By definition, Branding is the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. An effective brand strategy gives you a major edge in increasingly competitive markets. Branding aims to establish a significant presence in the market that attracts and keeps loyal customers.
But what exactly does “branding” mean? Simply put, your brand is your commitment to your customer. It tells them what they can expect from your products and services, and it diversifies your offering from that of your adversaries. Your brand is developed from who you are, who you want to be and who people perceive you to be.
Your brand strategy is how, what, where, when, and to whom you plan on communicating on your brand messages.
What makes a powerful brand?
- Powerful brands are focused. They know exactly what they’re best at, who their most beneficial customers are and what those customers value most.
- Powerful brands know what they want to be known for. This is the core of the entire thing. They know exactly what they are aiming at and can communicate and deliver it.
- Powerful brands have a point of difference. Something that makes them stand out from the competition. Something that adds value to their clients. Something that means they need not compete on price.
- Powerful brands deliver what they promise. They make doing business with them a pleasure.
There are endless benefits of building and maintaining a strong brand.
- Customer recognition: Having a strong brand works to build customer recognition. Consumers are far more likely to choose a brand they recognize over something unfamiliar, even if they know a little about your company.
- Competitive dominance in the market: Your brand differentiates you in the marketplace. When customers recognize and back your brand, it helps lend a competitive dominance to your company.
- Easy debut of new products: When you already have a strong brand and loyal customers, it is often easier and less costly to introduce new products. If you have a devoted brand following, your customers will usually be interested in your new products.
- Enhanced credibility: Having a strong, well-known brand enhances your credibility with customers, your industry, and the marketplace as a whole.
- Customer loyalty: The recognition and elevation that a strong brand builds upon all lend to greater customer loyalty. Brand loyalty often lasts a lifetime and even transfers to future generations.
Representing your brand is a very important step. It can be difficult, time consuming and distressing. It requires, at the very least, that you answer the questions below:
- What is your company’s mission?
- What are the benefits and features of your products or services?
- What do your patrons and future customers already think of your company?
- What qualities do you want them to associate with your company?
There are 5 important steps that can help you drive more revenue and bigger profits for your small business or startup through better branding.
- A strong brand starts with a good name and logo. Successful brands usually have simple names that are easy to pronounce, spell, and remember. This is important because you want your patrons and future customers to remember your company.
- Successful brands have a purpose. In today’s market space, companies are required to have a purpose apart from the products or services companies sell.
- Successful brands are innovators. Innovative companies make strong impressions with their customers and prospects.
- Successful brands are memorable. We come across thousands of marketing messages daily. It’s increasingly harder for a brand to stand out, and for your small brand, the challenge is even greater.
- Successful brands are consistent. Successful brands embrace moments and speak with leadership and authority.
Many startups and small businesses mistakenly change their brand message depending on their audience. This approach is ineffective. To build and maintain a strong brand, every aspect of your brand should be as good as your product or service and you must be consistent in presenting your brand to prospects and customers.