trade associations is usually limited to that particular industry and available only to association members, who have typically paid a membership fee. However, the research gathered by the larger associations is usually thorough, accurate, and worth the cost of membership. Two excellent resources to help you locate a trade association that reports on the business you are researching include the Encyclopedia of Associations(Gale Research), and the Encyclopedia of Business Information Sources(Gale Group).

Local newspapers, journals, magazines, and radio and TV stations are some of the most useful commercial information outlets. Not only do they maintain demographic profiles of their audiences (their income, age, gender, amount of disposable income, and types of products and services purchased, what they read, and so on), but many also have information about economic trends in their local areas that could be significant to your business. Contact the sales departments of these businesses and ask them to send you their media kit, since you’re working on a marketing plan for a new product and need information about advertising rates and audience demographics. Not only will you learn more about your prospective customers, you’ll also learn more about possible advertising outlets for your product or service.