When it comes to business, branding is currently on everyone's mind. We keep hearing that to be successful, it is important to think of your company as a brand and proceed to develop that brand. Organizations like the Apple Corporation have embraced this concept and built one of the most recognizable and valuable brands in the world.
Branding is not just for iconic corporations, however, and every business can benefit from it. In this blog, we will demystify the branding process, and talk about how to build a successful branding strategy for your business.
What is a brand?
A brand is more than just a logo; it is your business personified. The visuals that represent your company and the colors of your signage are an important part of branding, but that's not the whole picture.
At its core, branding is about recognition and your purpose for being in business. This includes why you do what you do, your vision for the company, and the values you hold dear. Your brand's persona covers its personality, the tagline that represents it, and the voice it has in the community. These characteristics help to distinguish your business from that of your competitors.
What your business stands for and how you relate to your customers are as important as where your building is located, how many people you employ, and what goods or services you sell. The brand is the identity of your business.
How can branding help your business?
The goal of branding is recognition and loyalty among your target audience. As you work to develop this, it is important to give a clear, positive impression of your business across as many touchpoints as you have access to. A concise message is the first step toward getting people to listen. It's how you build relationships with your target audience. You want to establish yourself as someone consumers can trust to solve a problem, so your brand must reflect that.
An effective branding strategy can increase revenue by up to 23%. Additional benefits include:
- Customer Loyalty
- Talent Acquisition
It is important to have a branding strategy for your company because branding helps you stand out from the competition and show consumers that you share their values. It helps you hone your corporate identity, and it gives you confidence in your operation.
What are the components of a branding strategy?
A branding strategy is a unified plan for your business. It covers the core of your business, its persona, and how it will be positioned. The nine main elements of an effective branding strategy include:
The purpose of your brand is the reason it exists. Why do you do what you do? What problem can you solve with your goods and services? A clear purpose will help you attract an audience, grow faster, make more sales, and get a better ROI.
To brand a business the strategic way, a realistic vision must be defined. What does the future look like for the business, and how do you plan to get there? Your vision is what helps you to make the best decisions along the way.
Your core values create the culture and driving force behind your company. Brand values show the public what the business stands for, and it guides your internal operations. Your values also guide your decision-making.
Only when you have a good understanding of your target audience can you know how best to address their problems with relevant solutions. Defining your audience from the beginning is crucial in correctly positioning your brand. You must then use that position to connect with them on an emotional level.
Conduct a market analysis of your competitors to determine what differentiates you. Use that knowledge to stand out. Look for areas where the competition may be lacking, and fill that niche.
6. Awareness Goals
Announcing your existence is one of the most important parts of being in business. What is your strategy for creating awareness for your brand? You must get in front of prospective customers before they can engage with you.
To build relationships with customers, you have to give your brand a human side. Humanizing your brand helps customers feel a real connection to your products. It also fosters employee buy-in.
Decide on the tone you will use with your audience. If you cater to professionals, you might take a more formal tone. A new company targeting teenagers may use a less serious, fun voice to communicate with the audience. Remember that consistency builds trust in a brand, so you'll want to use the same tone of voice across all channels.
Your tagline should tell your brand story in a few, well-chosen words. Select a memorable one to convey your message.
A brand is an ever-evolving entity that requires flexibility as it grows. Working with a media partner can help you shape your brand to drive results.