| By
Peter Koeppel
Entrepreneurs and
business executives always strive to gain a competitive advantage in
the marketplace. They want to outsell the competition, be known as a
solutions-provider to customers, and have those in their field perceive
them as the market leader. Those are certainly lofty and admirable goals,
but are they achievable? Yes! The secret is to create a brand for your
company that gives you "top of mind awareness" to all who
think about your industry, product, or service.
The fact is that to be successful, you want to be the first name or
brand people think of when they need the particular product or service
you offer. The best way to ensure consumers think of your product or
service for their needs first is through strategic and effective branding
initiative.
What exactly is branding? Many definitions exist. In its simplest form,
branding is a process you can use to differentiate your business from
competitors. This is important, because unless customers view you or
your company as somehow different than your competitors, you will become
nothing more than a commodity. And we all know that commodities rarely
stand out in people's minds.
Building a brand is not always easy, nor is it an exact science. In
fact, what works for one company many not work for another. However,
following are some strategies that will enable you to begin creating
a brand that stands apart from the competition. That's when you'll experience
the rewards of increased name recognition and higher profits.
1.
Start Branding Your Company Today
Many people mistakenly think they can only brand their business after
it reaches a certain dollar revenue or length of time in the marketplace.
Nothing could be further from the truth. If your company is in the start-up
phase, you may not have the funds to invest in branding, but you still
must do it. Start the branding process from day one, even if you have
to start small. The earlier you start, the better your results will
be.
2.
Be Different
Obviously, one of the best ways to create a brand for your business
is to invent a new product or service that nobody else offers. However,
this is not always an easy task. The fact is that many companies offer
very similar products or services. To stand apart from the competition,
you may need to create a new category for your product or service, or
you may need to focus on what's unique about the way you do business.
So think outside the box and get creative. What can you offer that no
one else can? What makes your widget different from the other guy's?
Is it your commitment to service? Your speed of delivery? Your product
selection? Whatever it is, identify it and use it in your branding.
Narrow the focus of what you do so people think of you first when looking
for a particular product or service.
3. Keep Your
Marketing Materials Focused
You want customers to quickly and easily recognize you, so you need
to keep your marketing materials simple, focused, and consistent. If
you don't have design talent, work with a graphic designer to help you
create a recognizable identity that is a unique representation of your
business. The logo you and your designer create must depict your company's
image without the need for lengthy explanation. Also work with your
marketing department or a professional writer to create a catchy tagline
that encapsulates the brand you want your company to have. Use both
the logo and tagline on all of your marketing materials, letterhead,
business cards, and web site.
4. Develop an
Ongoing Advertising Campaign with a Consistent Message
Don't run a TV ad one day where you call your company the "low
price leader," and then do a radio ad where you call your company
the "solution for the discerning customer." Those are two
completely different brands and images, and you'll only end up confusing
your prospects. Realize that no brand is born overnight. It takes lots
of repeated messages to get the brand into people's minds. So be consistent
with your advertising messages. Additionally, advertise on a continuous
basis. That's the only way people will become familiar with you, thus
increasing your name and brand recognition.
5. Use Public
Relations to Get Your Name Out There
Along with advertising, you need to do some public relations to make
your name known. One great way is to write and publish articles about
your business and industry. You can also be a featured guest on radio
and TV programs. A good PR firm can help get you in the media's limelight.
Without a doubt, public relations is a great and easy way to increase
your name recognition.
6. View Branding
as an Ongoing Business Strategy
Branding is not something you do for a few days and then forget about
it. Branding must be a constant in your company's business strategy.
Brand loyalty and brand recognition can decline unless you revitalize
your brand on an ongoing basis. Many businesses reinvent or rebrand
themselves every few years to achieve a higher level of consumer recognition
or because of problems or negative stigma associated with their current
brand. Regardless of your product or brand, or how long you've successfully
had it, to remain competitive, you must adapt your brand based on changing
trends in the marketplace
Branding for
Success
Remember that branding takes time. That's why you must integrate all
these strategies over the long-term to build a brand. No matter when
you start your branding efforts, branding your business is an important
part of any successful marketing strategy. You want your customers to
think of high value and quality when they think of your product or service.
By branding your business, you make that happen. A strong brand also
makes your company more valuable. When you successfully follow these
strategies for branding your business, you can enjoy the name recognition
and increased profits that come from having a great brand that everyone
knows and loves.
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