By Armando “BUTZ” Bartolome
Thinking about starting up a business? Some people may feel that they have just been born to be entrepreneurs as they have this instinct of becoming leaders and successful in whatever they do- just like having a Midas touch. But for some who ventures into a business blindly, he may just be directing himself into a very painful plunge.
Business is something to be taken seriously. As we know, it involves time, money and effort to make any business to become successful. Money and people alone cannot make the business prosper without doing something to make the company/products and services known to the public. And that is where branding comes in.
Every single day, companies fight over their share in the marketplace – seeking for the attention of their prospects. Look around you. You can see that there are a lot of businesses that sell exactly the same products or the same types of products as their competitors. But only the strongest brand survives.
As a consumer yourself, going inside a mall, you will see various shops located side by side that sells clothes. What draws you to a specific store?
The strongest brands know the exact formula on how they are known in the market, who their target market is and how they can reach their customers- these factors make them have that spot in the market which speaks of quality and in return encourages loyalty among their customers.
These companies do not stop when they have penetrated the top spots. These powerful brands know that there is always a room for growth. To stay ahead, they must keep themselves abreast with technology, which changes the same way as how consumers think and buy.
Building a Strong Brand
To build a brand, a company do not just assume using a trade name and just cross their fingers that somehow their products get around successfully.
- Research
There is a need to scout around how similar businesses are currently doing. From there, you need to understand the gathered data. The failures and successes of your competitors can be very helpful in coming up with the right strategy on how you can put your brand successfully on the market.
2. Personality
This defines the impression that you will make when people see your brand. It is like creating a distinguishable character apart from similar companies. Example: Supreme is very famous among the young generation. It has this defiant rebellion mixed with a little hip-hop superiority, with a splash of interpretive art and a whole dollop of climatic collaborations.
Just think of at least 3 adjectives that can simply identify your brand, such as sincere, reliable, classy, or energetic.
3. Market field
If you are selling clothes, for example, are your designs intended for use by teens or will they be more appreciated by older individuals? You should also consider the location where your store should be situated. Setting the cost of your products, will it be within the range of middle-class income earners or will it be classified as high-end?
Your brand should also anticipate growth as there would surely be a difference in trends in the next five years. It should be something that can retain its identity in the market, but at the same time may have some changes that go with time.
4. Brand Positioning
There is a need for the consumer to easily identify your brand when they think of something that they need. Example, when they think of the happiest place on earth, people would instantly have the picture of Disneyland in their minds. If they are looking for a place to purchase less expensive products, they would instantly think about Target.
5. Experience
This is referring to how your brand stands up to the promise that they made to the consumers. Living up to how the brand has become known for should be coherent. Relay a constant voice by clarifying what you offer to your customers.
6. Identity
This refers to the color, font, sound, and tagline. You may have noticed that each company has its own way of presenting themselves. Example, seeing a golden arch would instantly make you think about McDonald’s or a smiling bee in red and yellow would create an image in your mind about Jollibee.
Spreading the Word
Building your brand takes a lot of time to think about. Looking into each detail will ensure that you can keep up with your competitors and hopefully, you can have a better spot in the market among others.
Ways on how you can make your brand stand out is though:
- Marketing Events
Joining business events can help people know about your brand. Exchanging business cards is one way of increasing your network as well.
2. Social Media
We know how social media have become extremely significant to businesses. Increasing your virtual presence does not just allow you to be known by people within your location, but to a much wider market.
3. Search Engine Optimization
The website that companies built is not merely virtual displays. It is important that the content of their website provides the information that consumers need by using appropriate keywords that can easily direct consumers towards their website.
It is possible that what you offer to the public has already been in existence. The challenge for you now is how to gain leverage and to stress how you are far more different and better than others. Do you think you have that ability to turn yourself into the next business tycoon?
