What is a brand and do I need one?

What is a brand and do I need one?

 

The simple definition of ‘Brand’ is

a.       An identification or mark (logo or name) that differentiates you from any other businesses

b.      Your ‘BRAND’ symbolises how people think about your business – when they hear the name or see the logo it evokes an emotional response, triggers a memory, reminds them of an experience

 

Building your brand helps customers in their buying decision by creating a ‘perceived’ knowledge of what they are going to buy before they buy and what to expect when they buy

 

Brands are based on 3 core areas

a.       Confidence in the business , product or service doing exactly what the customer believes it will do..............”it does exactly what is says on the tin”

b.      Emotional response of the customer  to purchase a product or service

For example...women buying shoes...do they need them or do they desire the brand....Jimmy choos say  something about who you are or aspire to be as does Nike – they developed a ‘life style’ to add to just buying trainers.

Think about some major brands and their use of emotional response!

Hovis

Coca cola

Dove

Lynx

Guiness

Ben & Jerry

Aren’t they just products to buy?

Churchill

HSBC

The Halifax

The Gecko

Aren’t they just services to buy?

So why do you buy what you buy?

c.       Consistency – a good brand is consistent, rewarding the confidence of the customer and delivering the expected emotional response

How often have you bought a product or service and the sell was great but the item did not deliver on after sales service, or been able to contact the company or quality issues.

Would you buy again? What would you say about this? How disappointed would you be if those shoes fell apart or the insurance didn’t cover the kids on a trip?

A brand builds a unique personality and therefore attracts a defined type of customer .......so knowing your customer before you build your brand would be a good tip!

 

Do I need a brand?

Believe it or not...if you have a name and a logo you have a brand , even if you don’t treat it as one or make best use of it.

Your customers (and potential customers) already have a perception of what your business means to them. Building your brand just means telling them more effectively about what you do and how you do it so that you make their buying decision easier and associate their needs with your products and services.

A good brand (reputation) can help increase your turnover by gaining new customers, retaining your current customers and is really useful if:

a.       you are in a fast moving/changing sector

YOUR brand can bring reassurance and encourage loyalty

 

b.      you are in a crowded marketplace

YOUR brand can make you stand out or be unique

 

c.       you have no other ‘points of difference’

YOUR brand can portray your suitability – customers will choose you because they feel you match their needs best

 

d.      you want to add value to you business

YOUR brand can make you more attractive to potential buyers and existing customers

 

Five key steps to consider when building your brand

Before you can start, you need to assess your business, how it operates, what you want to say about it and what you can deliver consistently – be realistic!

DO NOT PROMISE WHAT YOU CANNOT DELIVER CONSISTENTLY

To get you started on the process consider what you know about the following:

1.      Work out your business, product or service core competencies (skills)

What do you achieve for your customers NOT necessarily what you do for them

 

2.      Work out who your existing and potential customers are and what they do and don’t like

If they are driven by price it’s pointless offering premium priced products unless you can show real value

 

3.      Find out how your customers and employees FEEL about your business (your brand values)

Reliable?  Cheap?  Luxurious?  Different?  Comfortable?

 

4.      Find out how well your business is viewed by customers and potential customers – this is your ‘perceived quality’

What do they think when your brand is mentioned to them? Do they trust your services? Do they understand what you do for them?

 

Low perceived quality can damage your business just as much as high perceived quality can help your business grow.

 

5.      Think about how much you can develop your business with its current customer perception without moving away from your core competencies

For example a shop selling high quality shoes may extend to matching bags or a fresh sandwich shop may move into homemade cakes or a lawyer who writes wills may align with a financial planner or tax specialist.

 

This should get you started and give you food for thought, want to know more, give me a bell, make a comment or follow my blog or check out my website. I love to help.