I will ask you a simple question. Suppose you want to buy shoes and money is not a concern for you, I am sure that most people will go for branded shoes. The word branded itself shows the importance of branding.
The study says that more than 58% of the customers prefer to buy branded items than the others. All of the above-mentioned analysis is enough to
conclude the importance of branding in business life. The brand has the potential to grow your business exponentially. Many of you also may have observed that some branded products are getting sold even if they are not worthy. The best way to grow your business is the use of branding. Branding is not
restricted to the logo creation, changing your logo, or well advertising. You need to do many more things than that.
What is a brand?
Simply put, your brand is defined as what customer’s think about your business. Your reputational identity is your brand! Brand building is not an overnight process. It takes several months or sometimes years to create a brand of your business.
Building a brand is a long time process and works well only with the perfect strategy. With big brands comes more responsibility. The brand is said to trust the company and the customers.
What is brand building?
Brand the building is the process of creating awareness about your business in the world community. Branding has three phases:
1. Brand Strategy
2. Brand Identity
3. Brand Marketing
Steps to Build a Brand People Love
1. Discovering the purpose of your brand.
Any brand can’t be big until it has a solid purpose behind it. You will find all successful brands serve a big purpose.
It is advisable to start with four questions you should ask yourself while defining a brand purpose :
● Why do you exist?
● What differentiates you?
● What problem do you solve?
● Why should people care?
Always keep the approach of identifying what the customers expect from you and how you can solve their problems by serving them better and better. You should also analyze what your competitors are providing to their customers and try to convert their customers who will start buying your products and services happily. There are many ways to create your brand in the market.
Your marketing content, your graphics, your content should have quality and it
must hit the attention of the people. Every time while starting anything make a
the habit of asking yourself why I am doing this. If you continuously start asking this question to yourself, you will start getting answers for the same. Take the example of branding your business. If you are clear with the purpose for which you are running a business, how you will be able to sell your service or product by properly telling them which problems we are trying to solve through our business and how much they are important.
2. Competitive analysis :
As a businessman, you must be aware of your competitors, why they are offering, what exactly they are offering, is it worthy or not? Try to find out the loopholes of your competitors and keep trying how you can fulfill the
requirements that your competitors are not able to provide. For the first few customers, you actually need to sell your products and services. If you are clear with the analysis which tells you where your competitor fails and where we as a company will fail. With the complete SWOT analysis, you will get an idea about your strengths, weaknesses, and related terms that will surely help you to target high branding by going with your strengths only. Keep searching for opportunities in the market and always stick to your unique selling price.
3. Creating a brand competitor analysis spreadsheet
You can create a spreadsheet that gives you a detailed description of
what your competitor does and what you are trying to find as an opportunity in it. Competitive analysis is considered a very important step in brand building. Google excel sheet is a nice option to deal with competition analysis.
Detailed descriptive reports will surely improve your understanding of what can be done better to make your brand universal and well known.
3. Fix your brand’s target audience.
Among the important steps, it is very important to fix which audience you want to exactly target. Even if you are not getting a business from your targeted audience please keep healthy relations with them. The probability increases of converting the users into paying customers if we keep a friendly approach with them which results in better brand building. Lastly, I want to refocus on the term Branding which is directly related to the amount of satisfaction your customers got from your products or services.
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