You are not selling your product or service, but your Brand. Yes – you read that right. In the world of marketing, of course product/services are important but your consumers connect solely with the Brand. In this article we will discuss the importance of establishing your brand and how it will enhance your product/service.
A Brand is a broad term that describes many facets of a business. According to Forbes, a brand is the name given to a product. However, it holds a greater significance than just the name. It is the company’s name, visual identity, values, and mission. It is the distinctive factors that differentiate it from their competitors and what your target consumer resonates with. As we continue to dive into the importance of establishing a brand, we will learn about the aspects that make up this concept and the best practices to establish a strong brand.
Company Name
Now it is important to have a distinguished name for your product/service/company. The name serves as the primary identifier for a business and helps to establish itself within the market. A strong and memorable name can help distinguish a company from their competitors and make it more recognizable to customers. It’s also the first impression of your company to your consumer. Make it intentional and interesting to capture their attention!
A unique company name can also be useful when legally protecting it through trademarks, which can help prevent other businesses from using a similar name and potentially causing confusion among consumers. Think about the brands you love – don’t they have a cool name that is different from another’s?
Mission / Values
Mission and values are important for a brand because they serve as the leading principles that shape its culture, direction, and decision-making processes. A strong mission and value statement provide employees and consumers with a sense of purpose and direction. It helps them understand why the company exists and what it is striving to achieve. Mission and values can also help build trust with stakeholders such as customers, investors, and partners. When a company consistently demonstrates its commitment to its core principles, it can strengthen relationships with these groups and grow their loyalty amongst relevant stakeholders. Finally, it sets the tone for what your brand stands for and believes is most important in their industry. They are essential for guiding the organization towards its goals and ensuring alignment across all levels of the company. Think of your mission and value statements as an elevator pitch. If you had 3 sentences to describe your brand – what would you want someone to know about it?
Property of Nike
Visual Identity
As we live in a visually driven world – your brand’s visual identity is key to continuing establishing itself. Your color scheme, logo and other visual elements are helpful to differentiate your company. These elements help your brand stand out in the marketplace and help emphasize your brand personality and style. It should be aligned with your product or services or name. It should be easily recognizable so consumers can know it when they see it in the marketplace. In other words, a strong visual identity can help a brand to communicate its message effectively and create a cohesive and professional image across all marketing materials and touchpoints. Think about your favorite company – don’t you enjoy their visual presentation of their brand? Aren’t you always pleased to see their color choice for marketing packaging?
Property of Aldi
Established Brands Are Successful
In conclusion, the product and/or service is important but what good can it do when its brand isn’t established within the marketplace? After discussing the important factors that help create a distinctive brand – take time to think about how this concept can elevate your business, or current company. Of course every brand has to start somewhere but making sure you begin with the essentials can save a lot of time in the long run for creating a sustainable business. Branding is important for any business across any industry!
