Brand Strategy 101: A Beginner’s Guide To Branding Your Business
If you own a business, you probably know a thing or two about juggling multiple hats at once. Oftentimes, it can feel like time isn’t on your side.
Somewhere amidst the multitude of tasks and responsibilities that you need to prioritize, you may have forgotten about your brand strategy. Do you have one?
When it comes to building a business, having a solid brand strategy is everything. A lot of people think that branding is just about creating a logo. This is far from true.
Are you ready to learn how you can create a winning brand strategy?
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In actuality, your brand is the face of your business — it represents who you are and what you promise to deliver.
In the words of Jeff Bezos, “Your brand is what other people say about you when you are not in the room.”
You may think that your product or service is one-of-a-kind, and it may be. However, the reality is that there are thousands of other businesses out there that are selling something that promises the exact same result.
In today’s highly competitive business world, you’ve got to stand out from the crowd and position yourself as an expert. In walks your brand.
According to Harvard Business Review, building a solid brand benefits B2B companies in three ways:
- It is an economical means of addressing customer concerns at scale.
- It prevents ad hoc marketing efforts that result in unclear messaging.
- It allows B2B marketers to increase margins, build loyalty with their own customer base, and protects them from the competition.
An example of one of the leading brand companies in the world is Apple. One could argue that their brand quality has been key to their massive success.
Successful brands don’t happen overnight. They are the result of a carefully thought out strategy that determines how a company conducts their business.
Here are 3 key elements to consider when building your brand:
1. Brand Positioning
People buy products based on their perceptions of it. Brand positioning is all about the position that a brand strives to hold in the mind of the customer.
This is why it is so important to have a strong positioning statement in place as part of your brand strategy. If you don’t, you are giving the consumer free reign to decide what your brand is all about.
Here are some questions to reflect upon before creating your positioning statement:
- Who is your target market?
- What makes your brand unique?
- What problem does your business intend to solve?
- What emotions do you want people to associate with your brand?
A great positioning statement will highlight your unique value proposition and make it meaningful to consumers.
2. Brand Promise
Your brand promise is the loud and clear message that speaks to the consumer. It is your way of saying, “This is who I am and what I stand for.”
In order for your brand promise to be meaningful, it must be both authentic, inspiring, and provide a benefit to the consumer. People buy when they feel an emotional connection to a product or a business.
Bea Perez said it best — “A brand is a promise made. But a great brand is a promise kept.”
Our subconscious mind explains our consumer behavior better than our conscious one. Research shows that 90 percent of the decisions that we make are based on emotion.
Do you know why you need the latest iPhone X or those new Nike shoes?
Most people don’t know why they buy things. It just feels “right” because they connect with the brand name.
“Branding is the art of becoming knowable, likable and trustable.” — John Jantsch
As a business owner, this is important to understand when it comes to creating your brand promise. Successful brands are the ones that connect with consumers’ emotions in a meaningful and authentic way.
Here are a few examples of successful companies that have mastered their brand promise:
Starbucks: “To inspire and nurture the human spirit — one person, one cup and one neighborhood at a time.”
Nike: “To bring inspiration and innovation to every athlete in the world.”
Amazon: “Earth’s biggest selection and being the Earth’s most customer-centric company.”
3. Brand Consistency
When it comes to your brand, consistency is key. Successful brands are built through consistent delivery of a businesses brand promise. This is how you build trust and loyalty with your customers.
“It is not only enough to state what your brand stands for, what is important is to do that consistently and repeatedly so that your brand endures.” — Vani Kola, Kalaari Capital
Let’s take Nike as an example. This is one of the most powerful sporting brands in the world.
When you see their signature swoosh, you immediately think of their company, right? You do that because their company has been consistent with their logo and brand message.
When it comes to building your brand, make sure that you set brand guidelines and stay consistent with them. If you slip up, consumers will notice. This could limit your chances of generating sales for your business.
Trust is built through consistent efforts. When your brand feels familiar to people and they connect with it, you know that you are doing something right.
This is your beginner’s guide to branding your business.
Branding is one of the most important components of any business. By creating an effective brand strategy, you will stand out from your competition and be better able to connect with consumer emotions and needs.
What does your brand say about you and your business?
Thank you for reading!
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