The Power in Brand Building
Brand Building: The Value of a Strong Brand
Every day as consumers we acknowledge consistent branding across websites, in stores, on packaging and advertisements for the products and services we love, but have you ever wondered why? If you are a business owner, you may have noticed that experienced marketers and media specialists get rather excited about branding, and with good reason. Branding is a core pillar of any business, being a powerful mechanism in generating revenue online and beyond.
These days, 82 per cent of investors want the companies they invest in to have a strong brand. This may be linked to the fact that the biggest companies worldwide in terms of revenue, are also some of the most recognised brands in the world – such as Walmart, Shell, BP, Volkswagen and Toyota. Do you find yourself suddenly wanting to know more? This is the first of our next series of articles, in which we unpack the steps and considerations involved in building a strong and valuable brand.
A Brand is a Promise of an Experience
There is a common misconception that a brand is merely a symbol, mark, phrase or slogan – these are simply a signature. A brand is so much more than this, as American entrepreneur Lisa Gansky so eloquently described it, “A brand is a voice and a product is a souvenir”. Strong brands signify to consumers a certain assurance they can expect from your product or service, and equally, conveys to your suppliers and employees the standards that the business strives to meet. Regardless of your industry, target market, type of product or service - a brand is a promise of an experience.
It is for this reason that from the very beginning of launching a new business, is so important that business owners have a clear vision of how the brand will look and feel to consumers. Strong brands stand out and dare to be different, they commit to their values and make known what they stand for, without reservation. Your brand is a reputational asset, it’s your values and even how you answer the phone. It is at the heart of everything you do, and should therefore be interlaced through your culture, your customer-service policy and consistently throughout any platform, imagery and wording that communicates on behalf of your business to customers, staff, investors and suppliers.
According to a study on Forbes, consistent brand presentation across all platforms increases revenue by up to 23 per cent. Find an agency or brand specialist that can harness an understanding of your business, and leverage this to define through your branding exactly who you are and what you stand for. This in turn will help to guide the strategic direction of your business, how new products or services can fit into that core brand identity, who your niche audience is and how best to engage, serve and interact with them.
What are the Next Steps Towards Building a Strong Brand?
- Establishing Your Brand’s Purpose. The philosophy, values and purpose of a business are closely interwoven with the brand. A strong brand represents everything you stand for and will set you apart from your competition. So what is that exactly, what do you stand for?
- Defining What is Unique to Your Brand. Looking beyond your purpose and what you stand for, is who you are, who you are speaking to and why people come to you. This is more important than ever for branding, when time and attention from consumers is limited. Who is the target audience, and what are the brand differentiators compared to competitors?
- Presenting Your Brand to Consumers. Building a brand is about taking an understanding of who you are, and translating this into an image and voice that speaks to who they are (your target audience). What do you want your brand to look like? What is the tone of voice? We analyse a few examples from industry leaders.
- Devising a Content Strategy That Fits Every Time. Every brand connects with their target audience through content. But does every piece of content align with your brand? What is the right media placement for the content? What time of day, and day of the week works best to post? We take a deep dive into devising a content strategy that effectively leverages your brand to maximise results.
To a consumer, a brand may indicate that a produce is easy to use, is of much higher quality than competitors, or is accompanied by exceptional customer service. This recognition and appreciation does not instantly occur as soon as a brand is launched, but is instead built up over time, and through the accomplishments of the business in satisfying the needs of customers and exceeding expectations. Therefore, the value of a brand is in its responsibility as a reputational asset for your business, an indication to consumers of the perceived value of your product or service. And in terms of generating revenue, what could be more valuable than that?
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Need an experienced brand specialist? Get in touch for a tailored brand consultation that sets your business up for success.