Development and building of your brand

The market gave us the message – companies and individuals who invest effectively in developing their brands are more likely to convince those who don’t.

Think of a brand as a visual, emotional, and cultural image that surrounds an organization and its products and services. In a competitive market where products and services are becoming more and more like consumers, the brand influences their perception, purchase decision and loyalty. Branding is what makes us want Reebok on our feet, Disneyland for vacations and Häagen Daz in our freezer.

Not only can investing in a brand offer opportunities to attract customers, but your brand equity can also help keep them in the face of adversity. Whether a company is striving for regional, national or international reputation, its executives must decide how best to position their brand in the market. Next comes a formulated campaign to expand and reinforce your brand’s image. The name, tagline, communication materials, and related revenue-generating spin-offs must work together to emphasize a concept that speaks to your brand. Awareness is just one aspect of many indicators that have a positive impact on brand equity. Here are nine additional indicators that positively impact brand equity:

1. Product Differentiation.

Find a niche, a unique place among the competition. In the quest for market share and profitability, people who understand their competition and are uniquely positioned among them perform better than those who only understand the customer.

2. Positive positioning.

You need to differentiate yourself by highlighting your brand’s most desirable, specific benefits. Winning awards from trade associations, chambers of commerce, or other reputable sources is a great way to increase a brand’s positive perception.

3. Positive associations.

Strong brands usually stand for a specific, positive benefit. A company or an individual must decide which strong attribute to hang their hat on. Then the company or individual needs to deliver a consistent message with positive associations.

4. Agreed communication materials.

Organizations and individuals need to be consistent in the message conveyed by their brand name, logo, and tagline when fulfilling their branding mission.

5. Brand Responsibility.

Brands do well when they are represented by the image of a friendly and authoritative personality, such as the CEO, a personality spokesperson, or a character like the Energizer Bunny.

6. Quality reinforcement.

The market cannot always easily distinguish the quality of one product from another. However, in order to develop its brand, a company or individual must ensure that it is perceived as being of high quality.

7. Reinforcement of perceived value.

The market’s perception of the value of a product or service can determine a brand’s value more than the product itself. Reinforcing the value of a product or service – as customers interpret it – is important to a brand’s image.

8. Brand Extensions.

Many successful companies and individuals develop spin-off brand extensions that generate revenue streams from a related anchor or product. A company or individual with a successful newsletter can increase their profit margin with spin-offs.

9. Catchy slogan.

No integrated identity campaign is complete without a tagline.

Good luck getting your message across to your prospects and customers. Please share your successes and challenges related to your brands with others… maybe by sharing we can grow better.