The key steps to establishing a successful brand.
Brand, Brand, Brand, we hear it everywhere, some of us, if not most of us may have even dreamed of having our name on a product. So how does one go about realizing this dream? How do we make sure that the brand that we have lovingly created stays up and running, flourishing over the years?
The brands we interact with run into many of the following challenges on a daily basis:
staying consistent, differentiating against competition, continuity of customer experience, and keeping themselves top of mind.
A Memorable Company Name & Logo
When starting a business the first and most important brand is the name of your company. That is what becomes a significant source of value. The brand is enriched through its wins, initiatives, customer participation, and performance, among other things. A name should also be accompanied by a memorable logo that helps in instant identification of your product or service in the minds of customers.
Some brand names grow so famous that they become part of everyday language; for example, when was the last time you went to the drugstore and asked for an adhesive bandage instead of a Band-Aid?
Staying Consistent
Consistent marketing and messaging results in a consistent brand identity and, as a result, consistent revenue. Keeping a consistent brand image helps customers position you as a business, and makes it easier for them to remember you or associate with your brand. Brand equity is the extra value that your company’s products or services add to the market by having a strong, well-recognised name and image. This means you can charge more for your brand than for equivalent, unbranded items – especially if you’re a leading global brand.
Let’s take, for example; Starbucks. Starbucks has built a consistently premium feel. It is the same taste, look and smell that stays the same at every Starbucks joint across the world.
It is a drink that consumers have to Instagram, otherwise their drink might feel incomplete. This kind of branding not only allows Starbucks to charge a higher price but also provides free promotion through consumers’ instagram handles.
Customer Experience
Humans are inherently drawn to familiarity. Sure, some people are experimental, but familiarity brings trust and trust brings repetition. 81 percent of consumers said that they need to be able to trust the brand in order to buy from them (Edelman, 2019). Brand identity leads to instant recognition in a customer’s mind. A brand identity is associated with the brand’s product or service and the quality along with the experience of the same. 86 percent of consumers say that authenticity is a key factor when deciding what brands they like and support (Stackla, 2019). This connection to the brand identity is what forms customer loyalty and public perception of the brand, shaping the overall customer experience of the brand.
Establishing your own brand is a long drawn out process that requires a clear understanding of what your brand stands for, a team with top notch communication skills and lots of creativity.