BY DENNY FONTAINE
Successful brand building is key for every enterprise to stay ahead of the competition and gain recognition in the industry. As a marketing practice, branding can help companies to build an identity and distinguish it from other products available that leave a lasting impression on the minds of your customers. In fact, branding is the true representation of your business and can in boosting your sales and revenue when combined with the appropriate strategies.
How branding makes a difference to your business?
According to survey reports by Neilson, 59% of the customers prefer purchasing from known brands which makes it important for small and medium enterprises to focus on a solid branding strategy for business survival.
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- Brand building helps to increase awareness
Big brands generally have a sound understanding of their target audience and their preferences along with their specific requirements. They focus on building solid relationships with their customers through constant communication by providing them information about their latest product offerings and services. Unlike direct advertising, branding focuses on providing genuine value to its customers by providing assistance by solving their challenges and providing viable solutions.
- Branding can build trust and loyalty among customers
Branding combines visual elements with consistency in using advertising, logos, and other graphic representation that provides a unique identity to your products. Thus, repetition can work to the advantage of many businesses that need to establish their credibility among potential customers. In addition, a strong brand helps to effectively communicate your company’s mission, vision, and ideas that can lay a rock-solid foundation for improving loyalty among shoppers. For instance, brands such as Apple constantly strive to provide innovative and high-quality products to their customers
- Brands can help customers identify their products
Customers are attracted to brands with which they are familiar and associate them with their logos, images, and colors. This can help companies in building a consistent strategy so that more number of customers buy their products or services. Most enterprises that are successful not only have superior quality products, but they emphasize on branding strategies that engage the right customers to buy their products. Great companies are able to build connections through shared values using branding which can help in creating loyalty across generations.
How to build successful brands and boost your profits?
- Identify your target audience
One of the primary requirements for building a successful brand is to know who your potential customers are and know their requirements. This can be useful in creating products that will be useful to them and satisfy their needs to provide them maximum satisfaction. You can also create targeted campaigns to cater to a niche audience and decide on the most appropriate form of communication to deliver your marketing message. Most companies target their audience based on their age, demographics, location, and buying behavior.
- Create a brand mission for your products
Successful brands rely on mission and vision statements to define the purpose of their existence in the market. As a company that needs to establish its name and recognition, it’s crucial to define to find out the reasons you want to start a specific product line and define your business goals and have a clear vision and company values.
- Research your competition
Building a brand from scratch requires companies to understand their existing competition in the industry, understand their strengths and weaknesses and figuring out the branding strategies used by other successful companies. It also provides a unique opportunity to stand out from the competition and provides ideas to formulate strategies for effective brand positioning in the market. One of the main purposes of branding is to influence your customers to buy from your company than your competitors which is why differentiating your products can make a huge difference to your business.
- Create a strong marketing message
Once you determine what makes your products unique to your customers, the next step is to describe your marketing goals and craft a solid marketing message as part of your branding strategy. It is important that your message is consistent across all channels including advertising online and used elsewhere to create awareness among potential customers. This can be useful in sharing the common values of your brand that customers can associate with when they decide to buy your brands.
- Build a strong value proposition for customers
Customers are constantly comparing different products and brands based on their features, specifications, and prices. Thus, they need to understand how your products may be better than the existing ones and provide them greater value for money. It’s important to include your value proposition along with your marketing message or the USP of your products. For example-e-commerce stores provide a safe and secure multi-payment option for making transactions using SSL certificates.
- Establish brand guidelines
One of the key things that come to mind while deciding on a brand strategy is to have a clear and consistent brand logo which is the face of your company. The logo must be identifiable, unique, and must be scalable across different devices. Decide on all the places where your brand needs to exist including online and across different social media platforms along with the business website. Define clear business guidelines for your branding campaign to communicate well with your audience.
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- Advertise your product
Define a clear marketing strategy to publicize your products across different channels and use it across all forms of communication right from packaging, marketing collateral, or online medium. Promote your brands in as many places as possible to create awareness among your customers.
The most profitable companies experiment with different branding strategies to get the best results by staying in touch with the latest trends and analyzing customer behavior. The emphasis of branding must be on providing high-quality products with appropriate pricing and having a solid marketing message to attract the right audience. Branding is an ongoing process and requires consistent efforts by companies to achieve positive outcomes for their business.
(Disclaimer: The article is sponsored, and hence promotes some commercial links.)