For your business to have a competitive advantage you need to have a brand that is strong and authentic. It takes a long time and lots of persistence to build your brand but the benefits are worth the work. A strong brand has advantages inside your company and in attracting customers.
- If your brand is strong you are more likely to attract the best talent. Not many job seekers will apply to company that has a bad reputation.
- Your profits will increase as many customers are willing to pay more for products that they trust and value.
- More loyal customers, customers will accept higher prices and will come back for more. Over 40% of consumers say that brand consistency is important when deciding if they will be a loyal customer.
- During an economic crisis consumers will look for a strong brand with a competitive edge over weaker competitors and shareholders are more likely to value the brand's potential.
- Brand equity will give your company the maximum chance of coming back from any negative publicity.
How can you develop a strong brand?
- Know what your brand's purpose and passion is and why your business exists, these are the basic building blocks. You then need to define your ideal customer and what your products can offer them. Get feedback from your target market and cultivate customer relationships to get their feedback.
- Create a set of brand identity guidelines that are comprehensive and distributed throughout your company and beyond.
- It is important that you continually communicate with your customers to make sure that your message is resonating with them. Your brand message should not change during the life of your company. However it can grow and adjust slightly to suit your audience but it should continue to be something that your customers recognizes.
- When you update your logo and marketing materials make sure that your logo remains standard and easily recognizable on advertisements and social media.
- Always be consistent this will continue to build your brand strength. Consumers will try something new from you if you are always consistent in your message and product quality. They are not likely to react well to anything that does not align with the company values and image that they are familiar with.
Creating a strong brand takes a lot of effort and expertise and can only take your business so far. So it is important to target the right potential customer. You will never please everyone so target people with similar values and beliefs. What can you offer that is unique to your company and makes you different from your competition so that you stand out and are able to connect with your customers.
From an article by Justin A Staples