No matter the size or type of business that you own, one of the most important elements is your branding. Having an effective brand strategy ensures that you gain an edge in a competitive market. However, what do these terms mean, and how do you define your brand?
What Does “Branding” Mean?
By the American Marketing Association‘s definition, the branding for a company is a design, name, symbol, term or other feature that allows consumers to differentiate its products or services from other companies. Your logo is the foundation for your brand, and your packaging, promotional materials and website integrate this logo to communicate your brand.
What Is Brand Strategy?
A brand strategy encompasses long-term goals that your brand can achieve as it evolves. It includes the what, when, where, to whom and how you communicate and deliver your brand message. For instance, the channels through which you communicate and where you advertise are part of your brand strategy. With good execution, this plan will have positive effects on every aspect of your business.
What Is Brand Equity?
Your brand equity is the additional value that your brand strategy brings to your products or services. This could be your perceived quality, your brand associations, the experience It allows you to charge a higher fee than other unbranded businesses that offer the same goods. You see this all the time in grocery stores, where generic products are cheaper than the branded items.
You can build brand equity by making your products or services easily recognizable, memorable and superior in reliability and quality. As a result, consumers are willing to pay more for your products even though competitors charge less.
How to Define Your Brand
At its core, defining your brand requires self-discovery, which can be uncomfortable and time-consuming. You need to determine your company’s mission and the features and benefits that your goods offer. Also, it’s essential to know what consumers already think about your business and which qualities that you want them to associate with it.
The process starts with researching your audience and competition. Learning what your target audience wants is crucial for creating a brand that they’ll love. Monitoring your competitors will educate you on which branding techniques work and don’t work, and it will help you make your products or services distinct.
Next, you should design a logo that’s eye-catching, cohesive and brings your brand to life. After all, it will be on your website, business cards, advertisements, packaging and more. On top of that, your logo should be consistent with your brand mission and personality.
Finally, you need to develop a brand language through quality content. Again, the language should follow the brand mission and personality that you’ve established. For example, use a professional tone for a high-end brand but a conversational tone for a laid-back brand. The brand language that you develop must remain consistent through your advertising and social media as well.
With a better understanding of branding and its importance, you increase your chances of launching a successful company. Because of your powerful brand, consumers will think about your company when they’re in need of your types of products or services.
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