A brand is much more than a logo or trademark. Branding elicits an emotional response from the public, it impacts how the public perceives the business. It sets uniqueness of one business from another. How does smart and effective branding influence your bottom line?
Branding can reduce price sensitivity. A large number of today’s consumers are willing to pay higher prices for brand recognition and reliability. This is largely due to consumers trusting a brand’s credibility in the marketplace, and in turn are willing to pay more for its products and/or services. Smart branding can also lead consumers to recognising the meaningful differentiator between your brand and the competition, which helps them justify spending more money.
Branding nurtures customer retention. When brands capture the attention of their target audiences through clever marketing strategies, and then ensure they deliver on their brand promises, consumers have a positive experience with the brand. This process nurtures brand loyalty and repeat customers, because people simply like to know what they’re getting and don’t like to be deceived.
Branding enables you to attract top-tier employees and talent. It is true that talented employees help to effectively grow a company. Getting the right team for the job is a great determinant for a possible success or failure. Employees today are knowledgeable and do not want to be identified with a weak brand. With effective branding, you can attract top-tiers to your company and boost your sales level. A very good example of a company that attracts top-tier employees through its brand is Google.
In addition to understanding some of the many benefits of branding, it is also important to understand how to build a brand, especially for lasting success. The building of a brand is no simple task; it is a multistep process that must be carefully and thoughtfully followed. So, where to begin?
- Defining Purpose. What does your brand stand for? Defining the purpose of your brand is one of the first things you need to accomplish. Knowing why your brand exists and for what purpose will provide the foundation to your business and establish and a distinct identity amongst your competition. It is essential to have clear and concise answers to questions including, but certainly not limited to: What problem will my brand solve? What story is behind the creation of my brand? What will my brand be like if it was a person? What are the things you have to offer to people? What makes your brand different from other brands?
- Identify your audience. Identify exactly who you are trying to reach. Be as specific as you possibly can. Contemplate characteristics such as: age, gender, occupation, location, income and motivations. Once you’ve pinpointed exactly who you are trying to reach, you can analyse their lifestyle and behaviours, and methodically tailor your marketing and messaging appropriately.
- Research your competition. Why should a consumer choose your brand over another? There must be key differentiators that can be easily conveyed to your audience that set the brand apart, and make it desirable in a competitive marketplace. Do not make the mistake of simply imitating an existing brand in your industry. Instead, analyse what they’re doing, how they’re doing it, and if it’s proven to be successful or not. There is a lot to learn from competitors. It’s also essential to stay relevant in the industry and keep abreast with their activity.
To further discuss building or revamping your brand, please contact MediaSmiths at email@example.com.
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