An effective brand strategy gives you a major edge in
increasingly competitive markets. But what exactly does
"branding" mean? 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 that of
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.
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 is 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 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.
Once you've defined your brand, how do you get the word out?
Here are a few simple, time-tested tips:
Be consistent. This tip involves all the above and is the most important tip on this list. If you can't do this, your attempts at establishing a brand will fail.