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Decades ago, branding was defined as a name, slogan, sign, symbol or design, or a combination of these elements, that distinguish one company, product, or service from another. Today, branding is more complex and even more important. The BalanceBranding is not just about getting your target market to select you over the competition. It's also about getting your prospects to see you as the sole provider of a solution to their problem or need. In its essence, branding is a problem-solver. A good brand will:
To succeed in branding, you must understand the needs and wants of your customers and prospects. You can achieve this by integrating your brand strategies throughout your company at every point of public contact. Think of branding as though your company or organization were a living, breathing person. Imagine this person explaining who they are, why they're valuable, and what they specifically have to offer. As consumers begin to identify with you, your brand will live in the hearts and minds of customers, clients, and prospects, and they'll connect on an emotional level. Your brand is the source of a promise to your consumer. If you're billing yourself as the manufacturer of the longest-lasting light bulb, your brand has to live up to that.
It's important to spend time researching, defining, and building your brand. In developing a strategic marketing plan, your brand serves as a guide to understanding the purpose of your key business objectives and enables you to align the plan with those objectives. Branding doesn't just count during the time before the purchase—the brand experience has to last to create customer loyalty. You can create that by answering these three questions:
If you can get positive answers to these three questions, you've created a loyal customer. Branding not only creates loyal customers, but it also creates loyal employees. A quality brand gives people something to believe in and something to stand behind. It helps employees understand the purpose of the organization they work for. They feel like they're a part of something significant and not just a cog in a wheel. How do you know if your brand is strong enough to give you the internal and external value that you need? Start by asking yourself the following:
Let these questions serve as a guideline in the development of your brand. If you're not sure about the answers then you may want to revamp your branding efforts. Opinions expressed by Entrepreneur contributors are their own.
Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does "branding" mean? How does it affect a small business like yours?  Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Your brand is derived from who you are, who you want to be and who people perceive you to be. Are you the innovative maverick in your industry? Or the experienced, reliable one? Is your product the high-cost, high-quality option, or the low-cost, high-value option? You can't be both, and you can't be all things to all people. Who you are should be based to some extent on who your target customers want and need you to be. The foundation of your brand is your logo. Your website, packaging and promotional materials--all of which should integrate your logo--communicate your brand. Your brand strategy is how, what, where, when and to whom you plan on communicating and delivering on your brand messages. Where you advertise is part of your brand strategy. Your distribution channels are also part of your brand strategy. And what you communicate visually and verbally are part of your brand strategy, too. Consistent, strategic branding leads to a strong brand equity, which means the added value brought to your company's products or services that allows you to charge more for your brand than what identical, unbranded products command. The most obvious example of this is Coke vs. a generic soda. Because Coca-Cola has built a powerful brand equity, it can charge more for its product--and customers will pay that higher price. The added value intrinsic to brand equity frequently comes in the form of perceived quality or emotional attachment. For example, Nike associates its products with star athletes, hoping customers will transfer their emotional attachment from the athlete to the product. For Nike, it's not just the shoe's features that sell the shoe. Defining Your BrandDefining your brand is like a journey of business self-discovery. It can be difficult, time-consuming and uncomfortable. It requires, at the very least, that you answer the questions below:
Do your research. Learn the needs, habits and desires of your current and prospective customers. And don't rely on what you think they think. Know what they think. Because defining your brand and developing a brand strategy can be complex, consider leveraging the expertise of a nonprofit small-business advisory group or a Small Business Development Center . Once you've defined your brand, how do you get the word out? Here are a few simple, time-tested tips:
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What do you think is the importance of knowing and understanding the brand of a certain product in business development?
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