Branding is essential in today’s competitive marketplace. A strong brand can survive and carry the company forward in even the toughest times. There are many stages in a successful branding strategy.
1. Brand Mapping
Give your company a sense of purpose by mapping out your brand architecture.
– Brand Audit. Understand your existing customers and their current perceptions of your products, services and company as a whole.
– Brand Position. Create a place in the hearts and minds of your target demographic.
– Brand Essence. Convey the core values of the brand and what it represents.
2. Brand Implementation
Stand out from your competitors with an effective brand implementation.
– Brand Elements. Establish the identity of your brand, both in terms of visual and verbal components.
– Brand Marketing. Grow a positive perceptions of your brand thorough a focused and targeted marketing campaign.
– Brand Communication. Never assume the customer knows everything about your brand. Actively inform, remind and persuade customers about the benefits of the brand.
3. Brand Managements
Take your company to the next level, with smart brand management strategies. The company must grow and adapt to avoid falling behind the competition.
– Brand Architecture. Organize your company’s brand portfolio, and optimize to meet the business goals.
– Brand Extensions. New product lines and services should be introduced as a new brand (or sub-brand) under existing trusted brand names.
– Brand Renovation. Keep up with changes in the market or customer preferences, by continuously improving the brand.
4. Brand Training
An unfocused branding process will get you nowhere. Give purposeful and clear instructions to employees on how to present the brand in practice.
– Corporate Training. Provide the team with conceptual brand training.
– Internal Branding. Align the employee roles and responsibilities with what the brand represents.
The Benefits of Branding
You have spent significant time and resources in building your brand. But what are the practical benefits to business branding?
- Differentiation. Effectively stand out from the crowd.
- Gain trust. People only buy from those who they trust.
- Become memorable. Gain a mindshare among potential customers.
- Command a premium. Not forced to compete on price alone. Avoid the race to the bottom.
- Build loyalty. Loyal customers account for a significant portion of sales in a company, and are great ambassadors in promoting your brand through word of mouth.
- Increase company equity. Greatly enhance the long-term value of the business.