A brand is a name, symbol, term, or any other specific attribute given to a product or service by the seller. It becomes an identity in itself and is used to distinguish these products from similar ones in the market.
What is the importance of a brand name?
A brand name is often memorable, and it resonates with the target customers. It sticks in their minds and helps to build and maintain trust with your consumers. Branding is an asset that can create sales and bring in revenue for the company. Customers find comfort, happiness, loyalty, and positivity in your brand. A good brand can make an ever-lasting impression on the customers and hence you will have loyal customers through various generations. So, now that we understand how crucial branding is, let’s find out how to build or grow your brand?
The six crucial elements to create a strong brand image
What makes a brand stand out, and what makes another one fail? What makes one brand capture the market faster than its competitors? How can a brand make a memorable impression on the target audience? Let’s dig deep to get answers to these.
There are six essential elements which when paid attention to, can help you build your brand or make it successful. These are:
1. Positioning: Before you position your brand in the market, it is important to do your research. It would help if you understand your target audience and why they should buy products from you and also understand the difference between you and your biggest competitor.
Positioning can be done by using positioning maps which are easy to use and very powerful. Positioning tells how you are useful to the customer. You can fill the positioning map in a way such that your brand fills a gap in the market, or you can compete with your competitors by placing it in the same place as theirs. After positioning, make sure you give a positioning statement that is nothing but a Unique Value Proposition(UVP).
2. Promise: A brand promise is the expectations that a company puts in to customer’s head. A brand promise is good only when it is kept, or else it can lead to loss of trust and hence decline in sales revenue. So always promise the customers what you can deliver, and if you promise something, try to make it true.
3. Personas: These are ideal customers for your brand. There are different ways to get data of your buyer personas, like checking Google Analytics or social media profiles, observing them at hanging out places, or talking to them on the streets. Knowing more about them will help to build a better brand strategy for the target audience.
4. Personality: It is essential to create a brand personality. A brand personality will help your customers to get connected with your brand emotionally and will also give a ‘human’ touch to your brand. Developing awareness or defining your brand personality will help you face your customers and talk to them better.
5. Product: A product doesn’t refer to features around it, but it also refers to the customers’ complete experience when they interact with it. So make sure you bring about the best experience for the customer in all phases, like before purchase, during purchase, and after purchase. These kinds of services can differentiate you from your other competitors in the market.
6. Pricing: This is an important element that will help you generate revenue and run your company effectively. Pricing reflects the actual value of your service or product and its perceived value in the customer’s mind. If the price is too low or too high, it may lead to losses and failure of your brand. The three commonly used pricing models are cost-based pricing,value-based pricing, and competition-based pricing.
There is no doubt that branding is a very important part of marketing as it influences the decision-making of not only the customers but also employees and investors. This influence is significant if you want your company to be commercially successful. So use the 6P’s listed by us and grow your brand and your revenue.
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About The Author…
Sridevi developed a zeal for digital marketing space when she was introduced to this field as a Digital marketing strategist. She closely follows the emerging trends in the digital marketing arena and loves to write about them on various social media platforms. She strongly believes that the future is digital and marketing is no exception. Agility, alertness, adaptability and eagerness to learn new things are her driving forces.