How To Build A Brand Strategy
Each and every business would benefit from creating their own brand for their company.
Your brand is the memorable image and reputation your business imprints on your target audiences.
From Mcdonalds to Coca-Cola, wherever you are in the world, you can trust that these companies will provide identical drinks and food each and every time you order.
You gradually build a safety net in your mind that you are achieving value and satisfaction on purchasing something, as you know exactly what you are buying and what the quality will be.
Each and every business needs loyalty. From your vendors to your customers, you want to be the top go-to company.
A brand is a large part of how you achieve that and here’s how.
1. Establish Your Target Market
If you haven’t decided already who you shall be marketing your products too, you need to. You really need to begin to build a compelling brand that will connect with your customer.
Beyond your target audiences’ ages and locations, attempt to slim this down to a specific set of people you’ll be selling your product or service to.
For example, what are their estimated incomes, goals and motivations in life?
Once you identify who your customers are, it’ll be easier to tailor your branding and marketing approach to reach and persuade them to buy from you.
2. The Purpose Of Your Business
This section is where you need to uncover the “why” behind your business.
It’s the force that propels you to get out of bed in the morning, to think about your business idea continuously, and it’s the passion that will keep you going on your business journey.
Here are a few examples of businesses mission statements that might surprise you in light of the products and services they provide;
- Microsoft – “Our mission is to empower every person and every organization on the planet to achieve more.”
- Uber – “We ignite opportunity by setting the world in motion.”
- Kickstarter – “To help bring creative projects to life.”
If you’re still unsure about the purpose of your business, take time on this step to think about why your company concept is essential to create. This will really help you create a strong brand for your business.
3. Strategic Product Pricing
The pricing of your product or service is particularly essential when creating your company brand. For instance, manufacturing companies instigate MAP policies to ensure the retailers don’t advertise their products for less than the agreed price.
The reason being, as setting a price low for an item, portrays to the public that its value is low. Here is a MAP policy example for your perusal.
Thus, if the retailer attempts to raise the price later on, consumers may not think it’s worth the increased cost.
4. Research Your Competitors
An essential part of creating an excellent brand for your business is to research your competitors.
Choose those who offer similar products and services to you, but be mindful that this step isn’t to copy from them.
It’s to assess their strengths and weaknesses within the market, their missions and values as a company. Plus, the quality and cost of the services and products they provide and the marketing channels they use to approach their target audience.
From this analysis, you can decipher what does or doesn’t work for you.
Pay particular attention to your target market, your mission statement, your pricing and competitors to develop a strong base for your company brand.
I hope this sounds helpful!
How have you been working on your brand?
I’d love to hear from you. 😀