It’s one of the most important aspects of building a successful business. Yet, some business owners simply do not sit down and put in the effort to build a proper brand strategy. There are plenty of reasons why huge international companies have teams of staff dedicated solely to managing branding.
These teams know exactly which brand to build using the best strategies. There is a reason 90% of people on earth know what a Coca-Cola is. Now, please do not feel intimidated. Branding is not just for the “big boys” anymore. Smaller business owners can now effectively brand their business…if they know how to do so properly.
What is Branding?
Branding is crucial, from a small one-man band business all the way through to huge corporations. Your brand is the face of your business. Your brand will make you or break you in terms of presence in the market.
Branding helps customers choose who they are going to buy from. So, in this case, keep in mind that customers are going to definitely judge your book by it’s cover. They are going to, based on your brand, decide if they will send their money on you.
To do that, they need to know who you are. In other words, they need to know you exist. Next, they have to know what you do. They are going to want to know what value you are providing to them. And finally, they need to understand your unique selling point or ‘USP’ of your value proposition.
When a customer decides to try out what you have to offer, they will form an opinion of your brand. They will decide on the quality of your product and determine whether it fits into their lifestyle, tastes, preferences, and budget.
If your customers are immediately satisfied or dissatisfied, then you have achieved what we call an “Instant recognition”. You are then seen either as a good brand or bad brand with your target customer.
The Perception of Your Brand.
The perception of your brand will never be influenced just on the cost of your product. Other factors play a huge role as well. As an example, a lot of people are turning to more natural or “greener” products.
Picture this: You are in an aisle of your local supermarket looking at toothpaste. In front of you is a tube of Colgate for $3, a tube of Crest for $3 a tube of no-name toothpaste for $2, and a tube of Tom’s of Maine all natural toothpaste.
Which would most customers choose to buy?
Tom’s of Maine started in 1970. Being the new kid on the block, it had to compete with brands such as Colgate and Crest. It achieved market share because of what the brand represented you see? A healthy alternative when it comes to brushing your teeth.
Most people will pick up the brand they know and have grown up with. They assume that because these companies have a very strong brand, automatically the quality will be excellent and they will receive value for money.
With these powerful brands, people tend to buy it no matter the price. Think about it. If a bottle of Coca-Cola went up by $3, would you refuse to buy it? No! You would probably buy it anyway. However, if you set up your brand strategy in such a way that you sway people into trying something different then that is where your answer is.
Do not be afraid of going up against big brands. Focus on establishing your brand and do not be intimidated. It is the customer who decides, not the huge brands.
This is not a small undertaking, however. So where do you start?
I would suggest a mind map. Click right here for the mind mapping app that I use to stay on track
This was a brief look into building your brand. This was Anthony Flatt. See you in the next one.