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Branding your way to success

January 31, 2019

 

"Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Your brand is derived from who you are (identity), who you want to be (values) and who people perceive you to be (promise)."- Entrepreneur.

 

The question sometimes asked is "how do I get people to recognise me through all the chatter that's already out there?"

 

Well below are 5 tips to successfully brand your business and set you apart.

 

 

1. Clearly define your business idea

 

You need to have a clear place in your industry/market. What makes your product or service different versus others in the marketplace?   Once clear on what you offer and where you fit in, focus on how you can do it in a superior way. It starts with a clear business idea and a compelling offering. Be different!

 

 

2. Know your business' visions

 

 Your vision serves as a guide that will keep your business on track and help it become a brand rather than another product. Know you value and offer it as well, let your vision push you to excel. Your values and sharing your vision will also will help establish a solid loyalty with like-minded customers. Ask yourself - Why are you in existence?

 

 

3. Identify your target


Your product is not for everyone and it would be wrong to try to satisfy and meet them all.  A well-defined target will help you build and sustain a better product line and come up with better ideas. 

Create a vivid picture of your ideal target customer, create an avatar for them - who they are, where they hang out, how often they spend, which platforms can you reach them at - focus your efforts on these and more...

 

 

4. Understand your business' model


You should be able to answer simple questions such as to know if what you're doing is feasible: “How much does it cost to produce the product?”, “How much do I need to sell it for?” and “How long will it take to pay out?” A successful business is one that creates value and generates profit.

 

 

5. Plan, plan and plan again - Establish a brand plan

 

This is a document that describes what you want your brand to stand for, what you offer, which customers you want to attract, how you’ll reach them, how you’ll make money (this is your business model) and how you’ll measure success.This not only brings fruition to your business and makes it more "real", it also becomes can be used to build your business plan to share with potential investors down the road.

 

Ultimately, a brand and its identity is a way to communicate with the world, differentiate yourself from your competition, and create a brand experience that encourages people to engage with you.

 

Happy Branding!

Need a little help with some focus, re branding or new strategy, send me an email   - ain@thefashionarch.com

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