Branding is important to any business
Branding is one of the most important considerations for any business whether it be a small or big business. Having an effective brand strategy increases your chances in the competitive market. But what is branding? How does it affect a business?
A brand is useful as it helps customers to choose. A brand can say a lot about you and your business. It lets your customers know what they can expect from your products or services and can help you to standout against your competition. Your brand will communicate who you are, what you want to be and what your values are.
Is your business traditional or modern? Reserved or flamboyant? Is your product or service high quality and high cost or cheap and cheerful? You can’t be all things to all people and how you decide should be somewhat based on the consumers you’re trying to attract. The principle marque of your brand is your logo but it can’t convey all of the values instantly it can only represent them over time.
When you consider brand strategy you should refer to the who, what, when, where and why? To whom are you trying to gain attention from? How do you plan to do it? Communication of your brand values to your consumers both verbally and visually should also form part of your branding strategy.
Consistency of branding leads to a stronger brand perspective which means that you can increase the value of your brand against similar products on the market. A good example of this would be Pepsi vs a generic soft drink. Because Pepsi is a well known brand and logo they can maintain a higher price and consumers will accept the higher price.
Representing your Brand
Describing your brand can be a business self discovery. It can be time consuming, difficult and awkward. These are some of the important considerations:
- The purpose of your business
- Your assets and the appearance of your products and services
- What consumers and prospects think about your company’s services
- The qualities that you would want your consumers to affiliate with your company