Branding: How Does It Work?
Branding is very important to any business, whether your business is a
top fortune 500 company or a mom and pop corner store. An effective branding
strategy could give you a major advantage in most competitive markets. But what
exactly does "branding" mean? How does it affect your business?
“The American Marketing Association defines a brand as a “name, term,
sign, symbol or design, or a combination of them intended to identify the goods
and series of one seller or group of sellers and to differentiate them from
those of other sellers.” In laymen’s terms, your brand is what you
promise your customer. It tells the consumer what they can expect from your
products and services, and it show the difference between you and your competitor.
Your brand is created from who you are, who you want to be and who people
perceive you to be. Let’s take a look at what branding strategies are and some
of the mistakes companies make when developing a branding campaign.
Branding Strategies
Every business must eventually build and maintain a brand if it desires
to continue in business and gain new customers.
Your branding strategy is who, what, where, when and to whom you plan on
communicating and delivering on your brand messages. Where you advertise is
part of your brand strategy. Your distribution channels are also part of your
brand strategy. And what you communicate visually and verbally are part of your
brand strategy as well. Consistent,
strategic branding leads to a strong brand equity.
When people come in contact with your business name, they automatically
begin to come up with impressions and memories that determine what they believe
about you: Their notions may be the
result of communications you have had with customers in the past, or they may
be the result of good or bad publicity or word-of-mouth. Your customers may have a deep perception
about you, or your slate may be nearly clear of any impressions whatsoever. Regardless of whether the beliefs a customer
holds about you are many or few, good or bad, or accurate or inaccurate, they
make up the image of your brand in their mind and they influence how your
customer thinks and what your customer buys.
Your brand image lives in your customers’ minds, whether you
intentionally put it there or not. Branding is the route to making sure that
the brand image you have is the brand image you want. The best starting point
for brand development is a true look at what people currently think of your
brand and industry in the marketplace.
While being a part of a small marketing team for the college that I currently
work for, our marketing department and advisors kind of explained that different
types of brands work for different marketing approaches that businesses may
take. Basically, there are a few general types of brands that a business could
fall into: Product Brands, Service
Brands, Business Brands, Personal Brands, and Personality Brands.
·
Product Brands are those products that have
become well known within the marketplace and have characteristics that make
them better than others in this category
·
Service Brands are those services that consumers
buy purely based on trust.
·
Business Brands are another option rather than
branding a particular service or product an entity decides to brand the company
instead.
·
Personal Brands are those images that people
have of each individual whether you know it or not. It is an image that someone has of you.
·
Personality Brands are create significant value
when associated with products or services, for instance, the names like Oprah,
Martha Stewart or the Kardashian brand.
Where do Taglines fit into your Strategy?
A tagline is a phrase that accompanies your brand name to quickly
translate your business position and brand identity into a single line called a
“tagline” that means something to consumers. A tagline is meant to provide
consumers with an indication of your brand and its market position in just a
few memorable words. Great taglines have
a number of common attributes.
·
If it is memorable -You hear it, memorize it quickly,
and repeat it with ease.
·
If it is short -Great taglines often have as few
as ten syllables so that they’re quick to recite and easy to tuck in alongside
logos.
·
If it conveys a brand’s point of difference. The
tagline tells what sets your brand apart from others.
·
If it clarifies a brand’s market position and
key benefits. Especially if the brand name doesn’t quickly communicate the
brand’s offerings and distinctions.
·
It differentiates a business from all others. A great tagline is so unique that it doesn’t
work when linked to a competitor’s brand name.
·
It reflects the brand’s identity, character,
promise, and personality. It also needs to be believable and original.
Common Mistakes in a Branding
Campaign
Over the past several years, I have been employed within a certain area
of postsecondary education, and we have seen some very common and target branding
mistakes made when trying to gain a piece of the market share. Some of those mistakes included:
·
Not obligating enough funding to commit to accomplish
marketing strategies.
·
Not being consistent with one campaign and
following through with what was outlined
·
Not having a clear vision or focus on what was to
be accomplished.
All of these things are very important when you are trying to get a branding
campaign from the board room to putting it into action and letting it do what
it’s supposed to do. We must make sure everyone within the organization is on
the same page, this is key in every strategy.
A good branding campaign will always deliver the message clearly,
confirm your credibility and motivate buyers to buy your product or service.