What is branding for businesses?
A brand is the associations that a person (or group of people)
makes with your company, product or service. Branding is the
process of harnessing and influencing these associations so that
your business can grow and become more profitable. This guide
outlines why branding is important, the various components of a
brand and gives you a few starting points for planning your
branding.
- The benefits of a strong brand
- Components of the brand
- Planning your brand
1) The benefits of a strong brand
A strong brand can be particularly effective in a crowded
marketplace as it allows you to differentiate your business from
competitors. This helps free you from having to compete on price.
As well as building customer loyalty, a powerful brand attracts
quality employees and motivates staff. It can be extended
across new products and services - look at the Easy group, covering
flights, cars, cinemas, buses, hotels, cruises and even pizza
delivery.
- Helps you compete in crowded marketplace
- Builds customer and staff loyalty
- Can be extended to new products and services
2) Components of the brand
There are three key brand areas. The brand identity is how your
company looks to your customers. Your logo and brand colours are
particularly important here. The brand promise is the pledge you
make to your customers and your brand values - often linked with
your USPs. The brand experience is what customers experience when
they interact with your product or service. Your staff are a key
part of the brand experience.
- Brand identity - how your company looks
- Brand promise - the values you hold and promises you make
- Brand experience - what customers experience
3) Planning your brand
Every business already has a brand, even if it hasn't been planned
and managed. The first step is to understand your current
brand. Talk to customers and ask them what your
business/product/service means to them. Then take a step back and
define the brand you want your business to have. Your next move is
to communicate your brand message to your customers so they
automatically associate your business with their requirements.
- Review your current brand
- Define the brand you want to have
- Communicate your brand
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