The golden arches, the white swoosh, the yellow shell with a red border. All three of these images have one thing in common. It’s not that they are owned by the same company. No, they all represent a well-known brand that you can identify just by seeing their logo.
When you think about a brand or establishing a brand you need to keep these four key factors in mind.
1) Establish your business identity
What is your company’s purpose? What are you trying to achieve by establishing this business? Knowing your goals and what you want to represent will help establish your purpose or identity. For example, a local hardware store might decide that they want their identity to be based around three key factors: Quality, Service, and Affordability. With their company identity in mind, you can create marketing plans for your products and promote a business strategy you can be proud of.
2) Define your target audience
Narrowing in on your specific type of customer when cultivating your brand identity will help you learn what products to carry, how to market, and how to communicate with your customers. You must consider your audience’s age, income level, gender, and interest when determining your target audience. These key elements will help influence the way you present your company to the world.
3) Structure your company around your identity
Structuring your company around your brand can ensure the identity you create is being upheld. For example, a large local bank promotes they provide quality customer service 24/7. To stand by this claim, they should make sure they have experienced, well-trained customer service reps. available to take those calls.
4) Don’t be afraid to adjust
A company’s goal should always be to grow and with growth, we must learn to adapt. Your brand can evolve as you do. You might start offering other products or reach new demographics all things that might change your identity. You must however not be afraid to adjust that identity.
Creating a brand around these 4 factors will help create brand awareness, create a marketing strategy, and a business plan that will be easy to follow. A great established brand drives high employee engagement and attracts customers earning their support because they believe in what you believe. You can’t buy excitement. You can’t buy loyalty. You can’t buy customer support. You have to earn these elements of the business. And with the right branding for your company that’s what it will do.
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