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Names are quite powerful, so powerful that even selecting the wrong name for your company can set your business back to months. When choosing a name for your start-up, keep in mind this concept that will place your company closer to success and further from bad press.
One of the first steps you’ll take when starting a business is creating a brand, one that is responsible for adding uniqueness and personality to the core products and services provided. A brand identity allows your start-up to differentiate itself from the rest of the competition as it creates a first impression amongst its consumers. For over decades, branding was only seen as a marketing or advertising strategy to attract consumers into buying certain products; however, modern society perceives branding as a lifestyle that in some cases becomes part of a culture or a community. Due to the influence branding has on modern society, one can consider choosing an ethical name for a company rather than just applying basic strategies such as deciding what color palette to choose as well as the style and formality of it.
It is no surprise that every existing company has to comply with moral and social responsibility that gives something back to the community. Furthermore, the actions and strategic decisions made by a company are reflected in society and even in governmental policies which affect the lives of all citizens regardless of age or socioeconomic status. For this reason, an ethical branding strategy will help them get their values, mission, and vision right from the beginning to achieve a positive and ethical contribution to society and the environment whilst also creating a good first impression.
As mentioned, ethical brands are important as they help improve society on a daily basis. It as well as a secondary benefit as having a company being perceived as ethical can give you an advantage in an overcrowded marketplace.
Here are a few tips to consider while creating an ethical brand:
- To begin, it is important to position your brand with a certain moral philosophy or social responsible cause. Aim for unique and creative names rather than ethical choices that are expected for every company to follow such as “acting with integrity,” or “non-discriminatory.”
- Another big step to consider is giving back to the community by offering jobs, donating products to developing communities, or by encouraging others to support local businesses.
Fitness company, SoulCycle, has developed one of the most popular indoor cycling experiences in the United States, but most importantly, it is one of many generous companies that donate to charity.
This has been possible by hosting thousands of charity rides in which businesses come together to raise money for the cause of their choice. Each year, SoulCycle raises on average $2.5 million dollars for various nonprofits.
- A vital factor that a business owner must keep in mind is to make their employees feel safe, respected, and important. Some examples of factors to consider are:
- Gender equity within every level of management coexisting in the company.
- No discrimination regardless of ideologies, race, culture.
- Fair salaries.
- Good working conditions.
- Zero tolerance for disrespect, harassment or misbehaviors.
The software company, Microsoft, is committed to financially supporting its workers through the COVID-19 crisis by continuing to pay its contract workers during facility and store closures.
- Communication in ethical brands is a vital tool that will keep your brand authentic. Instead of tricking an audience by promising unrealistic results, try to gain the audience’s confidence by demonstrating that your product or service is truthful. It is important to stay transparent amongst consumers, and to deliver what it is promised.
Aerie, for example, is an American lingerie brand that promotes inclusivity and sizing. Global brand president, Jennifer Foyle, mentions how they promote body positivity in Aerie’s fitting rooms by leaving notes in changing rooms encouraging “shoppers can add their own to remind others to love their body and feel good, and the messages get passed on,” she said.
The aim of this article is to inspire business owners and entrepreneurs to create or improve an existing product capable of positively contributing to society. There are many other factors to consider such as production and distribution that play a big role in ethical branding mainly because they affect our environment and resources. When creating a brand, it is important to look after the good of your company and your consumers as they determine how successful a product can be. Don’t hesitate to share examples of ethical brands or other factors to consider in the comments below!