What is the brand?
The brand itself is already very complex. There are many aspects involved in creating a brand, both tangible and intangible.
The word “brand” is a very common word used today. Some associate it with a tangible product, while others associate it with something invisible, such as a logo. Basically, a brand is the combination of the elements that differentiate your products and services from your competitors for business branding.
- “Your brand is what people say about you when you’re not in the room.”
- Seth Godin, CEO of Amazon
Having an effective branding strategy is important for establishing a brand with a positive reputation. Your brand becomes the face of your company, representing your products and services. It evokes a sense of trustworthiness and gives consumers a reason to buy your product.
So what makes a brand?
In a nutshell, brand identity is how people perceive the brand. When they see a brand, they can instantly recognize it and associate it with related products and services.
A branding identity can take many forms, such as a brand logo, brand name, slogan, etc. These visual cues trigger reactions in everyone. It can be an experience, an emotion or a perception. A strong brand identity allows someone to know about your brand without having direct experience with it.
Take a look at McDonald’s.
McDonald’s has a distinctive, recognizable brand identity
Many people easily recognize its iconic golden domes along with the red text. The tinkling sound “I’m love” it! ”And logos are both part of a strong branding strategy for McDonald’s and are key elements of McDonald’s brand. They develop more about branding service to help recognize their product
Brand or image perceptions are how people perceive your brand in their mind. Along with awareness comes a series of expectations.
How do you want people to see your brand?
The perceptions of your brand must match what you want them to see or think. Simply implementing their expectations is not enough, you need to exceed it. It’s often very difficult to change your brand image once your brand awareness has solidified, that means personal branding
Take a look at the Ferrari.
Ferrari has luxury brand awareness
People consider Ferrari as a luxury sports car manufacturer known for its exotic models. Ferrari will not produce affordable cars because that will dilute its brand image and existing customers will not be too satisfied. Once brand awareness is established, it becomes difficult to change.
Like humans, a brand must have personality. A brand personality is a set of emotional and human traits connected with a brand. It is an important element of a brand because it can help bring it to life. People connect and relate to emotions, not just physical products. Being human allows brands to forge strong relationships with their customers.
By establishing a personality for your brand, it shapes how people feel about your brand and how they interact with it. When a brand’s personality matches that of consumers, consumers are more likely to become loyal customers, and that’s what companies should strive for.
For example, Victoria’s Secret includes a charming personality. It is known for bold and seductive lingerie ads.
Victoria’s Secret captures a charming brand personality
Victoria’s Secret has a brand personality associated with beauty, sensuality and intimacy, building relationships with like-minded consumers.
Positioning is how a brand is positioned or placed on the market. Differentiated brand positioning clearly defines the market segment the brand is targeting. It’s an important element of a brand that needs to be strengthened early on.
Having a clear positioning statement sets the brand apart from its competitors and clearly communicates its message to its target audience. An effective brand positioning strategy will help you reach customers better and increase competitiveness, maximizing your brand equity and brand equity.
Coca-Cola is a very successful example when it comes to branding positioning. Coca-Cola positions itself by using values like happiness, friendship, and joy. It sets itself apart from other beverage brands, becoming the popular drink we all know today.
Coca-Cola’s strong brand positioning allows for successful line extensions
Source: Deakin School of Business
Brand equity is the value that comes from the perception and experience of people about your brand. For positive brand equity, it’s important to provide positive experiences and perceptions. In other words, people have to appreciate your brand.
Positive brand equity has the potential to increase your brand equity and this can generate more revenue for your business, such as opening up product line expansion opportunities.
For example, Coca-Cola has expanded its product line from regular Coca-Cola to more flavors like Cherry Cola and Coca-Cola Zero. The company wants to introduce new flavors to consumers, and it is likely to do so due to the positive brand equity attached to personal branding
Introducing new products under the same brand will get a better response in the market and people will be more likely to buy it due to the positive perceptions associated with it. Therefore, building strong brand equity is crucial for long-term business operations.
What kind of experience would you like for your customers to use your product or service?
Interesting experiences are definitely something companies should aim for.
Brand experience is the experience your consumers experience when they use your product or service. A good brand experience will cause them to come back for more, while a bad experience not only drives them away, but also creates a negative reputation for the branding
Creating a unique brand experience allows you to set yourself apart from your competitors.
Look at the Build-A-Bear Workshop. This is not an ordinary teddy bear seller. It allows buyers to customize their own teddy bear, building a soft toy that is unique and special for each individual. Such a unique brand experience takes customer engagement to the next level, creating an experience that’s enjoyable and unforgettable.
7. Value proposition
A value proposition is a promise of value to your customers. It tells your customers what you are offering, why they should be loyal to you, and how different you are from your competition. That is a really important factor for your brand.
Having a strong value proposition helps convince your potential customer why your product or service is worth more than similar products offered by your competitors. You probably know how good your brand is, but your potential customers may not. Value proposition is a good way to convey this value to them.
A good value proposition should:
- Make it easy to understand
- Communicate clearly the benefits of your product / service
- There is a difference between your brand and your competitor
- Describe how you can help the client solve their problem
In a saturated market with multiple brands competing with each other by selling similar products, it’s important to differentiate yourself from the competition and establish brand elements. Having an effective branding strategy is the first step towards creating a brand with a positive reputation. Consider the 7 outstanding branding factors when mapping out your strategy.
As a consumer, you have many choices to choose from. More often than not, you tend to choose the brand that you are most familiar with or the brand that you trust the most. Intuition and emotions play an important role in decision-making.
When consumers see your brand in a way that corresponds to what you want them to think, you have successfully created an effective brand. The factors mentioned above are all important factors in creating a successful brand.
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