It is something often overlooked by small businesses, but by taking simple steps towards becoming aware of what a brand is and projecting its values to customers can make a world of difference to any business.
A brand is a name, symbol or style used by a company to represent a product or service. Branding aims to create and communicate an experience that customers will associate with the product or service. Successful branding is invaluable to a company as it can make a product instantly recognisable and when done well it can make a small business look bigger and more established, setting it aside from competitors as well as promoting consumer loyalty to the brand.
How does it work?
Branding a product or service begins by defining brand and customer values; these can include such things as value for money, fair trade policies and high quality materials. For a brand to become successful it must be consistent in delivering these values in all forms of communication.
Creating a brand
While consistency is the key when communicating values to customers, other important elements include;
- Brand image- the physical aspects of a brand such as its packaging and design. This aspect must continue to be consistent with the original brand values and reflect them in features such as style, availability or exclusiveness, price, quality and policies. As brand image is often the first thing recognised by consumers, it should remain a top priority as it can be the make or break factor when consumers choose between products.
- Logos and slogans- They act as a reassurance or a guarantee of quality. They also stand for something the consumer strives to be associated with and can create links to lifestyle, culture and status. This is brand power at its best, when a consumer has emotional links with a brand; it is often untouchable by competitors.
- Good management- Is essential when developing a brand, as it ensures consistency is maintained across the board and the brand strategies remain focused. It should also ensure employees understand and believe in the brand.
- How and where a product is advertised is vital as the early stages of brand establishment will depend on the success of the advertisement, which should aim to represent the brand accurately to its target market, as well as being memorable.
What does it cost?
It is difficult to define a price as it depends on a range of factors such as the initial product or service, the scale of the branding strategy, preferred advertising methods and the budget available. Areas to take into account include design needs such as logos and signage, advertising and websites.
Key points to consider
- The main aim of branding is to ensure both customers and competitors instantly recognise and remember the product thus setting your business market position apart from others. It helps if the brand is kept simple and to the point, focusing on a limited number of key brand values.
- Remain consistent in all aspects of communication throughout the company; customers should continue to feel the same way towards the brand as they did when they were first attracted to it.
- Focus on what the product/service can achieve for the customer, as a brand is no good if it fails to deliver what is required of it.
If you would like further information on branding or other topics related to your business, send us an email or give us a call.