The Most Important Asset in Business is........

One of the first things you have to do once your business is up and running is building your brand. Arguably, your brand is your greatest asset, one that is difficult to put a monetary value on. Your brand is how people will recognize you or the products/services you produce. For example, I don’t need to mention the company name when I say, “we bring good things to life” or write the words “just do it.” Of course, these are GE and Nike respectively.

What should you do when you come up with a name for your company or a slogan or tag line that represents your brand? File a trademark. A trademark is legal protection of a name, symbol, or slogan that represents your business. The two I just mentioned are trademarks. If you tried to use those for your business, expect a call from a lawyer. If your idea or business involves the written word, file a copyright. This protects all works of authorship, whether it’s a book, song, poem, or screenplay. Finally, if your business consists of an invention or creation of a product, file a patent. This ensures that no one else can use your idea without your permission or without providing compensation. Back in the day, this could cost quite a bit of money. However, on-line sites like Legal Zoom make it quite affordable.

A Unique Selling Proposition is a key part to establishing your brand. It is something you should have memorized for your elevator speech, a: 30 platform describing what you do. You should use it in ads, brochures, direct mail campaigns, and be prominently displayed on your website. Also, use in taglines and mission statements. It should state the following:

• What separates you from the competition

• What is the major benefit you offer that others do not

• Why should someone buy or do business with you

• Differentiation: what makes your product better than everyone else’s

• Address a clear need in the marketplace

I must make one thing clear: once you’ve created the USP, make sure you deliver on it.

Do you agree? Or is there something more important?