In Layman’s terms; a brand is a way of defining the business to yourself, your colleagues and your target audience.
Creating and developing a brand is imperative for any business whether it’s a long standing global enterprise or a small start-up. This is one of the foundations of gaining competitive advantage. Branding is commonly the area which is neglected by smaller businesses, as it’s not necessarily or always treated as an activity or resource with immediate financial benefit. This is a fairly understandable approach as priorities within a smaller business are likely to be more directed towards managing financial day to day activities rather than marketing output.
The philosophy of branding can also be defined by simply establishing what makes your business different to the next one; and how your unique selling points tie into your business ethos. In other words; why do customers choose your business over the next one?
An emotional connection between consumer and brand typically are associated with larger companies and their extensive marketing campaigns; but this can be applied to all sizes of businesses and can be equally as effective. This can lead to consumer advocacy and loyalty, which in time will more than likely contribute to a substantial percentage of revenue. Subsequently the price you set can be protected during times of competitors driving promotional discounts to attack market share and steal your custom.
When evaluating your brand, it’s important to consider if your overall company ethos aligns with your communication strategy with customers. You shouldn’t allow any conflict between communication and brand perception, as this could alienate a segment of your customer base.
In a particularly competitive industry, a strong brand can provide a business with tangible value over its competitors. It may take a substantial period of time to reinforce and add value to the brand, but being creative can give you that edge when it comes to the marketplace, as well as ensuring you thoroughly listen to your customer’s feedback.
The value and impact of branding to each organisation is typically ambiguous; but significantly highlighting your company’s selling points and communicating them out is not just one of the most important aspects of your marketing; but of your business operation.