Branding is a marketing practice in which a company creates a name, symbol, icon or design that is easily identifiable as owned by the company.
This process helps to identify and distinguish the company, product or services from others. Here, we have highlighted the top 6 elements you should consider when branding or rebranding.
Unlike B2C where the target audience or market for your brand is the person who is most likely to buy your product. In B2B, your target audience is still the most likely buyer for your product or service, but because the nature of the purchasing process is more complex in B2B, you’ll need to be looking not just at which companies are likely to buy from you, but at who within those companies is going to make those decisions.
Branding a product or service you want to sell to B2C or B2B target audience should be according to the research made on the consumers. (the idea is knowing your target audience and their wants and leveraging on that to create the brand inline with the overview of the target audience.)
This is the message that speaks to your target audience. It tells them what to expect from purchasing your product, this is process of giving the target audience a reason to choose your brand. This can be achieved in many different ways but the most direct is a Slogan.
What do they think of your brand. Do your target customers know your brand? What do they think of you? What do you want them to think of you? Understanding how your brand is perceived is especially important if you are looking to change your business strategy: maybe you’re looking to enter new markets. The perception of your brand by consumers will give u a direction to strategize on when building the brand.
This includes the company’s decision-making and vision . These are the core values that your brand seeks to embody.
How does your brand “speak?” What is its personality? Is it buttoned down and serious, or more playful and fun? The answer to these questions will depend the audience you are trying to engage, and there should be a fit between your audience and the voice you use to speak to them.
Brand positioning is defined as the position that a brand holds (or wants to hold) in the mind of the customer. It can usually be boiled down into a one or two sentence “positioning statement” that defines the target audience, who the brand competes against, the benefits of using it, and a statement of proof for the brand promise. It tells you what the brand’s position in the market is relative to its competitors, and what sets it apart from the rest.
There are many components that make up a brand, including logos and packaging, brand equity (which is the value of perceptions and expectations about your brand), and the brand persona or voice. Your brand strategy is an essential tool to developing these elements so that they work together in the minds of purchasers to give them confidence when considering making a purchase.
What is your company doing to develop its brand strategy? We’d love to hear about it in the comments.