5 Questions to Ask Yourself before Branding Your Business
When it comes to branding, people think about logos, color schemes and web design but what they tend to forget is that branding is above all the pomp and show. It’s about giving an identity to your business so it can be rightly conceived by the target audience. Think about your business like it’s a person named Paul. Branding is all about answering the following questions about Paul:
- Is Paul working on a small scale business or a large scale?
Before branding your business, you need to keep your capacity and capability in mind so that you can reach your target sales on time efficiently instead of having a plethora of orders and no capacity of completing them in the given time.
- Who is Paul’s target audience?
The term “Target Audience” refers to the people that are likely to be interested in our product/ service. Do you really know who is actually interested in Paul? For a successful branding campaign you need to know those people otherwise it would be near to impossible to connect with the right people who are actually interested in Paul. If you don’t really know how to find the right type of people for Paul, Here are the 4 Steps to Identify your Target Audience.
- What does Paul have that the target audience needs?
Now that we know Paul’s target audience, we need to see if Paul’s product actually in demand by the target audience and if it’s something extremely new, can it be of use to the audience or not? Paul needs to make products that are actually wanted by the potential customers.
- What makes Paul’s products standout to its target audience?
After getting to know your target audience you need to have a look at Paul’s products and see if they are appealing enough for potential buyers. For example, Paul’s target audience is in the age group 18–24 and belongs to the middle class. Now if Paul’s product is appealing to the eye but does not meet their pocket, they’d be left with nothing other than desire to buy leading to minimal sales for Paul. What Paul needs to focus is on the aspect that would make his products stand out for his target audience. Price is what stands out for the middle class whereas quality is what the elite class looks for so Paul needs to have a clear vision about his products and what makes them different.
- Why should Paul’s products be chosen among a dozen others in the same industry?
Once you realize which aspect makes Paul’s products, you need to research on competitive firms in the same industry to see if Paul can compete in attracting audience with them in any aspect. The three main aspects which can be analyzed to formulate a competitive edge among firms are
- Cost Leadership: Giving the most reasonable prices for similar products being offered by different brands
- Product Differentiation: Having a unique quality in products that no other firm in competition has
- Focus: Concentrating on a single aspect of the market which is maybe unnoticed or unconsidered on purpose by competitive firms
Does Paul have what it takes to drive his target audience to its doorstep?