If you have a product that solves a big problem and is sold at an affordable price, you can’t expect your business to grow unless you invest time, energy, and money in branding.
Running a business is no mean feat. There is a lot to take care of- the staff, equipment, inventory, cash flow, debt, and more. However, there is one thing that a lot of new entrepreneurs tend to overlook only to learn the lesson the hard way. This vital element is branding.
Even if you have a product that solves a big problem and is sold at an affordable price, you can’ expect your business to grow unless you invest time, energy, and money in branding.
Fortunately, there is a lot you can do to succeed in that endeavor. For instance, you can study from various portals, consult with friends, learn from other marketing campaigns focussed on branding for businesses.Here are 5 simple steps for creating successful branding for your business.Click To Tweet
However, to get you started, the following are the 5 basic and simple steps you can follow:
1. Defining Your Business Model
Before you get started, it’s important to have definitive and clear answers to some basic questions:
- What is your company about?
- What value does it offer through its products or services?
- What makes your company better than others?
- What feelings do you want to create among your customers?
- What is the mission statement of the brand? What values does it encourage?
Asking yourself these questions will help you understand your business better succeed in quality branding.
2. Identifying the Target Audience
For your brand to work, you need to identify your target audience first. You need to know who is your company for so that you can create a mission statement, a logo, and other branding elements that strike a chord with them.
Now, it’s easy to assume that whatever group you think is your target group, is so. However, often times you find that a certain demographic shows massive interest in your brand, one that you didn’t think of in the first place.
In other words, it may not be a good idea to devise a branding campaign based on assumptions or even “informed decisions”. You need to actually listen to what the people have to say.
For instance, you can run a social media campaign to get feedback from the people. Once you have gathered this information, you can analyze it to find the exact demographic you need to build a brand for.
3. Covering the Branding Basics
It goes without saying that you need a unique, appealing, and apt company logo that can spread the word around and build a brand. However, it should have all the 4 characteristics of a good logo design.
You also need a business tagline, mission statement, marketing models, etc. Since social media has a huge impact on branding, you need to make sure that your social media posts, company page banner, etc. are also customized so that they bear the company logo, brand theme, etc.
All this can be easily done if you have a branding suite that has a built-in customization feature.
4. Creating an Emotional Connection
According to a report published by the Harvard Business Review, when a top bank introduced a credit card that was meant to inspire an emotional connection among the millennials, it’s usage increased by a whopping 70% among the target demographic and new accounts surged by 40%!
So, it’s clear that it pays to create an emotional connection with your customers. In fact, the stronger the connection, the more they are likely to refer you to their friends and family. What’s more, it can also help nurture brand loyalty, which is quite important.
5. Delivering Consistent Communications
Big brands are not created overnight. It takes consistent advertising, marketing, and communications that are in line with your branding requirements to get the desired results.
If you paid due attention to the first step on this list, then it’s likely that you already have a clear idea what kind of message you want to get across with your company. Now, you only need to reinforce that on a constant basis through all kinds of ways- social media posts, public relations, product line, etc.
If you are diligent and stick to the brand’s core values, then there is no reason why you cannot create a powerful brand that’s recognized by many.
Branding is a vast subject, but it doesn’t have to be complicated. While you are free to go with your own approach, the basic tips will surely help nonetheless.