Learn what this critical business term means and what you can do to
establish one for your company
Branding is one of the most important aspects of any business, large or
small, retail or B2B. An effective brand strategy gives you a major edge in increasingly
competitive markets. But what exactly does "branding" mean? How does
it affect a small business like yours?
Simply put, your brand is your promise to your customer. It tells them
what they can expect from your products and services, and it differentiates
your offering from your competitors'. Your brand is derived from who you are,
who you want to be and who people perceive you to be.
Are you the innovative maverick in your industry? Or the experienced,
reliable one? Is your product the high-cost, high-quality option, or the
low-cost, high-value option? You can't be both, and you can't be all things to
all people. Who you are should be based to some extent on who your target
customers want and need you to be.
The foundation of your brand is your logo. Your website, packaging and
promotional materials--all of which should integrate your logo--communicate
your brand.
Brand Strategy & Equity
Your brand strategy is how, what, where, when and to whom you plan on
communicating and delivering on your brand messages. Where you advertise is
part of your brand strategy. Your distribution channels are also part of your
brand strategy. And what you communicate visually and verbally are part of your
brand strategy, too.
Consistent, strategic branding leads to a strong brand equity, which
means the added value brought to your company's products or services that
allows you to charge more for your brand than what identical, unbranded
products command. The most obvious example of this is Coke vs. a generic soda.
Because Coca-Cola has built a powerful brand equity, it can charge more for its
product--and customers will pay that higher price.
The added value intrinsic to brand equity frequently comes in the form
of perceived quality or emotional attachment. For example, Nike associates its
products with star athletes, hoping customers will transfer their emotional
attachment from the athlete to the product. For Nike, it's not just the shoe's
features that sell the shoe.
Defining Your Brand
Defining your brand is like a journey of business self-discovery. It can
be difficult, time-consuming and uncomfortable. It requires, at the very least,
that you answer the questions below:
What is your company's mission?
- What are the benefits and features of your
products or services?
- What do your customers and prospects already
think of your company?
- What qualities do you want them to associate
with your company?
Do your research. Learn the needs, habits and desires of your current
and prospective customers. And don't rely on what you think they think. Know
what they think.
Because defining your brand and developing a brand strategy can be
complex, consider leveraging the expertise of a non-profit small-business
advisory group or a Small Business Development Center like BETA – Business & Entrepreneurial Training
Academy.
Once you've defined your brand, how do you get the word out? Here are a
few simple, time-tested tips:
- Get a great logo. Place it everywhere.
- Write down your brand messaging. What are the key messages
you want to communicate about your brand? Every employee should be aware
of your brand attributes.
- Integrate your brand. Branding extends to every
aspect of your business--how you answer your phones, what you or your
salespeople wear on sales calls, your e-mail signature, everything.
- Create a "voice" for your company
that reflects your brand. This voice should be applied to all written
communication and incorporated in the visual imagery of all materials,
online and off. Is your brand friendly? Be conversational. Is it ritzy? Be
more formal. You get the gist.
- Develop a tagline. Write a memorable,
meaningful and concise statement that captures the essence of your brand.
- Design templates and create brand standards
for your marketing materials. Use the same color scheme, logo placement,
look and feel throughout. You don't need to be fancy, just consistent.
- Be true to your brand. Customers won't return to
you--or refer you to someone else--if you don't deliver on your brand
promise.
- Be consistent. I placed this point last
only because it involves all of the above and is the most important tip I
can give you. If you can't do this, your attempts at establishing a brand
will fail.
John Williams is the founder and president of LogoYes.com, the world's first do-it-yourself logo
design website. During John's 25 years in advertising, he's created brand
standards for Fortune 100 companies like Mitsubishi and won numerous awards for
his design work.
Source Entrepreneur Magazine : http://www.entrepreneur.com/article/77408#ixzz2OGgKINXt