A brand is how a business is perceived in the mind of consumers. Your brand is established based on who you are, who you aspire to be as well as how you are perceived by others. There are several ways consumers can form an impression of your brand - hearing someone talk about the business, seeing a logo in print or digitally, reading an online review, listening to a podcast, engaging in social media, or through a personal experience. A strong brand reminds consumers of the value of your product or service when making a purchase decision.
An effective brand strategy can maximize your brand’s relevance in the heart and mind of your customer. Brand strategy is the high-level plan and tactics used to create long-term brand equity and competitive advantage. It guides the way you communicate and interact with customers. Your strategy should link how you want customers to perceive your brand with the tactics you use to achieve that positive perception. At the end of the day, a thoughtful brand strategy will generate customers because you will be top of mind when the time is right.
I’m sure you can think of many companies whose brands influence your purchase behaviors. Do you only buy a particular brand of smartphone or running shoe? Do you prefer to buy your groceries at one supermarket chain versus another? Your dedication to these companies is the result of their branding.
As a small business, brand reputation can make or break your company. Whether you’re just starting or been in business for years, developing a long-term sustainable brand is critical. An effective brand strategy will give you an advantage in competitive markets.
Your brand strategy should contain:
√ What are you offering customers, what value are they getting from you over the competitors
√ Where are you reaching your customers with the message about your brand, on what channels do they consume information
√ When is the right time to deliver your message to customers, what is the best time to engage with them
√ To whom are you targeting, what is the need is your brand is fulfilling for them
√ How are customers better off after using your product or service
Learn the needs, habits, and requirements of your potential customers. Don't rely on what you think, do research, and understand customers' opinions. Consistent delivery of your brand message leads to strong brand equity, which equates to increased demand for your product or service. Create your strategy and execute, remembering consistency is key. No reputation is built overnight. Slow, and steady wins the race!
Branding is a process that must be constantly maintained throughout the life of a business. It is not a destination, it is a journey your business must forever travel.Take the first step toward developing a long-term, sustainable brand by employing these 5 Key Elements to Build Your Brand.