definition? It is the intangible sum of thoughts andfeelings about a particular company, service or product.It’s an identifiable entity that makes specific promises of value.
A company can steer how a brand isperceived but never has full control.
benefits of a strong brand• Adds value to a company• Requires less persuasion• Trust builds a lasting relationship• Cuts through marketplace clutter• Command a premium for it• Differentiation is easy• Bring on the merchandising contracts!• Perception of quality
How is it used?Branding today is used to create emotional attachment to products and companies. Branding efforts create a feeling of involvement and an aura of intangible qualities that surround the brand name, mark, or symbol..
USP: UNIQUE SELLING PROPOSITION (or UVP: Unique Value Propostion)This is your Main Competitive Advantage.What’s yours? Come up with one, or a few.Write them down. Chances are, your USP is YOU. You are the magic ingredient.
Two core elementsemotional value and practical value. Get these two right and your brand will quickly grow.
BRAND VALUES Connect with customers. Relate to them. Change values to suit the changing times.Believe in the values of the brand – how doyou do business? Are all your employees onboard? Are your values consistent through your organization?
What are your brand’s values? Come up with belief statements: Things you strive for and believe inwith authenticity and that will build the image you wish to create.
Who will these beliefs attract?Match them with customer values you want to address with your brand. What is important to your customer? Are you on track with their value system? Just be careful about presumptions! Consider hiring a marketing company to find out.
brand equity = what your brandis worth and how you canleverage it
How do you build equity?With trust, consistency, and by paying attention. Never neglect!Every exchange with your public is an opportunity to re-inforce your brand.
ButA brand can be damaged much quicker than itcan grow - four things that will quickly damageyour brand include:• public safety or health issues• Poor customer service (at any level)• Obvious company financial difficulty• Poor qualityGet the balance right and your business will gofrom strength to strength.
brand positioning = where your brand sits in the mind of the market.
Where is your brand positioned?Are you the Starbucks of your industry? The Tim Hortons? Or the funky shop on the corner that offers 8 different lattes? Don’t worry if this area is undefined for now. Over time your clients will give you the feedback to inform your place in the market. You can tweak your formula as needed untilyou are satisfied that your image is in line with your intentions. Always listen! Take notice! Don’t be afraid to ask outright.
Imagine the results. Visualize “being there now”Wouldnt it be nice to have people perceive you the way you want to be perceived?Think about the elements that create the image you desire. Engage them every day!! authentic brand and it will become second nature.