Branding is one of the most important aspects of any business. But what exactly does “branding” mean?
An effective brand strategy gives you a major edge in increasingly competitive markets.
Why do I Need Branding?
Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors’. Your brand is derived from who you are, who you want to be and who people perceive you to be.
The foundation of your brand is your logo. Your website, packaging and promotional materials–all of which should integrate your logo–communicate your brand.
Your brand strategy is how, what, where, when and to whom you plan on communicating and delivering on your brand messages. Where you advertise is part of your brand strategy. Your distribution channels are also part of your brand strategy. And what you communicate visually and verbally are part of your brand strategy, too.
Consistent, strategic branding leads to a strong brand equity, which means the added value brought to your company’s products or services that allows you to charge more for your brand than what identical, unbranded products command.
Are you the innovative maverick in your industry?
Or the experienced, reliable one?
Is your product the high-cost, high-quality option, or the low-cost, high-value option?
You can’t be both, and you can’t be all things to all people. Who you are should be based to some extent on who your target customers want and need you to be.