Do you know what differentiates brands that explode into tremendous growth and others that die a miserable death, subsequently fading into obscurity?
Many believe that what powers a brand is simply the dollars that back it. However, even a company as strong as Microsoft has shown that being well-funded doesn’t always breed branding success. It’s not the size of your budget, more-so good branding is all about what you do with that budget. Understanding a few concepts about your brand, and asking these questions that pertain to your target demographic can turn things into a brand powerhouse — almost overnight.
The most common mistake that entrepreneurs make when discussing their brand is to have the “my baby” passion. Many believe that simply showing up is good enough. Being passionate about your business is a necessity. However, it does not lend any credit to the branding department. You must ask yourself how does your target customer perceive your brand and is it the correct perception?
That can be a very complicated question. However, your brand should be meaningful to your customer. It should present the industry issue, explain in depth how your brand intends to fix that issue, and how your target customer can acquire that solution. Without properly defining your brand, you won’t be able to identify the target customer, and without customers there is no profit.
Your next question, should be “what are the priorities of my customer”? This question will help to define what kind of purchase environment is best for your brand. Does your product need in-depth explanations or presentations that would be more suitable for a website? Does your brand benefit more from social media and capitalizing off impulse purchase environments? These questions will help determine your sales process as well, which is another way by which your brand is defined. Ebay, Amazon, and many other retailers are defined by the way upon which their products are sold. Your brand identity and how it relates to your target consumer is an extremely important process.
Last, your brand should also be a reflection of your executive brain-trust. Is your brand a passionate extension of your core business and personal values? Making your brand identity symmetrical to your personality and values is one of the best ways to ensure individuality. As the adage says, “all people are different,” you should encourage your brand to stand out as well. What better way than to allow your brand to mirror your already different personality.
Don’t miss the important steps of defining your brand. This will prevent you from radically changing your brand in the future, and receiving a fluctuation in your target customer and the number of prospective customers. Keep your brand well defined, keep it consistent, and keep it unique.