The Basics of Branding Explained: How to Define Your Brand Strategy

A shocking study by Havas media revealed that a whopping 77% of brands could cease to exist, and no one would notice or care. It also showed that brands that customers consider meaningful tend to outperform the stock market by more than 130%.

The entrepreneurial world is saturated, but the customer base remains the same. Why should your target audience choose you over your competitor? What sets you aside from the other companies? Most companies often overlook the basics of branding, but without it, your business will always remain unnoticed.

What is Branding?

Branding is more than your logo or the colours you choose to represent your business. It's mainly about the way your brand communicates with customers and the impact your existence has on them.

If your brand image is strong, then your customer recognition and loyalty will increase, ultimately resulting in business growth. Take Apple, for example; they have a pack of fiercely loyal customers, which is why in 2020, they were the second most valuable brand, after Amazon.

They got there because they branded themselves in a way that fostered a strong sense of connection with their customers.

How to Create Your Brand Strategy

There are 3 main questions that you need to ask yourself when creating your brand strategy;

Who Is Your Target Audience?

Audience research is the foundation of every branding strategy. You need to know who your customers are so that you can brand your business in a way that they find relatable. This will also give you a solid understanding of their preferences.

Break down your audiences into buyer personas to help you dig deep into their characteristics.

Who are Your Competitors?

Identify your main competitors and evaluate their branding strategies. This ranges from their website, products, social media pages, and their customer service process. If their market share is high, then they must be doing something right. Find out what it is!

What's Your Current Market Position?

Once you know what your customers want and who your competitors are, you can easily find out your market position. This will enable you to identify gaps in the current market that your branding can fill.

It also plays a huge role in identifying branding aspects that will make your business stand out.

What are the Key Elements of Your Brand Identity?

Your brand identity is essentially the personality of your business and the promises you make to your customer. It's about what your values are, what your business stands for, and how you communicate to your audience.

Some key brand identity elements include:

• A logo — this is the official pictorial representation of your company. Ensure it's placed everywhere (website, physical location, social media, etc.) as it's one of the most central branding aspects.
• Brand messaging — how do you want to communicate with customers? This is mainly about the tone of voice, frequently used phrases, and brand attributes.
• Brand story — make it compelling so that it hooks your customers. It should also reflect your brand personality.
• Business values — this is mainly about the things that matter to your brand. Customers connect more with a business with which they share core values.
• Mission and vision — why does your business exist, and what are you hoping to achieve?
• Business touch points — these are the areas that customers interact with your brand. This includes brochures, websites, videos, live events, podcasts, etc.
• Brand colours — make sure your brand's preferred primary and secondary colours complement each other.

Top Benefits of Business Branding

It Enhances Your Credibility

A business that has an established and clear brand tends to come off as authoritative and makes your brand well known. This then sparks customer recognition and enhances their ease of purchase.

A credible business also experiences high levels of customer loyalty and competitiveness.

Gives You a Competitive Edge

Consistent branding makes a business stand out from a saturated marketplace. Keep in mind that you're offering the same products as your competitors. The only way to gain a competitive edge is through professional branding.

Accelerated Business Growth

When customers go shopping, they tend to purchase from brands that they recognise. If your branding resonates with them, they will not only buy from you but also become loyal customers. This will, in turn, increase your customer retention rates, resulting in business growth.

Easy Introduction of New Product Lines

When your brand identity is strong, and you already have loyal customers, introducing new products is easy and inexpensive. Since people already identify with your brand, they will be more inclined to test your new products, even when your marketing isn't aggressive.

Other benefits include;

• You can easily charge what your products are worth once your brand recognition skyrockets.
• It's a great way of attracting your target audience.
• Branding gives you confidence in your business.
• It makes your company seem professional.
• It sets the pace for future marketing campaigns.

What is the Best Brand Management Strategy?

There are 3Cs that you should always associate with brand management;

1. Consistency - brand management is a frequent task. You need to deliver your brand message in conformity with your brand identity consistently. This is the only way to ensure customers recognise your brand.
2. Clarity - your branding should be clear to you and your customers. Make sure you communicate your brand values confidently so that the intended audience is sure of what your business stands for. You cannot provide a solution for everyone, but your ideal customers should resonate with your branding.
3. Character - customers don't purchase from businesses; they buy from people they trust. Make sure you're one of them! Start by humanising your brand and giving your business a personality.

Start Implementing the Basics of Branding Today!

Business branding is a continuous process, and customer preferences are constantly changing. While there are elements of your brand that you can't eliminate, it's okay to try out different concepts until you find a branding strategy that works for you.

Since brand strategies are a journey of self-discovery for your business, don't be in a rush to create one.

Would you like assistance in creating a branding strategy that calls out to your customers? Fill out your details on this form, and we'll reach out to you!