Branding

1. Differentiate in a Copycat Marketplace :

In some industries, it’s not easy to stand out. You may have many competitors doing more or less the same thing. You’re caught in a position where you’re simply sharing a huge customer base with a lot of different businesses.

2. Gain a Foothold in a Competitive Marketplace :

Are you a new player in an industry where major competitors have already gobbled up market share? Have they already built strongholds of loyal customers? It might seem impossible to compete with these giants.

3. Earn Trust :

Have you ever been on a random website ready to buy something? You have your cart filled and that credit card in hand.

4. Speed Up the Buyer’s Journey :

The benefits of branding extend through the sales cycle. The buyer’s journey at it’s most basic includes:

• Awareness / Discovery
• Consideration
• Decision / Making a Purchase
• Purchasing Again

Branding complements each stage to both speed the journey up and make that journey more valuable to you.

5. Effortlessly Get People to Spend More :

It’s easier to upsell on an order when there’s a brand behind it. Because the brand has set an expectation that they’ll be very happy with the order, they’re comfortable buying more now. They don’t have to wait and see. It increases the average order size significantly.

1. Name Brand Recognition

A well-established company will often use the weight of its own name brand to extend to its products. Most often, a company with large name brand recognition can be recognized by its logo, slogan, or colors. Companies such as Coca-Cola, Starbucks, Apple, and Mercedez-Benz are all iconic while featuring multiple subsidiary products featured under the company name.

2. Individual Branding

Sometimes a larger company may produce products that carry their own weight independent of the parent company. This strategy involves establishing the brand as a unique identity that is easily recognizable. General Mills, for example, distributes Cheerios, Chex, Cinnamon Toast Crunch, Kix, Total, Trix, and more—and that’s just the cereal division. The company also distributes other major brands from every food group.

3. Attitude Branding

Ambiguous marketing can often go above the actual product itself in the case of attitude branding. These brands all use strategies that bring to life personality and a customized experience with products and services. NCAA, Nike, and the New York Yankees made Forbes list of “The World’s Most Valuable Sports Brands 2015,” and are automatically associated with a certain style. Other brands, such as Apple and Ed Hardy, also reflect a customer’s self-expression.

4. “No-brand” Branding

A minimalist approach can speak volumes. No-brand products are often simple and generic in design. The most successful company to establish this marketing method is the Japanese company, Muji, which simply translates to “no label.”

5. Brand Extension

Brand extension occurs when one of your flagship brands ventures into a new market. Say you have a shoe company that is now making jackets, athletic wear, and fragrances. The brand name carries its own identity to your product mix.

6. Private Labels

Store brands—or private labels—have become popular at supermarkets. Retail chains such as Kroger, Food Lion, and Wal-Mart can produce cost-effective brands to compete with larger retailers.

7. Crowdsourcing

These brands are outsourced to the public for brand creation, which allows customers the chance to be involved in the naming process, and effectively drives up personal interest in a product.

1. What is a brand and what are the advantages of having one?

A brand is a set of characteristics - or an identity - that is easily recognisable and which enhances the reputation of your products or services.

2. Why do we need to develop a brand?

A strong brand helps to sell your message and benefits for you. As long as any new products and services you introduce are up to the standard of your existing offerings, it becomes a great deal easier to launch new branded lines. The brand is your ambassador and advocate, attracting customers and reassuring them. At the same time, it will help to bring in a flow of new customers.

3. How long does it take to build a brand?

It will probably take you years to build up a widely-recognised brand - the sooner you start the better.

4. How can I develop a brand on a small budget?

Deciding on your values or what makes you special need not cost anything. However, communicating your brand message and style will inevitably require a budget commitment. The key areas you could budget for are:

• The development of a strapline or mission statement that succinctly conveys your message.
• Design needs, such as a website, a logo, business stationery and product packaging.
• Advertising and promotional materials that convey and support the brand promise.
• Staff training to make sure your employees understand your brand values and business goals.

5. Do I need a logo to build a brand?

A separate logo, as a distinct way of writing your company or product name, is not an essential requirement for a brand.