The most valuable asset of your business is your brand. If you believe this, you will agree that making it stronger is your prime important task. Here is a step-by-step guide on how to do that.
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Define Your Brand
Your brand can be defined as a combination of your company’s reputation and its visibility in the marketplace. Thus the strength of your brand can be calculated as Reputation x Visibility.
There is one more aspect of your brand and it is its relevance to your target audience.
Definition of Brand Development
Brand development is creation and strengthening of your brand. This process can be divided into three phases:
- Having a right brand strategy and align it with your company’s objectives
- Creating all the tools needed to project the brand, including logo, website and tagline
- Strengthening and upgrading your newly developed brand
Your branding and marketing strategy will be about how you accomplish these tasks.
You can still make these tasks easier by breaking them into some more steps.
1. Think upon the Overall Strategy of Your Business
A strong, well defined brand will make it much easier to grow your company. However, what sort of company do you expect? Do you want to grow organically? Your overall company strategy is the framework of your brand development strategy. So, it’s the recommended place to start. If you have a clear idea about where your company should reach, your brand will help you reach there.
2. Know Your Target Clients
If your answer to a question “who is your target client?” is “everyone” you may make a huge mistake. Research done by the best branding consultants in Sydney shows that the most successful businesses are focused on having clearly distinguished target clients. The sharper the focus, the faster is your growth. The more spread out your target clients, the more diluted will be your marketing efforts.
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3. Research Your Client
Companies that conduct a systematic research to identify their target clients grow faster and earn more profit. Again, those who conduct such a research more often, grow even faster.
Research is helpful in understanding your clients’ priorities and perspectives, anticipate their requirements and develop your message in a language that will resonate with them. It also gives you an idea of how they look at you and your brand. Overall, it significantly lowers the risk associated to brand development.
4. Develop Positioning of Your Brand
Now you are prepared to determine the positioning of your company in the marketplace (also known as market positioning). What is so special about your company and why should your potential clients choose you?
A positioning statement consists generally of three to five sentences and should cover the core of your brand positioning. Plus it should be based on reality, since you will have to give what you promise. It also should be slightly aspiring so as to offer you something to strive for.
5. Develop Your Brand Name, Tagline and Logo
For many companies, a change in name is not needed. However, if yours is a new company, merging or its name is no longer suitable to your positioning, you may need a name change. Even if you decide not to change your company’s name, a new tagline and logo may be helpful to get a better support for your brand positioning.
Keep in mind that your name, tagline and logo are not your brand. These are just the ways to symbolize and communicate your brand.
6. Develop Your Website
Remember that your website is your sole most important tool for brand development. It’s your website where your audience will turn to, to learn about you. Potential clients may not choose your company simply based on your site, but they may discard you if your site gives a wrong message.
Practise these basics as they are essential for your brand development.