t's easy to get caught up in the day-to-day company operations and focus solely on increasing efficiency and productivity. While efficiency and productivity are crucial elements of success, neglecting your brand can result in missed opportunities and hindered growth.
Entrepreneurs need to prioritize building a strong brand for their business.
Today, let’s explore ‘brand building’ & how one can leverage it to build a strong brand admist competition.
Many business owners confuses these synonymous marketing jargons as one. While branding include designing a logo, website, product label, and marketing activities.
Building a brand is rather a holistic approach to create a user-friendly brand Image that delivers a positive experience to all including employees, vendors, investors, and customers. Without a focused vision or focus, brands struggle to get off the ground. It's about creating a unique identity that sets you apart from your competitors and helps you stand out in the crowd.
One can build brand on a clear understanding of who they are, what they do, and why they do it.
Why ‘Brand Building’ is a Priority for Every Business?
Creates a ‘Memory Friendly’ Brand
In a crowded space like FMCG, SaaS, and more, building a strong brand helps you stand out in the minds of your target audience and creates a unique identity that consumers can readily recognize and remember.
Wins Customer’s Trust
A strong brand fosters customer trust and loyalty, which in turn, leads to a positive reputation and makes it easier to attract new customers. By creating a connection with your customers, one can build a lasting your brand can foster lasting relationships that promote business growth.
Premium Pricing
A strong brand can command premium prices for your products and services. Customers are willing to pay more for products or services from a brand they trust, making it easier for businesses to earn higher profits.
Happy Stakeholders Yield Better Results
When employees feel proud of the brand they work for, they are more engaged and motivated, leading to higher productivity and better performance. Similarly, investors are more likely to invest in companies with strong brands, and vendors are more willing to partner with them.
Being ‘THAT’ Brand Saved Southwest
Building a strong brand can help businesses weather the storms of competition, market changes, and crises. In times of uncertainty, customers tend to stick with brands they trust, giving businesses with strong brands a significant advantage.
Successful brands give a sense of insulation to external factors. Southwest Airlines managed to maintain its position in the airline industry following the 9/11 terrorist attack. Passengers voluntarily sent checks to the airline to show their support and solidarity with the brand. Southwest had managed to build such a strong connection with its audience that they were willing to stick with the brand through thick and thin.
3 Basics to Build a Successful Brand
Back then, building a reliable brand took years to TATA. Here are 3 key factors in brand building to create a consumer friendly brand faster.
Personal Story: Emotional Engagement
Building emotional connections with your audience creates loyal customers invested in your brand for the long haul. Mamaearth's success in a cluttered FMCG market goes beyond their product; their personal narrative of creating a safe and natural product for their baby resonates with parents, creating a community.
Connect with Your Customer
People are not just looking to transact; they're looking for a connection with the brands. Businesses need to build a connection with consumers and not just stick to transactions.
Starbucks is a huge success by creating a connection with their customers through their experience, consistency, and loyalty programs. Starbucks is even considered a bank, as people pay in advance for their loyalty program, making them cash-rich as a brand.
Define your Brand Strategy
To create a strong brand, you need to have a clear brand strategy that defines your brand's purpose, personality, positioning, and promise. A brand strategy should align with your business goals and values and resonate with your target audience.
Investing in brand-building activities like content marketing, social media, influencer partnerships, and events adds up in your brand's visibility.
MORE ON BRANDING HERE!
Building a strong brand can give you a competitive edge that sets you apart from your competitors and helps you succeed in the long term.
Want to learn more about branding?
Discover our podcast CoBB | Conversation on the Business of Brands.
Our episode ‘Brand as a Growth Lever’ and deep dive into how branding can set up your business for success.
