The American Marketing Association (AMA) defines a brand as a name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. The purpose of branding is to create an identity for your company, to engage with customers and separate yourself from competitors. The following 5 factors can give you some ideas to consider when you build your brand.
Quality Speaks. The quality of your product/service is important to your brand because it is the core value that your customers expect. A high quality product/service is fundamental for success as a new business. When your product/service exceeds your customers expectations, they tend to associate their positive experiences with your brand, are more likely to use your product/service again, and share it with others.
Define Your Brand. This includes creating your companys name, logo, tagline, colors, and phrases. They can define what your company does, explain your mission, and describe what customers will experience. These elements convey brief marketing messages that are easy to remember. When customers need solutions, they tend to be reminded by your logo, phrases, or taglines.
Positionining. Positioning is about your position compared to your competitors in the mind of the customers. Positioning can be achieved through several means such as pricing, service standards, advertising, packaging looks, ect. A successful brand defines a clear position in relative to other businesses in the minds of your customers.
Uniqueness. You want to stand out from your competitors and be memorable. Therefore, uniqueness in brand building is crucial. It could be a unique website image, a unique tagline, or a unique phrase. It is not easy to come up with something unique. But once you do, your creativity pays off, and your brand will be easily remembered by many prospects.
A strong brand will help your business stand out from competitors to become successful, and can be a great tool for a small business. As you build your brand, be sure to pay attention to how it fits with your target market and overall marketing plan. All of these elements should be strategized carefully in your business plan.