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.
