Over the last few months, we have seen how defining your product or service strategy, establishing your niche, as well as putting your plans to paper were important to set up or grow your business. As crucial, is to determine your brand strategy.
So, what is branding? This is simply the marketing practice that helps people to recognise your business products or services from that of others, thus making them instantly recognisable to all. This is achieved by understanding what your brand stands for, stating what customers and clients can expect of your products and services while determining what these convey in a competitive market.
So before establishing your brand, you will need to ask yourself a few questions:
What problem does my brand solve?
Who are my ideal customers or clients?
Who is my competition?
How will my brand make my customers or clients feel?
Why should my customers and clients trust me?
Most of this research will have already be done when creating your business plan, but these questions will remain relevant throughout your business life.
Now let’s review seven types of branding:
Product branding - the most common form of branding that focuses on making a product distinct and easily recognisable.
Service branding – sets an emphasis on the relationship between your business and your customers or clients.
Retail branding - refers to the promotional or branding activities happening at the point of sale, ie a physical store
Personal branding – this type of branding is usually used for an individual, whose public perception will position them as an authority, ie a brand.
Geographic branding – this type of branding uses specific services or products that are specific to a particular region, ie champagne; cheddar cheese. It is also used in the tourist industry.
Cultural branding – this looks at building a positive, shared identity and reputation with people living in a particular place or of a specific nationality.
Online branding – a digital approach to brand management where businesses use the web and social media channels as a medium to position their products or services.
Having reviewed seven types of branding, how do you select the best branding strategies for your business?
You will need to develop:
a brand strategy that corresponds best to your business.
a messaging strategy that will target and attract your customer or client group.
your name, logo and tagline – although these are not your brand, they are part of your brand identity, ie the ways of communicating or symbolising your brand.
your content marketing strategy. In this digital age, content marketing does all things traditional marketing does, but it does them more efficiently. It integrates valuable educational content to attract, nurture and qualify prospects.
your website. Your website is your single most important brand development tool. It informs your potential customers and clients on the products or services you offer and how you do it. They may not choose your business solely based on your website, but it will boost your creditability as a legitimate business, as well as showcasing what you are offering.
As we have seen building a brand requires long-term vision, strong brand identity and messaging, consistent creativity, knowing one’s customers or clients and keeping your products and services relevant to your target audience.
If you need help to develop your brand strategy, our OVAC Group team will be delighted to assist you. Please email us at email@example.com