So, what are the fundamentals of branding? Are you a brand new business owner, or a seasoned entrepreneur? If so, what are your current brand metrics? Do you really know what you stand for, or do you have a rather confusing picture of what your company stands for? Here's what we believe you need to know.
A brand is everything about your business - the values, vision, mission and the core of your brand. Without a brand, your business will soon be forgotten, and your brand will cease to exist. Branding, therefore, is a process by which you position your company so that it becomes easily identifiable in the minds of your market. Think of it as the positioning of your product, service, or logo. Hence, the fundamentals of branding, begin with the development of a strong marketing strategy. And this should include a comprehensive marketing plan. You must formulate an integrated marketing plan that incorporates both offline and online resources. Additionally, your strategy must address the full spectrum of your business, including your brand, your product, your target audience, and your business objectives.
In order to generate truly effective branding, your strategy must be consistent. It should also be flexible and be able to evolve along with your market and your company. For instance, if your target audience changes annually, your marketing strategy should also change from year to year and not simply based on the existing state of your industry. For this reason, it is important to consider the fact that brand equity is more complex than one might initially think. Just like your company's financial condition, your company will likely undergo significant fluctuations, and consequently, you must continually monitor its health.
Branding is not a one-time process. It must be performed consistently in order to be effective. It can easily be developed through ongoing strategic initiatives and planning. As mentioned earlier, you must continuously evaluate your business environment. Therefore, to achieve success, you must be able to develop a strategy that will help you respond to the constantly changing marketing environment.
Perhaps one of the most important aspects of branding is your online presence. You must ensure that your website and your blogs represent your brand in a credible way. This includes incorporating videos, press releases, social media, and other online tools that generate interest. As you develop your online presence, you will gain more exposure and eventually translate it into higher visibility at the Search Engines. Through the methods described above, you will develop a comprehensive strategy to promote your brand. By consistently communicating your brand message, it will strengthen your competitive advantage and ultimately increase sales. Therefore, Consistency and innovation are the keys to an efficient and effective brand strategy.
Finally, branding is also about attitude. It doesn't matter if your company is a billion-dollar multinational corporation, a mom-and-pop shop, or an unconventional startup - what matters is that your brand has a positive and powerful attitude. Your brand must not only inspire people but it should also instill confidence and trust in customers. They need to feel comfortable and safe with buying from a company that has a solid reputation, and a history of excellent customer service. The next time you hear the question, "What are the fundamentals of branding?" you can rest assured that you will get an extensive answer. Your brand is everything; from your physical product to the way you answer questions from your customers. The foundation for your business's success lies in how well you market yourself and your products and services.