Brand Identity: How to Strategically Position Your Company for Long-term Success.
As a business owner, you have a product or a service that you take pride in. There’s an understanding that what you have to offer is meaningful to you — that you are providing something of value to your customers through your business. This is at the core of every business out there, from the small startup that just placed a considerable personal loan to get started or massive corporations the likes of Apple and Coca-Cola. However, there are some key differences between the likes of these household names and your local business taking a slice of the pie.
The first and obvious difference is the sheer size, scope and resources available — but this is hardly a reason to feel discouraged. Industry leaders can be a considerable source of inspiration towards what you’re trying to accomplish. The second difference is these businesses have conducted a brand analysis, where they have created a crystal clear vision of how they’re business is perceived by its clients and stakeholders. It is this difference that I’d like to touch on today. There are several questions that you must ask yourself, which ideally will give you the foundations to strategically position your brand in the marketplace.
What is your story?
This is especially important for dreamers about to take the plunge on their business. What led you down this path? What aspects of your craft or product inspires and animates you? What are the values that are important to you when you’re making purchases or are in need of a service? Why would you possibly subject yourself to the endless work cycle and risk of being a small business owner?
While these questions might seem like fluff, it is in these details that brands are built. By having a strong understanding of how your personal story has led you towards the path of owner, you’ll have a sense of how you’d like to convey those details. For example, 25 years of experience in a single profession conveys a vast reservoir of knowledge in that field. There is a sense of trust and security in this detail, and your brand should convey these characteristics. These insights help you understand exactly what you’re looking for in depicting your company — the visuals, taglines and online presence that make up how your brand is perceived by the public should align with your story.
If you feel like your story is lacking, or you’ve been established for quite some years, fear not! Think about some of the challenges your business has overcome or some of the successes you’ve found throughout your years in operation. How do these details come together to create a compelling story? Every business has interesting footnotes or successes that create a unique perspective within their sector.
Who are your customers?
This a very important question to ask when thinking about your position in the marketplace. Are you a designer furniture store with a modern aesthetic aimed at young professionals in studio apartments? Are you a design and marketing agency with an emphasis on assisting small businesses because you’re against centralized monopolies? In order to understand how you should position your brand, one must first understand who her customers are. Knowing the demographics of your customer, such as their age, background and interests creates an important picture when you’re creating a strategy for your base to interact with your brand.
As an example, a grocery store might offer cage-free eggs at a small premium to its customers. For some consumers, these values and ethics strongly resonate with them, due to a cruelty-free environment that they see the egg vendor is offering. By displaying this detail prominently and as an extension to the brand, they are providing a clear message on the type of product and the type of customer they are trying to connect with.
Just like in your social circle, a small business owner conveys what they care about through the visuals and language associated with their business. When a strategy aimed at connecting with certain customers is built for your brand, you’re building a foundation for long-term success.
Where do you see your business in five years?
With a strong understanding of the past and present, let’s now shift our focus towards what comes next. Let’s get hypothetical and attempt a mental exercise. Where do you see your business in half a decade?
For the small businesses that have been hard at work establishing their presence over the course of the last few decades, this might feel like a futile exercise. As seasoned veterans of your respective industries, we recognize your struggles and status with admiration. However, this is still a valuable exercise, for newcomer and old.
When you take a moment to imagine where your industry is heading, the priorities of consumers, national trends and technological innovations, you are acknowledging where your company sits and the dynamism of your offerings. For some, this might be a powerful reason to pivot your products to capture new demographics. For others, this might be about understanding the scalability of your services. Regardless of the specific concerns your business may be facing, this newfound perspective helps you develop a strategy that positions your brand for the long run.
Creating Cohesion with Your Brand Identity
In this article, we’ve covered a few important questions that enables you to build a positioning strategy for your brand. An authentic story about your past and present is an excellent method of building a connection with your customers. Knowing who those customers are and why they resonate with your company facilitates growth in ways that you can anticipate. Thinking about where you’d like your company to be in the future ensures you are aware of where you must invest, pivot or develop to maintain your position.
Strategic positioning is the difference between short-term tactics to ensure a quick buck and long-term planning aimed at authentic differentiation. When you have this plan in place, creative thinkers and marketing experts will have all of the information they need to ensure you are building a brand identity with purpose and clarity.
