Building Your Business Brand in the Marketplace
“Your brand is what other people say about you when you’re not in the room”
Jeff Bezos, founder of Amazon
A Brand is much more than a logo. It is the perception of a company, product and service in the mind of a consumer; it is a collection of expectations, memories, experiences, feelings, and stories that influence a consumer’s decision to choose a product or service over another. A brand is built using a combination of what a company actually does or produces, with supporting elements like language, visual components, and other aesthetic components.
Branding is a sustainable marketing tactic used to influence and manage the way consumers perceive and respond to a brand, with the goal of making a business memorable and recognisable. It is the process of strategising what a brand should be and implementing different components to achieve brand goals; it is an active process of engaging in marketing efforts to establish, shape, reinforce and reinvent a market identity.
Brand Development Strategy
A widely-recognised and trusted brand is one of the most valuable assets a company can own, and a specific, achievable brand strategy focused on long-term goals and sustainable growth, while leaving room for flexibility, is an essential component of any business. Below is an outline of what a typical brand development strategy involves.
For your Brand:
- Identify what qualities, values and experiences customers associate with your line of business
- Consider your main competitors, and how you can Differentiate your Brand from theirs
- Define your Brand Story: Who are we? Why are we here? What do we care about? What do we do? Why does it matter?
- Outline your Brand’s key qualities & benefits
- Determine your Brand Goals
For your Target Audience:
- Identify your Brand’s Target Clients: their demographics & psychographics
- Highlight their values & interests, experiences, needs & priorities
- Determine what kind of message resonates with them, to create an emotional connection; to gain their trust & retain their brand loyalty
- Define an inspiring Brand Mission Statement. Some notable examples include:
- “To make it easy to do business anywhere.” (Alibaba Group)
- “To connect the world’s professionals to make them more productive and successful.” (Linkedin)
- “To build the Web’s most convenient, secure, cost-effective payment solution.” (PayPal)
- “To enrich people’s lives with programmes and services that inform, educate and entertain.”(BBC)
- Create a bold and distinctive Brand Logo & Tagline
- Create a set of consistent brand messages focusing on the qualities & values that resonate with your Target Clients
- Leverage on advertising, social media, websites, blogs to communicate your Positioning & Messages to your Target Clients; to boost Brand Presence & Perception
- Apply your branding — aesthetic components & brand messages, to all advertising & marketing materials
- Get legal protection for your visual branding and any distinctive phrases
- Promote your branding through a marketing campaign that includes press releases, PR and advertising, special offers and promotions
- Monitor changes in Market, Clients and Competitors
- Track and Adjust your Branding Strategy through Metrics Analysis. Baseline Metrics include:
- Relevancy – how relevant are your services to clients?
- Value – how valuable are the services you provide?
- Delivery – how well do you do what you say you will do?
- Loyalty – how likely are your clients to work with you in the future?
- Referrals – have your clients referred your firm?
- Reputation – how good is your reputation in the marketplace?
- Visibility – how visible is your firm in the marketplace?