In an over-saturated market, effective branding is a challenge for many entrepreneurs. But there are a few basic building blocks that will bring brands from backstage to center stage. Here are three must haves for your branding wardrobe.
What is your unique promise of value? Entrepreneurs launch businesses because they have identified a need for a specific product or service. But, does the client know the value of the product/service and how it will benefit them as a consumer? Being so focused on product development, branding is often overlooked and the value proposition is under developed. Brand value leads to establishing space in the forefront of the consumer’s mind. The value of a brand is its ability to make money, save money or create an experience for the purchaser. Creating and delivering value as promised is essential to building a sustainable brand.
Who is your target market? Many entrepreneurs fail to succeed in business, not because they don’t offer a great product or service, but because the target market is never defined with certainty and clarity. Simply saying, my target market is “women” is not enough. There are women with children, women business owners, single women, married women, old women, young women, on and on. Each one of those groups of women possess different priorities, which means what is valuable to one group isn’t essential to another. By identifying the ideal business client, branding is simplified.
Why you and not the other guy? If entrepreneurs don’t know what sets there business apart from the competition, how are potential clients expected to distinguish and chose one brand over another? One fallacy in business is being the least expensive will the competition. That is not true! It’s important to understand that price and value are not synonymous. People are willing to pay a premium price for a premium service. Brand preference is established through distinguishability, awareness and value. Consumers purchase from brands that are recognizable and trusted.
Attracting more opportunities and increasing earning potential, begins with a well-coordinated brand. Is your brand dressed for success?