When you hear the word brand, you might think of Nike, Google, or Facebook. All of these well-known names are great examples of how an effective branding strategy can make your company a household name. You might be wondering “where do I even start?”. Don’t worry! These five points below will help you grasp the essence of branding because, believe it or not, it’s about more than just a good logo and slogan!
The first and most basic feature that makes many well-known companies household names is their logo. Logos can be a symbol, design, it can be just simply their name. Google is a great example of a wordmark. Logos are a great way of being top of mind, by creating a simple image that represents your brand.
The Simplicity aspect is critical, by keeping the logo simple it will be more likely to be top of mind in your consumers. An overloaded logo can create confusion in your potential consumer, and when someone is confused they will not be converted into clients. But branding does not stop at a logo, so let’s move towards the next part of common conceptualization of a brand; a slogan.
A slogan is starting to get to the true purpose of branding. A slogan such as “eat fresh” by Subway is a great example of telling your customers exactly what your Goal is; fresh sandwiches. The slogan encapsulates what the company is all about; and that’s brand. Brand is the combination of a name, logo, offering, mission, and their differentiation.
In other words, it’s the product or service you are offering and how it compares to competitors. Brand is also the purpose, goal or mission of your company. This can also be a form of differentiation. For example, Starbucks’ mission was for the people of North America to drink better coffee; they have clearly accomplished this mission. But brand doesn’t end here, a brand needs to be built and nurtured over time.
3. The True Purpose of Brand
Brand goes beyond marketing and spreading one’s Mission, it’s about how the potential consumers feel about your company. In other words, brand is the combination of all thoughts and associations that people have with your company. As a business owner you need to be thoughtful as to how you want to be perceived by your customers. Crafting your brand is key to growing your business.
You need to be top of mind in your customer’s mind in your specific niche. Forinstance, when you think of buying shoes, you might think of Nike or Walmart, depending on your budget! Not only does the brand tell you what they are about but also about their specific subparts of the global niche. Namely, Walmart serves the market that want good products at good prices, while Nike serves the consumers that want status symbols and are less bothered by the price. This is the brand equity portion of the brand.
Therefore, when establishing your brand you need to be as specific as possible, often times it’s best to be more focused than too broad. You might think of Amazon as being extremely broad in terms of their brand. They sell everything and anything. However, this is not their brand; in reality Amazon is a logistics company. They manage inventories through amazon FBA, and have created their own supply chains to avoid upstream delays. In short, while branding specificity is key!
4. Brand Equity
Brand equity is the strength and position of your brand in your consumer’s mind and the positive associations they form in comparison to your competitors. Take the previous example of Walmart vs. Nike. When deciding to purchase a pair of new shoes, the brand which comes to the consumer’s mind is largely dependent on their budget.
This Differentiation between a more expensive and a more budget-friendly brand is made possible because of brand equity. By establishing your market position to consumers through your brand, differentiation through brand equity becomes a key component to creating a successful branding strategy.
Brand equity reinforces the previous point of specificity, because the more specific you are with your brand the more authority you can hold in that field.
Although brands are mostly intangible, some aspects can be. For example, your company’s location or your packaging. Your packaging whether you have an online or brick in mortar location can translate your brand. In other words, by Customizing Your Packaging you can express your mission and what you stand for. Customizing your packaging often means more than you think (Click here to read why)!
You can also differentiate yourself through your packaging; with creatively printed packaging you can stand out from your competitors and may get more traction through social media as consumer’s post pictures of your packaging. Printing your packaging is often worth extra few pennies per box, because it can yield more cost effective marketing than paying for advertisements.
In conclusion, create a unique logo with a slogan that matches what you stand for. Be sure to encapsulate your brand in a specific niche while maintaining brand equity, through methods such as printed packaging.