Branding
is one of the most important aspects of any business, large or small, retail
or B2B. An effective brand strategy gives you a major edge in increasingly
competitive markets. But what exactly does "branding" mean? How
does it affect a small business like yours?
Simply
put, your brand is your promise to your customer. It tells them what they
can expect from your products and services, and it differentiates your
offering from your competitors'. Your brand is derived from who you are, who
you want to be and who people perceive you to be.
Are
you the innovative maverick in your industry? Or the experienced, reliable
one? Is your product the high-cost, high-quality option, or the low-cost,
high-value option? You can't be both, and you can't be all things to all
people. Who you are should be based to some extent on who your target
customers want and need you to be.
The
foundation of your brand is your logo. Your website, packaging and
promotional materials--all of which should integrate your logo--communicate
your brand.
Brand
Strategy & Equity
Your
brand strategy is how, what, where, when and to whom you plan on
communicating and delivering on your brand messages. Where you advertise is
part of your brand strategy. Your distribution channels are also part of
your brand strategy. And what you communicate visually and verbally are part
of your brand strategy, too.
Consistent,
strategic branding leads to a strong brand equity, which means the added
value brought to your company's products or services that allows you to
charge more for your brand than what identical, unbranded products command.
The most obvious example of this is Coke vs. a generic soda. Because
Coca-Cola has built a powerful brand equity, it can charge more for its
product--and customers will pay that higher price.
The
added value intrinsic to brand equity frequently comes in the form of
perceived quality or emotional attachment. For example, Nike associates its
products with star athletes, hoping customers will transfer their emotional
attachment from the athlete to the product. For Nike, it's not just the
shoe's features that sell the shoe.
Defining
Your Brand
Defining
your brand is like a journey of business self-discovery. It can be
difficult, time-consuming and uncomfortable. It requires, at the very least,
that you answer the questions below:
-
What
is your company's mission?
-
What
are the benefits and features of your products or services?
-
What
do your customers and prospects already think of your company?
-
What
qualities do you want them to associate with your company?
Do
your research. Learn the needs, habits and desires of your current and
prospective customers. And don't rely on what you think they think. Know
what they think.
Because
defining your brand and developing a brand strategy can be complex, consider
leveraging the expertise of a nonprofit small-business advisory group or a Small
Business Development Center.
Once
you've defined your brand, how do you get the word out? Here are a few
simple, time-tested tips:
-
Get
a great logo. Place it everywhere.
-
Write
down your brand messaging. What are the key messages you want to
communicate about your brand? Every employee should be aware of your
brand attributes.
-
Integrate
your brand. Branding extends to every aspect of your business--how
you answer your phones, what you or your salespeople wear on sales
calls, your e-mail signature, everything.
-
Create
a "voice" for your company that reflects your brand. This
voice should be applied to all written communication and incorporated in
the visual imagery of all materials, online and off. Is your brand
friendly? Be conversational. Is it ritzy? Be more formal. You get the
gist.
-
Develop
a tagline. Write a memorable, meaningful and concise statement that
captures the essence of your brand.
-
Design
templates and create brand standards for your marketing materials.
Use the same color scheme, logo placement, look and feel throughout. You
don't need to be fancy, just consistent.
-
Be
true to your brand. Customers won't return to you--or refer you to
someone else--if you don't deliver on your brand promise.
-
Be
consistent. I placed this point last only because it involves all of
the above and is the most important tip I can give you. If you can't do
this, your attempts at establishing a brand will fail.
