Development and construction of your brand
The market has given us the message: companies and individuals who invest effectively in building their brands are more likely to win over those who don’t.
Think of a brand as a visual, emotional, and cultural image that surrounds an organization and its products and services. In a competitive market where products and services are increasingly similar to consumers, the brand influences their perceptions, purchase decisions and loyalty. The brand is what makes us want Reebok on our feet, Disneyland for the holidays, and Haagen Daz in our freezer.
Investing in a brand can not only provide opportunities to attract customers, but your brand equity can also help retain them in the face of adversity. Whether a company is fighting for a regional, national or international reputation, its leaders must decide how best to position their brand in the marketplace. Then comes a campaign to extend and reinforce your brand image. The name, tagline, communication materials and derivatives related to income generation should work together to highlight a concept that connotes your brand. Name recognition is just one aspect of many indicators that have a positive impact on brand equity. Here are nine additional indicators that positively impact brand equity:
1. Product differentiation.
Find a niche, a unique place among the competitors. In the search for market share and profitability, people who understand their competition and take a unique position among them do better than those who only understand the customer.
2. Positive positioning.
You need to set yourself apart by highlighting the specific, most coveted benefits of your brand. Winning awards from trade associations, the Chamber of Commerce, or other reputable sources is a good way to increase positive perception of a brand.
3. Positive associations.
Strong brands generally represent a specific positive benefit. A company or individual must decide on which strong attribute to hang the hat. Then the company or individual must deliver a unified message with positive associations.
4. Coordinated communication materials.
Organizations and individuals must be consistent with the message that their brand, logo and tagline convey when carrying out their branding mission.
5. Custody of the mark.
Brands do well if they are championed by the image of a friendly and authoritative figure, for example, the CEO of the company, a personality spokesperson, or a character, such as the Energizer Bunny.
6. Quality reinforcement.
The market cannot always easily distinguish the quality of one product from another. However, in order to develop their brand, a business or individual must ensure that it is perceived to be of high quality.
7. Reinforcement of the perceived value.
The market’s perception of the value of a product or service may dictate the value of a brand more than the product itself. Reinforcing the value of a product or service, as interpreted by customers, is important for a brand’s image.
8. Brand extensions.
Many successful companies and individuals develop spin-off brand extensions that generate revenue streams from an anchor or related product. A company or individual with a successful newsletter can increase their profit margin with spin-offs.
9. Memorable motto.
No integrated identity campaign is complete without a tagline.
Best of luck getting your message across to your prospects and customers. Share your successes and challenges regarding your brands with others… maybe we can grow better by sharing.