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What’s in a Name
August 18th, 2011 by Matt Segall
Why do people consistently prefer a brand name over generic or no-names? The answer is simple. Safety.
Safety is one of the fundamental needs, at least according to Maslow and his hierarchy of needs (for those of you who don’t remember, ask your local college freshman). Right after basic physiological needs of food, water, shelter, etc. we all want to be safe. These days we are all cautious of where we spend our resources, whether it be on personal or business.
Having a proven brand with a backing of multiple stores helps small business owners offer the safety of a trusted name to their customers. With a franchise system, this is one of the biggest benefits new owners achieve as soon as they open their doors. Let’s face it, we can all think up a business concept, but do we want to spend the effort, time, and resources building a brand name from scratch when so many other businesses may already be established in our industry?
Buying a franchise allows an entrepreneur the opportunity to piggy-back onto the efforts of multiple business owners. They have put their hard work and sweat into the game already. Many organizations try to quantify the value of their brand. Through efforts of research studies and analysis of customer buying behavior, one research firm quantified the top 100 brands in the U.S. The top 20 are listed below and as you can see, an intangible such as brand name can be surprisingly valuable.
The Top 20 World Brands From The Interbrand/Business Week Rankings For 2009
|Brand Rank 2009||Brand Name||Brand Value ($ billion)|