Developing your business’ brand strategy is a critical process that makes all the difference between success and failure. Irrespective of the size of your business it is essential to take the branding process very seriously, to give your business the edge amongst an increasingly saturated and competitive market.
Understanding Branding
Branding essentially involves creating a promise to your customers. It enables them to realise what they can expect from your products or services, differentiating you from the competition.
The branding process begins with brand conception. When conceiving your brand it needs to be a true reflection of who you are, who you endeavour to be and how people perceive you.
When assessing these factors you need to ask yourself, do you want to be perceived as an experienced, reliable industry operator, or more of a maverick? What cost-bracket do you fit into: high-cost, high-quality, or low cost, high-value? All of these factors need to be assessed in order for you to create a brand that accurately reflects who you are.
What is Involved in the Brand Strategy Process?
The brand strategy process concentrates on how, where, what, when and to whom you aim to communicate and deliver your brand messages to. How, when and where you advertise are all part of the brand strategy process. What you choose to communicate, whether verbally or visually, are also part of your brand strategy.
What are the Best ways to Create Brand Awareness?
Consistent, strategic branding ultimately results in strong brand awareness. This naturally adds value to your business’ services or goods, meaning that you can charge a higher price for the goods even though you have many competitors.
A perfect example of this is the internationally recognised brand, Coca-Cola, which has countless other competitors. Nevertheless as a result of strong branding people are willing to pay more money for this soft drink.
How to Develop your Brand
When developing your brand you should ask yourself:
- What is the mission of your company?
- What are the features and benefits of the services or products you offer?
- How is your business currently perceived?
By considering all of the above factors you will be one step closer to developing a memorable and successful brand strategy that stands the test of time.
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