Many people do not understand the importance of branding and in business branding is more than just a buzzword that’s here today and gone tomorrow. Branding is the name attached to your product or service ~ it IS the main ingredient of selling in our current economy.
A brand is an intangible characteristic of your product or services that illicit feelings, emotions and perceptions about image, quality and status. In essence your brand establishes the perception that there is no product or service currently on the market quite like yours. Brand not only offers a guarantee but it delivers on it.
If you are wondering when you should begin branding – the answer is NOW. Yes, even if you are in the business planning stages of starting your business. Since we live in a competitive society, nearly all industries/companies can benefit from a branded product or service. While you are developing your business plan think about branding and marketing just as much as you are thinking about financing, your competition and market research.
Below are 5 tips to think about when developing your brand:
- The identification you want your customers or prospects to make with your product or service
- Analyze the kind of brand you are creating and figure out how it will play in your business
- Position your company differently; The power of free choice – what makes someone select your product or service over the competition
- How does your brand connect with shared beliefs, values and meaningful emotional connections with your customers and potential customers
- Know who you serve and why
- BONUS TIP – Authenticity is key – Keep it real!
To position your company accurately you should identify the key attributes or benefits that represent your product or service. This will create trust in your brand and as you begin to understand the relationship that your customers have with your brand, you will be able to more efficiently meet their needs, wants and desires through your brand.
“Price is what you pay. Value is what you get.”
~Warren Buffet
The Next Chapter by Carrie L. Devone 
Carrie I agree with you! The marketing department should always consider the brand of the product or service. Just think about, the first thing a person will see or remember is your brand and how your brand is compared to the competition. This means that the company should research to create the best brand to gain recoginition by the market.
LikeLike
I now understand more about branding. You explain things that are easy to understand. Thanks Carrie for your continued sharing of knowledge.
LikeLike
I love this topic. Branding involves integrity, name, reputation, honesty, quality, all of which work together to distinguish your product from others. Branding is an intangible asset that positions your business competitively. Every individual has a brand image and it is the sum total of your character including honesty, integrity and social skills, A good sales man needs to develop a brand image particularly those doing personal or direct service.
LikeLike