We’ve put together three values for brand building. After all, a brand is a lot more than the products or services you sell. Your brand is what you stand for and your ability to keep the brand’s promise. When the value proposition is more closely linked to your product, brand or service will make customers feel more satisfied and happy with their purchase.
However, it is a competitive marketplace today. And, most likely when defining your brand, you will discover that there is minimal positioning or white space left for your business to take advantage of or exploit within your industry’s matrix.
What most companies and entrepreneurs quickly find out is to compete successfully, they have to implement different strategies simultaneously. This includes building a brand based on long-term vision and being open to change, scale-up, and, if necessary, exit – swiftly.
Developing your brand strategy first requires you to analyze your market landscape. Followed by adding value. The ability to drive brand relevance and value among all stakeholders, which extends to your customers, employees and suppliers, will be essential in building a brand name and a portfolio in today’s environment.
In other words, do not give ‘free’ stuff, if you don’t believe in it. Value, first.
Three considerations for building a brand
1. Understand your company or personal strengths.
A recent Harvard Business Review article stated that the most common cause of company failure is product quality and the company’s trustworthiness. However, from our experience, lack of financial acumen, failure to understand the competitive landscape and weak management made three of our top five. I suppose a company’s trustworthiness could be viewed as the same as weak management. Successful companies and entrepreneurs have one thing in common. They understand their strengths and build on those strengths.
2. Understand your business.
Which brings us to your business. Failure to stay up-to-date with your competitive landscape and what your client truly values usually means offering a product or service that nobody wants. Being the expert in your business means being open to listening. This will help you to quickly take the opportunity when it shows up and build or extend a brand portfolio, which can simply mean repackaging your services or products to penetrate a different target market, adding convenience or even, an incentive to a current product with the aim to up-sell to your current market.
3. Believe in your brand – keep the promise
Clearly define your brand values, then build a strategy with long-term goals based on your brand values. Forget jargon and marketing speak. To create important intangible brand assets that can definitely contribute to the company’s performance means dedication, consistency and the belief that your brand is necessary and provide a true value to your target audience.
Questions to ask to help you build your brand value.
What are values that your competitors have incorporated into their business? Look for ways to differentiate your business. If they emphasize variety, you may want to focus on customer service, which will allow you to capture customers who value immediate service over variety.
What values are missing from your industry? As you conduct your SWOT analysis, you’ll be looking at your industry as a whole. Take a step back and look at what is missing and if it relates to your product or service. Can you incorporate missing values that relate to your brand and at the same time help you to differentiate in your field.
What values does your target customer care about most? Your customer’s beliefs should drive your decision making when it comes to selecting value propositions. It starts by clearly defining your target audience and learn their wants, needs, and worldviews so you can match your values with theirs.