One of the most valuable assets a company can own is a recognisable and loved brand. According to a recent survey, more than 50% consumers prefer to purchase products from brands they are familiar with*. A strategist often envies brands which acquire a cult of die-hard followers. The people behind these brands go the extra mile to build awareness around their brand. But still, the question which remains unanswered is how they build this loyal audience. The process starts with building a strong relationship with customers, creating memories and emotions around the brand in the consumer’s mind.
Few questions which need to be answered at the onset are “What should the brand look like?”, “How would it make the people feel?” and “Would it resonate with the audience?” This will help you connect the dots between what you are selling and whom you are trying to sell it to. The key to successful branding lies in crafting a strong brand identity. Brand building strategies essentially involves:
Conducting research on target audience and competitors
Deciding on your focus and personality carefully
Selecting an appropriate business name
Thinking of a catchy slogan
Selecting the look of your brand, and choosing colors and fonts
Designing a logo
Applying branding building strategies across the business and evolving consistently
Understanding the current state of the market is equally important and involves narrowing down the potential audience and assessing current competitors. While researching, you should take a note of customer segments they can easily sell to, which brands in their domain are already well-established, and what customers say and feel about the brand. Think of your brand as a complete person with a value system, purpose, and beliefs. Best brands are those which have truly defined these traits. To reinforce the business’s character, maintaining a consistent tone of voice is imperative. It helps customers understand the offering and what to expect from the product.
For an effective brand strategy you need to understand two additional components, the product and service mix and the unique selling proposition. Product, the first element of the marketing mix, is a crucial element in branding and must come with features which satisfy the customer’s needs. It is necessary that the product delivers a minimum level of performance for other elements of marketing mix (price, place, and people) to work together and help an organization achieve business goals. In the competitive landscape, it is the USP which will ensure that your business stands out.
Undoubtedly, a brand gains visibility from an online marketplace’s customer base and factoring this in, you could consider registering
on Amazon. Despite the competition, online marketplaces don’t appear to be saturated. Setting up a storefront on Amazon is easy and provides the opportunity to leverage superior logistics services which ensure that the products reach customers on time, every time. Amazon will provide you with tools which help advertise and promote products within the online marketplace. Moreover, you may wish to get in touch with our marketing experts who will assist and advise you on brand building strategies.*Source: Fresh Sparks: Successful brand building process