For any business, creating a brand name is as important as their business. Without a unique brand name, it is difficult to ensure success for your business. Branding plays an important role in creating a distinctive identity for your company, which in turn helps people to distinguish you from your competitors. Branding helps in establishing a rapport with your target audience and if they are satisfied with the quality of your products or services then you can ensure sustainable growth for your business. Moreover, in the age of internet, branding has its own significance since it is the only thing that the companies have to create a positive opinion about them.
Creating a Brand
A brand is an identity that is going to be associated with your business for years to come. Hence, it should never be done in haste. A lot of careful thinking is required to come up with something that is unique, distinctive, and exclusive. There are certain factors that need to be kept in mind when developing a brand name and the most prominent are:
Brand names should clearly convey the USP of your products or services
Brand names should be short and precise
Brand names should be easy to remember
Protecting a Brand
However, creating a brand is not as difficult as protecting it. Today the internet has thrown open a slew of opportunities for companies and organizations to market their brand effectively such as social networking, e commerce, auction sites, emails, blogs, microblogs and others. But as there are immense opportunities so there are risks. The scammers and hackers have found the internet to be a safe haven for their criminal activities as it provides them instant access, anonymity and global outreach, which is highly essential to execute their criminal plans more skillfully.
Brand jacking and Cybersquatting
Brand jacking is the act of using well-known brand names, logos, images and other identifiers by the criminals to deceive people into believing that they are the real. The brandjackers use different tactics such as piracy, phishing, cybersquatting, malware, domain kiting, search engine manipulation, traffic diversion, false association, pay per click scams, framing, parody sites, negative newsgroup postings, counterfeit, gripe sites, and others to make monetary gains. Of all these techniques, cybersquatting is the most commonly used method for brand abuse. Cybersquatting is nothing but registering a domain name similar to a popular brand name and then forcing the company to buy the domain at an exaggerated price.
According to Mark Monitor’s report, more than 400 brands are abused every month and this year it would cost businesses over $135 billion. The report also states that through CyberSquatting, cybercriminals would be earning more than $1 billion this year. Hence, it necessitates the need for closely monitoring the online world to curb the activities of the cybercriminals.
Brand Protection Software
Brand abuse leads to loss of reputation, trust, and revenue, which are enough to sabotage the future of any company. However, today with brand protection software, companies can easily monitor any illegal activities and act before it can cause any irreparable damage to their brand.
Thus with brand protection software, companies protect not just the brand name but also customer loyalty, web traffic, investment, revenue, and reputation.