Your brand is more than your logo, name or slogan – it is the whole experience with your organization, product or service. Your brand strategy establishes what you stand for, what you make a promise and your personality.
What is the meaning of Brand?
A brand is a sign, label, logo, and a word or a phrase that companies used to advertise for something, it could be any product for example; ( Food, Clothes, Jewellery, Shoes, etc.). to create a brand to yourself you need to make something called ‘ Logo’.
Types of Brands
When companies move from producing products to offering full services and intangible services a service brand expands. Service brands are identified by the need to keep service quality at a consistently high standard. This category includes:
- Classic services brand like airlines, hotels, car rentals, and banks.
- Agents like travel agents & estate agents.
- Retail brands like supermarkets, fashion stores, and restaurants.
The most common type of brand is tangible, individual products such as tissue brand (Kleenex) all varieties of Colgate toothpaste, and many other types of brands.
Organization brands are companies and other entities that deliver products and services. Mercedes and the U.S. Senate each possess strong organization brands, and each has associated qualities that make up their brand. Organizations can also be linked closely with the brand of an individual.
For example, the U.S. Democratic Party is closely linked with Bill and Hillary Clinton and Barack Obama.
An individual can be thought of as a label, as in the case of Oprah Winfrey or Mick Jagger, it may consist of one person. Perhaps it may be comprised of a few individuals who associate branding with specific personalities. Since the booming of the Web and social media, the personal branding movement provides nearly everyone with tools and strategies to create a brand around them.
Group branding happens when there is a small group of branded entities that have overlapping, interconnected brand equity. For example, the OWN group brand of the Oprah Winfrey Network and the brand of its known members (Oprah and her team) are strongly connected.
Similarly, the Rolling Stones represents a group brand that is strongly associated with the personal brands of its members.
E-brands only exist in the digital world. Some e-brands, such as Amazon.com, have the main focus on delivering a front end to physical goods or services online. Others provide information and services that are intangible to support customers. The concentration on providing a valued service or experience in the virtual world is usually a common denominator among e-brands.
Media brands such as newspapers, magazines, and television channels such as CNN.
How to build a brand?
1. Discover the purpose behind your brand: You have to select and consider your message that you want to send it to people from the brand.
2.Research competitor brands within your industry: You have to make research for your competitor from your same product line.
3.Determine the target of your product:
- Look at your new group of customers. Who are your actual customers, and why are they buying from you?
- Analyze your product/service: Write each feature of your product or service you are offering to the costumers and mention their benefits. You have to use a professional approach to convince the consumer to purchase it and thereby increasing the reputation of the product/service amongst your competitors.
- Select specific demographics you want to target: Try to find out who needs your service/product according to these factors: 1- Age. 2- Male / Female. 3- Education Level. 4- Location. 5- Family status. 6- Occupation.
- Consider the psychographics of your target: Psychographics is the most important thing including: 1- Character. 2- Mood. 3- Ethnic. 4- Lifestyles. 5- Behavior.
- Evaluate your decision: You have to be satisfied with your decision to take all the factors and steps to achieve your goal.
4. Outline the benefits for your brand: Try to make a list of the benefits that come to you from your brand.
5.Create a brand logo and tradeline:
- Enter your company name and describe your business.
- Describe your style through colors, fonts, and icons.
- Choose logo according to your product/service style.
What is a brand strategy?
A brand strategy (also known as a brand development strategy) is a long-term plan for achieving a series of long-term goals that ultimately result in consumer identification and preference for your brand.
A successful branding strategy includes the brand’s mission, customer promises, and how these are communicated.
A brand strategy is not the sum of your logo, color palette, or website, despite the fact that these creative elements are essential to a successful brand strategy. A branding strategy revolves around all of the intangible elements that drive brand awareness, brand equity, and brand sentiment over time.
The Value of Creating a Defined Brand Strategy
Branding is critical for products and services sold in large consumer markets. It’s also important in B2B because it helps you stand out from the competition. Your brand strategy brings your competitive positioning to life and works to position you as a certain “something” in the minds of your prospects and customers.
Consider successful consumer brands such as Disney, Tiffany, or Starbucks. You’re probably aware of what each brand stands for. Assume you’re competing against one of these companies. If you want to gain a significant market share, you must first build a strong brand strategy. Otherwise, you may not get very far.
There may or may not be a strong B2B brand in your industry. When two businesses compete, the one that represents something valuable will have an easier time reaching, engaging, closing, and retaining customers.
Successful branding also creates “brand equity,” which is the amount of money that customers are willing to pay simply because they recognize your brand. In addition to generating revenue, brand equity increases the long-term value of your company.
What factors contribute to a successful brand strategy?
The main goal of a successful branding strategy is to let the world know that your brand exists, what its purpose is, and what defines it. A branding strategy is a fluid, long-term strategy that frequently needs to be revisited over time based on its success (or lack thereof).
A brand development strategy’s success is not always easily quantifiable. Branding strategies frequently involve intangible, difficult-to-quantify elements, and it is critical to decide how success will be measured from the start when developing such a strategy.
Every organization will take a different approach to measuring success, but all will include the same elements in their strategies. The first step in developing a successful brand strategy is to answer the following questions:
- What are the objectives of your brand, and how do you communicate them? – What issues will your brand address, and how will it benefit its target audience?
- How do you find your ideal customers? – Who will be benefited by the brand? How do these customers currently feel, and how would they like to feel in the future?
- How do you identify your competitors?–who is already giving your potential customers what they want, and how are they doing it?
- How do you get potential clients engaged? – What is your brand’s personality and voice to achieve its objectives?
The Bottom Line
In conclusion, branding is about creating customer trust in the products of an organization, globalization and communication require a wider target audience. As a result, companies invest heavily in marketing campaigns which can raise the price of their brand.
Companies like Adidas, Inc. understand the impact of the market value on their sales and profits. They also understand that stakeholders need to believe in a brand. Hence, they are recruiting athletes who can help project the ideal picture will not spare any cost.