Take a look around you! Do you have any of these: an IKEA furniture, a Parker pen, a FitBit, an iPhone, a Crocin or a BandAid?
It’s surprising that none of these are names of the products but are names of brands instead. BandAid is the best example of a company with a strong brand. The name of their brand replaces the product in itself. However, it’s time that you learn to build a strong brand if you want to prosper and thrive in the marketplace.
Your brand has to establish a relationship with your customers giving them a reason to choose you over the 100 other brands that offer the same product. In today’s world, brands are everything. As a result, every company is striving to set their foot in the marketplace and build a remarkable brand.
You may think that your product is unique and brilliant. However, sooner than later, your product would be commoditized by your competitor brands for a lower price. Hence, if you want to stay in the field, you’ve got to build a strong brand identity. Let’s walk you through how you could build a strong brand for your product or service.
What is a brand?
Before diving into the process of building a strong brand, let’s get an understanding of what a brand is. A brand is an experience that your customers have and the way they perceive your company and product. However, many believe that a brand is a visual identity or an asset.
Several organizations get caught up in details. They primarily focus on logos, the color palette, etc. But, your logo is only a part of your brand. More often than not, your brand is more emotion-intensive than anything else.
What is the first thought that crosses your mind when you think of Nike or Apple?
Nike ads are heavily goal-driven. It wakes you up to channel the inner strength. On the other hand, Apple portrays itself as a minimalistic and premium brand that evokes a sense of ownership that one could only dream of.
Do you recognize a pattern? They work magic with emotion and reinstate a sense of pride owning what users perceive as priced possession.
Why isn’t your brand unique?
There is no dearth of companies and expert marketers with fancy degrees defining the USP. However, the age-old question of what sets the brand truly apart lingers to date.
It isn’t just the creative logo, uber-cool fonts that make up for a differentiating brand; it’s more about finding the right balance between customer needs and product offering to convey it consistently with recognizable brand elements.
Remember Dollar Shave Club? There isn’t a better example of a brand that ventured into a business category already controlled by brands with deep pockets. They would get nowhere close to getting sold to a conglomerate for a billion-dollar if they didn’t get their basics right. Starting from quality product, affordable price, consistent messaging, with differentiating branded humor, and above all staying authentic. This formed the crux to their strategy towards building a multi-million dollar business in no time.
Why does building a brand that is unique and recognizable matters?
Branding is important, yes! But, why does it matter so much? Here are 3 important reasons why.
1. Simplifies consumer choices
What makes a choice simple?-Put customers first.
The brand is built on the foundation of trust. If companies deliver on promises every single time then it automatically triggers higher regard for the brand experience among consumers.
2. Gives you an edge over competitors
Let’s consider a scenario where you walk into a grocery store. Wouldn’t it be relatively easier to spot a coca-cola bottle compared to any other cola brand from afar? That’s the power of a brand. This brand recognition is not only attributed to the logo and the color scheme but mostly consistency; In messaging, emotions, and brand elements. With a strong brand, your product will stand irrespective of the circumstances.
3. Yes!!! It means everything to be the pride of your customers
There is a difference between owning a Macbook and any other laptop. Owning a Macbook makes a statement about the consumer. They use brands as a medium to express who they are. Therefore, building yourself a strong brand can be the ultimate gateway to leverage your business.
4. Skyrocket brand equity
Products with strong branding have observed large cash flows. Once your customers are loyal to your brand, they will pay a premium regardless of the availability of products priced far lesser. Earning loyal consumers is easier said than done. It requires a brand strategy with a core focus on consumer needs. For example, people pay a premium for Starbucks coffee due to the strong brand that they’ve created from customer experience to product quality.
5. To adopt a thoughtful brand vision
Successful companies always stay ahead in time. They stay resilient as they have a clear brand vision which indicates how they would like to position their brand a few years down the line. As Simon Sinek says, “The goal is to do business with people who believe what you believe”.
Think about where you would like your brand to be in the next 5 or 10 years. This mental forecast will help you in defining your brand vision. Having a clear brand vision not only helps your brand equity but also keeps your team encouraged and inspired.
6. Create a legacy
Every brand aspires to be unique and leave a legacy. To attract potential customers, you must showcase your unique selling proposition and a reason to think of only one brand when the respective need arises. 61% of consumers are likely to buy from a company that leaves a lasting impression.
6. Motivates consumers to side with the brand for accelerated growth
From Facebook to Instagram, consumers are bombarded with several brands. Brands that stayed consistent are 3.5 times more likely to improve their visibility. As a result, they observed more loyalty from their customers.
About 82% of the consumers choose a product that they are familiar with. Hence, staying consistent provides enormous benefits to both your brand visibility and brand equity.
No matter how strong your brand is, consistency is crucial. So, ensure that your logos, brand palette, and values don’t change across different media. Consistent branding enables trust in consumers. So, make sure that you deliver the same core messages to your target customers.
Your brand is ultimately defined by how your consumers perceive it. Building a successful brand begins with a thorough understanding of your customers and then your competitors. You get to have a competitive edge by establishing an emotional factor in your brand. Nonetheless, staying consistent is the final trick to establish a strong brand.