A brand is one of the most valuable assets of a business, and it needs to be carefully crafted to ensure it properly and authentically represents the business. Brand Development is essential for a successful business.
Do you know how your brand is doing? Does your business have a brand identity?
If it doesn’t, or your brand isn’t as strong as it could be, follow along with this post. Branding may seem like a fluffy concept, but we’re going to try to put some structure around it so any marketing team can get started defining their brand strategy.
A brand is the “name, term, design, logo, or any other feature that identifies one seller’s goods or service as distinct from those of other sellers
Your brand identity is the representation of your company’s reputation through the conveyance of attributes, values, purpose, strengths, and passions.
It includes what your brand says, what its values are, how you communicate its concepts, and which emotions you want your customers to feel when they interact with your business.
Determine your USP
Before you attempt to define your brand, you need to do some exploration. Take a long look at your company to get a clear picture of its purpose and place.
The familiar SWOT analysis can help. Here’s what each letter of the acronym stands for:
- Strengths: Characteristics of the business or project that give it an advantage over others.
- Weaknesses: Characteristics that place the team at a disadvantage relative to others.
- Opportunities: Elements that the project could exploit to its advantage.
- Threats: Elements in the environment that could cause trouble for the business or project.
When you do a SWOT analysis, you should involve everyone in your company, as well as some of your best (and worst — yes, your worst!) customers. This can be done with a simple survey that asks questions that get at the four points in the SWOT analysis. Or if you prefer, it can be achieved with an in-depth research survey and audit that looks at your brand awareness, usage, attributes, and even purchase intent.
However you gather the information, once you get it, you should be able to sit down with your marketing team and clearly state your company’s strengths, weaknesses, opportunities, and threats. Once you have a clear understand of your SWOT, it’s time to define your brand. This is where we come in…..