Businesses who want to increase their revenue by 23%, should consider a consistent brand strategy. Branding is one of the fundamental pillars in a business, and those who are consistently positioning their brand for further awareness enjoy as much as more visibility than those who don’t. More exposure allows more people to relate to the brand and align themselves with the products and services. While many entrepreneurs know why they need to increase brand awareness, they’re not always sure how.
Market Research Is An Integral Component
A cardinal sin that many entrepreneurs tend to fall prey to, is trying to pawn off their product on the market without actually knowing whether the market is ready for it or wants it. First, before even thinking of branding, it’s important to find out who the target market is, and that is done through research. Once this has been established, branding can take place as the approach will be more focused. This influences everything from the color through to the brand positioning.
A Time Before Google?
What did we say before when we wanted to research something online, and Google was still in its infancy? Can’t remember? That is the power of brand positioning and Google is just one example. Coke and Kleenex are a few more and it’s easy to see where this is going. Brand positioning is important and for these guys, being in the right place at the right time made all the difference. But there’s more to the strategy than merely just good timing.
It also requires a closer look at competitors and what they’re doing to be able to inch out above them.
Compare your branding and brand positioning to those of competitors you admire, and find out what is your unique selling point.
Align your position statement to appeal to your target market. Don’t try to force the market to align with your brand.
At this point, it’s important to use marketing tools that will reach the target market more effectively and a marketing plan should be developed by those who have their finger on the latest marketing developments.
Maintenance And Development
Brand development is more than just creating a logo. It’s about being a consistent force in the marketplace and embracing the changes that follow. Branding should be easily recognizable and relatable. The look and feel of the branding should be comfortable to those loyal to the brand, while still have enough spunk to attract a new market. Constant research will allow brands to make minor changes or do a complete branding overhaul if necessary, but this only becomes clear when viewed in its totality in the marketplace. Roping in the help of professionals at this point is necessary, so as not to undo the work already done.
Building and maintaining a brand is the cornerstone of business success, as consumers need to know what they’re aligning with when they support a brand.