What is a brand?
A brand is a unique name, term, logo, symbol, or design that organizations use to distinguish themselves from their competitors. A brand identity can be built with one, or a combination of these elements. It also reflects the public perception of a company and its products. A brand is the reputation of a company in the public domain.
A brand is a company’s most valuable asset to drive economic growth. The purpose of building a brand is to make a company easily recognizable, and memorable, among consumers. It is more than a catchy logo or big splashy endorsements, and when executed correctly, it accurately represents the core values and message of the company, creating brand awareness and customer loyalty.
According to a Nielsen Survey, 59% of consumers prefer to buy new products from brands that they are familiar with. A strong brand has the ability to deliver higher revenue and profit. It has the ability to attract more customers, who are willing to spend more, and buy more often, and attract these customers at a lower acquisition cost.
How to build a powerful brand?
Develop an identity and purpose behind your brand
Every famous brand has a strong identity and a powerful message behind it. The brand identity must answer 3 vital questions; 1) what does your company have to offer to consumers in terms of products or services? 2) how do your products or services differentiate from your competitors? and 3) why do you exist? These ideals must be reflected in the logo, tagline, visuals, voice, and messaging of your brand.
A brand with a strong, clear identity resonates well with consumers and creates positive emotions and feelings towards the brand. Some of the most recognizable brands like Nike, Apple, and Coca-Cola, (who have a devout following worldwide), have built and maintained a strong brand identity.
Differentiate yourself from the competition
The key to differentiation is a deep understanding of the target audience, as well as market competitors. To be better than your competitors, you need to identify what factors appeal to your target audience. An experience-based differentiation could help to attract more customers, and give a competitive advantage. A keen analysis of your competitors and how they brand themselves can help you develop better branding strategies. At the end of the day, both you and your competitors are targeting the same customers, so it’s important to stay ahead of the curve and be agile.
Customers base their buying decisions on several factors, including their emotions towards your brand. This is why fine-tuning the intangible qualities of your products and services is essential. To build a strong brand, companies must focus on selling both the tangible and intangible benefits of their offerings. Customers will choose you over competitors when they can emotionally connect with your brand and its message, and have all relevant information about the brand.
Build a unique personality
Customer expectations have consistently increased over the years. Customers are looking for experiences tailored to their preferences. A brand’s personality says a lot about them. Whether a brand’s personality is professional or fun, cutting edge or traditional, accessible or exclusive, these are the adjectives that define how the company interacts and engages with its customers. A personality is a reflection of the company’s mission and vision statement. Hence the focus should be on making the brand’s unique personality stand out in every element; from colors, images, and designs to tone, voice, and message of the brand.
Create a brand story
A brand story tells about the history of the company. It’s important to communicate with your customers about who you are, how you came to create this company, and what it stands for. This is a stepping stone to establishing an emotional connection with your audience, and building long-term customer loyalty. Creating a brand story is not just about selling your product, but emphasizing how your product can benefit your customers. A unique logo and tagline are a part of the brand story. Logos and taglines are important because they act as the most recognizable identifier for your business. When customers think about your brand, they instantly retain the logo or tagline of the company in their minds. That’s the power of a logo. Every aspect of creating a logo and tagline (colors, fonts, graphics, words) must be carefully selected because that’s what most customers remember when they think of a particular company.
Stay true to your brand image
Consistency is key here. Every aspect of your business must reflect the ethos of your brand’s image. Consumers tend to stay with things that they are familiar with. So it’s important to have consistent branding across the spectrum. Unless there is a need for change, the brand’s established image and voice must be used for all content and communication. Deviation from brand identity affects customers’ perception, so being consistent in your branding helps to build better longer-term loyalty.
Branding is a long haul process, and it takes time and effort. A strong brand always relies on ingenuity, creative efforts, and consistency. At Alkye, we help our clients to turn their ideas into a successful brands. From branding strategy to logo design and marketing, we help our clients every step of the way.