A company’s brand is much more than its name, logo, colors and tagline. It’s the promise you make to your customers and a representation of the day-to-day interactions of your business. For example, Apple Inc., one of the world’s largest companies, has a branding strategy that focuses on simplicity and the removal of complexity from people’s lives. Branding is very important to a business, as the process aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. An effective brand strategy gives an entity an edge in competitive markets.
Strong branding can also build valuable equity that allows companies to charge more for its products than those companies with a lower brand value. Grey Goose, a spirits company that branded its vodka as the high-end liquor of the elite, was able to essentially create its own super-premium product category. Even though Grey Goose’s product was of no higher quality than some competitors, the company is able to sell its vodka at a premium price because its branding strategy creates high-end market demand.
An exceptional branding strategy describes your company’s purpose in the market, lists the most important elements of your product or service, and defines your target customer. Here are a few tips on how to create a powerful brand strategy for your business:
1. Define the brand
What does your brand stand for? Is your company selling a product or a service? Is this a new, innovative product or a well-known one that’s been on the market for years and has a proven track record of reliability? Write down your company values and the most important message your brand needs to convey to customers. Your values should show how your company contributes to the social, environmental and economic well-being of consumers.
2. Separate yourself from the competition
Why is your product better than those of your competitors? What unique advantage does your company have that others do not? Answering these questions will help you differentiate your company from others and attract attention. It’s also another way to define your brand.
3. Know your target audience
Think about the customers your business serves. Gather as much demographic and psychographic information on them as you can. Who is your target audience? Why are they interested in your products and services? Answers to these questions will help you to best position your business and its offerings to your customers.
Developing a successful brand strategy will provide great value to your company if you can deliver a clear, well-targeted message about your products and services. The above tips are a good starting point, but it’s important to remember that building a strong brand strategy is a process that takes time and research.
To find out more about how your company can build a powerful brand strategy that will generate results, contact Roop & Co. at (216) 902-3800 or firstname.lastname@example.org.