Whether you are a part of a large corporation or a fledgling social media influencer, a good branding strategy is key. Being able to convey your company’s presence in a single word, or to evoke immediate recognition with a simple image are two ways a brand can set you apart. What is a brand? To put it simply, it is less about the perception you set out to create, but more about what potential customers perceive. By presenting a consistent image across a company’s channels through branding, a strong, recognizable brand image becomes clear, and a clear image makes it easier for customers to choose that company for their needs. Branding creates three benefits for businesses: giving your business brand equity, brand essence, and top of mind awareness.
Brand Equity
Beyond providing the world with a valuable product, the most important part of any business is to make money. Companies must show that their product is superior to the next, and a solid brand strategy makes that possible. There are countless brands that sell the same products, but consumers are loyal to particular ones largely based on how they perceive the brand itself. Apple is a popular example for good reason. A consumer can get a computer from any tech company, but because they value the Apple name, they do not mind spending any amount of money on their products. By giving your brand equity, customers are more likely to pay for that value as a benefit on top of the product itself. That intangible value can also shape a company’s meaning.
Brand Essence
Over time, people begin to ascribe traits to brands. They see people who have those items a certain way, they begin to form memories with those objects, and in turn, this determines how they interact with that brand. A great branding strategy keeps that in mind by creating a story themselves for the ideal consumer, or target market. Nike has cemented itself as a company that welcomes anyone who is interested in athletics, be they a world-class athlete or someone beginning to train for a marathon. The story is to “just do it” and be inspired by yourself and those around you to do your best in everything you do. By forming a relationship with a consumer, a company opens the doors to be top of mind.
Brand Awareness
Everyone has a brand that they think of when you mention certain products. People have favorites, products they tried and did not like, or heard a great story from a friend raving about a new item they must try. In all these situations, those brands that immediately came to mind have achieved something every brand should aim for: to be top of mind. Being the first business a person thinks of when they have a need can quickly translate into dollars. Top of mind awareness ensures that even though you may sell something similar to other vendors, your products are the ones people go for first. All that is left is to make sure you deliver the best product you can.
A branding strategy can be extremely broad. People are diverse, and your branding strategy can be the same. These three tenets are ones that can be applied to almost any business or individual, and as such should be carefully considered. It takes time to develop the kind of brand awareness and recognition of companies that have been around for a while, but they all start with a similar foundation. Keep your messaging consistent, and always stay true to your company’s values. If your company’s identify needs a refresh, we can help. Our team is experienced in creating content that resonates with your audience.
