• What is the first word that comes to your mind when you think of Wal-Mart? Isn’t it some deviation of the same term ‘discount stores’?
  • What about Volvo? It will be certainly safety.

The reason these words are owned by their respective brands is the law of association. Let me explain. When you buy a pack of Milk, it’s just ‘milk’; whereas when you buy a razor, its not just razor, it’s a Gillette Mach 3, or whatever. So in some products, you choose a fixed brand. The process of you fixing a certain brand as your favorite is influenced by the word the brand owns.

When you first try a new product or service, there is a certain most important quality you associate it with. It may be positive or negative. So what happens next? Once you give any brand a ‘word’, you go to outside sources to re-assure that what you have opined is right. It may mean discussion with your friend or asking your business adviser. When the ‘word’ is similar to many people, the brand assumes the character of that word. Maybe some packet of chips becomes ‘yummy’ whereas some other becomes ‘cheap’. What happens in this case is that when you have less money to spend on chips, you go for the second one. Even if those have become costlier by then. We do find out later but excluding the price category, most other words once owned are forever.

This is the secret to the success of Mercedes Benz. Do you think it is logical to manufacture cars and price them heavy from the business point of view? Isn’t it that the cheaper your product, better it performs? So why do so many people go and buy a Merc over Toyota which is lot cheaper? The reason is that Mercedes owns the word ‘rich’. Its deviations include ‘privileged’,’ luxury’…….. But the main word is an asset which sells the costly Mercedes.

Realizing the power of the word, most companies advertise to own a word. Just think which are your favorite ads and see if they click any specific word in your mind. Usually these words are different emotions. Hunger, pride, love….. Whatever it is, it is very VERY important. What else powers the multi-billion dollar advertising economy?

How you can own your word?

Winning any global word like ’status’ or ‘reliability’ is very difficult. But if you own it once, you yourself can’t imagine what your profits will be. Only one brand can own one word. That’s why it is difficult to get one for you.

  • So the first step is identifying what exactly you want to own. The reason is simple, once your brand means ‘cheap’ or ‘affordable’, it can never become the owner of ‘privileged’. So the first thing is to identify what word will your customers be looking for. Is it timely service or cheapest rates?
  • Once you have some word identified, you need to self proclaim it.
  • What you do is tell the customers that your brand is cheaper or best quality. Our brains are so lazy that if they get some ready made word to associate your brand with, half the work is done. Whenever you read something is world-class, you think it is world-class even if it little off the mark.
  • You can use cheap or free methods. Say adding a tag line on the packaging or website.
  • Once you add a tag line or logo, just give the customers what you promise and soon, you get the most valuable asset that no one can steal from you!

So what are you waiting for, get lost and start building your word :)