What do Nike, Starbucks, Apple and Coca-Cola all have in common? They are global brands with distinct cache that every business owner dreams of.
But not all business owners know how to brand a company or product. This is unfortunate because effective branding is a critical component of success. Ultimately, entrepreneurs that know how to brand a company are in a better position to grow.
Here are some branding practices that every business owner should follow.
The essence of branding can be boiled down to this: Who are you and what do you stand for? These core questions are at the heart of your brand identity. They tell your audience what differentiates you from your competition. Branding tells your story and allows customers to identify with you.
If you are not sure how to answer these questions, take time to think about the unique characteristics of your business. How do you want your audience to perceive you or your product? Clarifying these issues will help you highlight the different dimensions of your brand.
One of the defining aspects of a brand is consistency. Well-defined brands speak to audiences in a clear, uniform voice. Failure to maintain consistency will undermine your brand by making it less coherent. Good brands develop over time, but they always maintain a distinct and consistent voice.
Audiences respond to creative, original voices. But creativity and originality require work. Although it might be tempting to follow what others in your field are doing, great branding is never derivative. Make an effort to develop something fresh and authentic—a story you are proud to represent with conviction.
A great brand is enormously valuable. The impact of every major business decision you make on your brand should be closely considered. For example, overly aggressive pricing may damage how a brand is perceived and may undermine how consumers perceive your concern for their needs.
Learning how to brand a company is one of the most important things any business owner can accomplish. Follow these branding practices and you will develop a compelling, authentic brand that reaches your target audience on a deeper level. And in no time, you will attain that elusive cache you’ve been striving for.
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