Regardless of the industry you operate in, there are chances that other businesses are already offering similar products or services and targeting the same set of customers as you. In such a situation, what can you do to stand out from the crowd and attract loyal customers to your business? The answer is simple: build a strong, irresistible brand.
What Is A Brand?
A brand refers to one or a combination of a business identifying elements such as logo, symbol, slogan or color that companies use to distinguish their products or services from others. For some, it’s just a logo or color palette and for others, their brand has to do more with their voice, messaging and value propositions. Either ways, the important thing is to have a unique, powerful brand that makes it easy for customers to identify you and choose you ahead of others.
Creating a compelling brand at the point of launching your business enables you to make a lasting positive impression on customers. Not only that, your brand allows your target audience to know what to expect from your company. This is why it’s important for you to carefully think about what you want your business to be known for at the earliest stage of your corporate existence.
You should see your brand as your public image of the promise you make to your customers about your company’s product or service. A successful brand helps you to accurately and effectively communicate the message, value or emotional feeling you’re trying to get across.
How Long Does It Take To Build A Brand?
Companies that are able to achieve brand awareness or brand recognition overtime do so through consistency. When you’re just starting out, it’s recommended to have a style guide, detailing the approaches and strategies for consistent branding in one central document.
Branding has to do with the practice of creating an identifiable marketing element for your company, and it requires continuous efforts. Branding isn’t what you start today and end tomorrow or the next. You have to keep amplifying your messaging and ensure that it consistently aligns with who you are and how you want people to perceive your business.
Do you want to be known as an innovation-driven company in your industry or as an industry disrupter? It is important to ensure that your brand accurately mirrors what you stand for to avoid miscommunication and misconception.
What Are The Benefits Of Building A Brand?
Whether you’re a small or large business, retailer, B2C or B2B-focused, branding is an important marketing tool that enables you to get the right word across to your target audience. The following are some of the benefits of having a strong brand:
1. Recognition & Positioning
Most businesses, if not all, are out to solve a specific problem identified in their community. But no matter how brilliant a business model is, it won’t go anywhere if the prospective customers are not even aware of its existence. Creating a strong brand can help you become easily recognizable by your target audience.
Since a brand is about making a strong impression on the customers at first glance, your logo, slogan or value propositions should be designed to resonate with your customers, while projecting your core values.
- It Leads to Strong Brand Equity
Brand equity refers to the added value brought by your product or service that allows you to charge more than your competitors, without hurting your revenue. Some of the companies that have been able to create recognizable brands for their products include Coca-Cola, Apple, Nike, and KFC. Nike, for instance, can charge more for its sneakers than an unbranded related business because it has built strong brand equity among its target audience.
A successful brand is often associated with perceived quality, specific class or emotional attachment. For example, Lamborghini associates its product with class and luxury. For Toyota, they’re recognized as a viable option for the price-conscious with upgraded, high-cost options for people with more expendable income.
- A Strong Brand Drives New Customers
Strong brands are generally associated with a positive impression, reliability and dependability. People love to do business with companies they can trust either based on their prior experience with the company or through a referral. When your company is known and trusted by customers, it will be easier to attract new customers.
- It Strengthens Advertising
Whether you’re launching a new product or service, or pivoting to a different model, a strong brand can support your advertising and make it easier for people to engage with your ads. Can you think of the number of ads from unbranded products you’ve seen on social media that you didn’t look at twice?
A recognizable brand attracts engagement. This is why brands such as Durex, Apple, Adidas and Samsung easily get massive engagement on their ads. Likes, shares and positive comments from happy customers further help push their offering to a new and formerly unreached audience.
- It Builds Trust
Trust is the lifeblood of every business. The way your business is portrayed, through your brand, can either help you build trust or create doubts or suspicion. Top brands that have become household names today achieve the feat as a result of the level of trust they have been able to garner from their customers over time. This explains why products coming from Apple or Playstation will sell faster regardless of the price tags on them.
A strong and positive brand easily builds a loyal customer base.
How Do You Define Your Brand?
Your brand is meant to incorporate your company’s mission and vision, the benefits of your products or services, and what you would like to be known for.
The process of defining your brand can be a bit challenging, especially if you’re just about to launch your first business. You can go the DIY route or leverage the expertise of a brand agency or a business strategy consultant.
Creating a powerful brand isn’t a walk in the park. It will require you to do a deep-dive into your market, learn about your ideal customers, and understand what the existing players in the industry are doing. The end-goal is to create a unique message that will showcase your unique selling proposition and resonate with your target audience.
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