A brand is much more than a logo or trademark. Effective branding elicits an emotional response, 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.
Consumers trust 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 be a savvy way to subtly demonstrate the meaningful differences between your brand and the competition, helping communicate your unique selling points.
Branding nurtures customer retention
When brands capture the attention of their target audiences through clever marketing strategies and then deliver on their brand promises, consumers are happy. This positive experience with the brand is not the end of the journey, it’s just the beginning.
Branding nurtures loyalty and helps to reassure repeat customers that they are always going to receive the same quality – and therefore experience – that they did the first time around. We simply like to know what we are getting and don’t like to be deceived.
Branding attracts top-tier employees and talent
Today’s job market is competitive, especially for quality top-tier talent. A strong brand enables you to attract quality talent to your company.
How to build an Effective Brand?
Building a brand is no simple task; it takes time. It can take generations. And it can be completely undone with one bad tweet.
Branding is a multistep process that must be carefully and thoughtfully followed. So, where to begin?
Define your 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 an animal? 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.
Segment your audience like an orange
Anonymous
Today you need to build an audience beyond demographics (age, gender) and geographic location. It is now possible and critical to pinpoint your audiences based on who they are, what they do and don’t like, what are their behaviour and habits.
Once you are confident you have enough information, you can. 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 your brand apart. What makes you desirable in a competitive marketplace? If you can’t answer that question, how can you expect someone to buy from you?
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.
Is a Branding Agency Worth it?
If you’re are struggling with these questions, it is likely your brand is struggling to communicate itself and position itself in the market effectively.
A Branding Agency helps you to look outside-the-box, and help you to develop your brand strategy through objective insights, multiple perspectives and deeper industry experience. When looking for a branding agency, it is important to identify one that has moved beyond the traditional branding approach and can help you transform your brand with respect to the ever-shifting digital landscape.
