What Is Brand Building? And Why Is It Important?
We all have unique values that tell people who we are and what we stand for. As we build relationships, pursue career goals and enjoy the adventure that is life these values define our path. Your company is no different in that these intrinsic values set you apart from your competitors. They shape the foundation of your business and become the reason a consumer chooses you over the hundreds of other options. THIS IS YOUR BRAND.
Branding is a term that is thrown around in marketing circles, but is not truly understood by business owners. Your business is comprised of many small elements that tell the customer about you. Logos, mission statements, fonts and colors are all a part of that story. Brand building takes all these small elements and uses them to tell your narrative to the right people in the right way.
How does this help my business grow?
The evolution of online business has made consumers less brand loyal and more disposed to emotionally driven purchases. With a plethora of options in the palm of their hands, these new consumers gravitate to brands and products that share values they hold dear. If your company shares the same values as a consumer, but doesn’t properly tell them then you’re losing sales. Branding helps you share those emotional ties with the consumer and capture a response from your customer. Engagement is key.
Where do I start?
Branding is an art. It’s storytelling for a business and not everyone is a fantastic storyteller. However, there are some key elements that are the building blocks of all great brands.
- A Clear Mission Statement – why are we in this business and what beliefs and values are important to us? You can then ask yourself what consumer segments value the same things as our business. Now you have a target market.
- Logo – this should be clean and identify with your industry. As one of the first things people will see, you want a logo that can stand alone and still tell people who you are.
- Brand Voice – how will you talk to your consumer and through what channels. Remember that your brand voice needs to stay consistent on all channels. You want your employees to reflect the same values in person as you do on your website or social media.
- Market Positioning – this defines your pricing and the products/services you offer. If you value quality and personal attention in your business you need to reflect this in your branding. If your company is a luxury good or service you will need your brand to reflect this model.
- Your Consumer – sometimes the consumer you have in mind when you start a business is not exactly the consumer that resonates with your business. When you define your consumer you can use data to understand their likes, shopping patterns and other motivations that will help you define your branding (we will talk more about the science behind data and marketing at a later time).
Building your company brand is a fundamental step to standing out and engaging your customers on an emotional level. Just like a person, a company grows and your branding will evolve with those changes. Whether you are just starting out, want to take your business to the next level or have seen a decline in sales and want to make a change; branding will help your business to grow. Start small and if you want to take it to the next level, but can’t do it by yourself, give us a call and see how we can help.