One of the most important parts of business and marketing plans is branding. The first time your target audience sees your product you want it to stand out and for them to remember it. Branding is also an opportunity to communicate with your customers to tell them what your company and products are all about.
Branding involves a bit more planning and design than just sorting out a logo. When creating a brand you should consider it as something with its own voice and personality that will develop and evolve over time. Effective branding will help you build customer loyalty and reach new customers. To learn more how branding helps you when starting your business be sure to visit The Pay Stubs.
When planning your branding you should be aware of the eight components generally completed in the process of branding a company or products:
1. Brand Definition. To provide a foundation for your branding you should write down a description of your business, what you stand for, your offerings and your target audience.
2. Brand Values. Make a list of the ideals represented by your brand, for example, brands might commit to affordable prices, sustainable practices and quality. Sharing your brand values with customers who also believe in the same ideals is an effective way to build brand loyalty.
3. Brand Promise. Next, you should create a value that describes what you do and the experience the customer is likely to get from your products or services.
4. Brand Identity. At this point, the visual elements that make up the brand are collected and created such as color palettes, fonts, graphics, logos and images.
5. Brand Differentiation. To ensure your brand is eye-catching and memorable you need to differentiate from other brands by defining your unique selling point (USP). Some examples of USPs are good price points, high quality, innovative design, and special features.
6. Market Position. You should calculate the position your brand holds in the market by looking at the price point and quality level of your products. Deciding if your products will be a high price and high quality or offer a high-value alternative with a mid-range price and high quality, will help your target audience to build an opinion about your brand and start to trust it.
7. Brand Messaging. Considered the voice of your business, brand messaging is about what you need to say to your customers and how you will say it. The elements of brand messaging include a brand promise statement, key messages, a positioning statement and marketing copy.
8. Brand Experience. Customers often interact with brands and develop positive or negative thoughts about them, this is brand experience. To ensure a good brand experience you should make sure your products perform well and are of high quality.
Even though branding requires a lot of care, thought and work, it is a vital aspect of any successful business as it provides several advantages, which you can read more about below.
Your Strategy Will Become Clearer
The hours spent planning your branding will help you to create solid foundations and set the tone for all aspects of your business. Developing a brand definition, purpose and values early on will assist in writing a brand mission and goals. The branding documentation you create acts as a point of reference for managers when developing and marketing products and services to ensure branding flows through all parts of the business.
Improved Visibility in a Crowded Market
There are now thousands upon thousands of businesses online so your products must stand out. Even though you can buy a logo for $50 online, it is a quick fix that probably doesn’t follow or provide a brand strategy. Effective branding that has taken into account brand identity and values helps products stand out from the competition. Employing professional branding services will help you establish your brand and set it apart from the rest. It may cost more, but in the long run, it will pay off with increased visibility and sales.
Increased Customer Loyalty
Well-thought-out and executed branding will make a business and its products more recognizable and attract customers that share the same values. Branding showcases your business’s values which helps consumers to build an emotional connection with your brand so that they remain customers for their lifetime. It is well known in marketing that it is more cost-effective to retain customers than gain new ones.
More Consistency in Marketing Materials
If you have clear and solid branding guidelines and identity then it is easier to consistently incorporate your brand values into visual elements of marketing as well as the customer experience. Strong branding makes it easier for managers to quickly make decisions relating to design features, copy and how to deliver adverts. Consistent branding helps customers to become familiar with your brand as they can recognize the visual components of your branding and the values you commit to.
You Can Reach Your Target Audience
Since customers often connect with brands that they have shared values with, it is possible with solid branding to attract the right kind of customer or ideally the customers that are in your target audience. Your branding should be in line with the needs, wants and values of your target audience, for example, if you are offering high-end chocolate then branding should point towards quality by using packaging that looks more luxurious.
Strong Branding Early Will Save You Money
Any business needs to stay within budgets, therefore to avoid regular expensive changes to components of your branding such as your logo, messaging and website it is vital to dedicate time and sufficient resources to developing branding early on. Constant changes to your branding are also likely to negatively impact customer loyalty as your messaging will become confusing.
You Can Charge a Higher Price
Often at the start of a product life cycle, you have to charge less than what you think the product’s real value is. However, if you establish effective branding you can communicate greater professionalism and quality to the consumer which means you can then charge a higher price closer to your perceived value.
More Referrals from Loyal Customers
One of the most valuable forms of marketing is word-of-mouth referrals from loyal customers who are happy with your brand experience. Loyal customers who connect with your brand will likely think of your business first when friends are asking for advice and recommendations.
Effective branding is a vital part of any successful business as it provides several advantages which any business manager or owner should be aware of to assist them in creating their own strong and unique branding.
