Posts

What type of branding do you use for your business?

There are three types of branding. They can work separately or create one brand. They are sharing the same principle — building the image in clients’ mind. However, they all build a relationship with customers differently. So what are those types?

The first type is Personal Branding.

It builds the image of the particular person in a customer’s’ mind. It often used as a career ladder method for employees. But for entrepreneurs, it’s far more powerful tool than for corporate worker. Personal branding creates a connection between customers and a person that represents a brand. People love to know more and willing to trust to a real person much more. When an entrepreneur had developed a Personal Brand she becomes much more confident, and that, show up through all communication.

The second type is Business Branding

The business branding often used in a case when a company doesn’t require a person behind, or in a case of multiple business owners. Business branding also forms the image in customers’ minds. However, it needs to create an additional personal touch to build a relationship with customers. In such a case the business actively uses a Brand Personality, virtual humanised form of the brand persona. Brand Personality befriend customers via consistent and relevant communication so that buyers can trust to the whole company and feel comfortable about it.

The third type is Product branding.

In such a case Customers build a relationship with a product and perceive the company image via the product. The best example is an iPhone. People love to be known as users of iPhone or Mac. Marketing strategy and branding make iPhone customers loyal ambassadors of the brand.

Large business empires use all these types together to create a powerful experience for their customers and create a strong relationship between their brands and clients’ hearts.

You need to become your brand

Listen the audio from the class.

Your brand becomes a lifestyle for your workers
Did you ever meet unhealthy fitness instructor or a financial adviser with massive debts?

To be a brand, you must become your brand.

That has nothing to do with “no makeup”, “crumpled dress”, and “I love kittens so let’s put them be on my business card”. Your brand must serve its purpose and satisfy your clients. It’s you who has to adjust to your business idea and become your brand. When you know who you are going to work with, your core values and the Brand message, you will know who you need to become.
It doesn’t mean that you have to force yourself to become something you don’t like. It’s more about becoming a better self. After all, branding is a lot about leadership, and I would not consider personal branding outside of business branding. They are different, but if you can make them work together it’s for good.

So if you promote healthy food or a healthy lifestyle — eat healthily and exercise. If you talk about creativity — be creative and inspire people. If you give financial, advice — make some money before. Once you reflect your brand, people start trusting you because they see that you did it, and that means they can do it too.

So what are these keys for a successful branding? Let’s see from point one.

  1. Let your business make a profit, focus on sales. Once you get a steady income, start to build your brand.
  2. Know your customer’s needs, pains, dreams, and desires. They are the fundamental data of your brand
  3. Be different than competitors. Make Unique Selling Proposition. Decide on Operation, Quality, Price Balance. And Show Brand Values.
  4. Create a brand. Be consistent, share information regularly. Create a special Brand message and translate it through all information channels
  5. Become your brand. Let your personal Brand and business brand be in sync. Believe in your brand values and Build the confidence and trust.

 

Check All Audio Series:

  1. When to start your business branding?
  2. Does your brand know its customers?
  3. Is your brand different?
  4. Your customers need to know what your brand all about
  5.  You need to become your brand

Your customers know what your brand all about and your brand takes place in their minds

Listen the audio from the class.

So today we reach the brand definition, finally. When people ask what is a brand, I describe it like this:

The brand is the image in the customer’s mind created by a customer, based on the experience of service and product and the data received from various information channels.

Branding, on the other hand, helps customers to form the “right branded” image in their mind. Branding uses a managed experience, and information channels to share selected information with customers and generate a critical mass of customers who believe in the Brand Message.

The ultimate goal of branding is to create brand ambassadors naturally. When customers recommend your product and service to their friends willingly, your business expands rapidly.

Let’s summarise. To create and image in the consumer’s mind, we need to do several things.

  • Create Brand Values, Cause, Positioning, etc.
  • Next, create a recognisable Brand Identity and the Communication Strategy.
  • Be consistent and regular in your communication for at least two years.
  • Build all the above based on customers needs, pain points, dreams and desires, so they would consume it naturally.

Check All Audio Series:

  1. When to start your business branding?
  2. Does your brand know its customers?
  3. Is your brand different?
  4. Your customers need to know what your brand all about
  5.  You need to become your brand

Does Your Brand really know its customers?

Listen the audio from the class.

Does Your Brand know its customers?

The brand building as well the business structure is a constantly evolving process.

That means you need to monitor your customer’s likes and needs and make necessary changes on a regular basis.

If you have a small business the best way is to create a community around it, have a Q&A sessions, and convincing customer support.

You need to know your customers but also those who choose to buy from your competitors.

Knowing your customers means not only demographic factors like their age or income group but also their behaviour elements:

  • How they spend their day?
  • How they reach the work?
  • What do they choose to eat? etc.

There are many small factors which you may like to know about your customers which are only relevant to your business. Like if you produce car seat covers which are friendly for home pets it may be a decision-making factor for those who have pets. But will mean nothing for those who do not have pets relevant to cars (like fish)

You need to know what kind of emotions your product and services can evoke. It not necessary painful feelings. You do not need to work with pain points all the time. You can work with inspiration, motivation and happiness. People love to buy out of joy. They would like to guide their friends to buy from you if they have experienced good emotions about your product or services. They will share their experience online and that what you need to spread awareness about your product and service.

So know your customers to make them happy and they will buy much more from you and recommend you as well.

Check All Audio Series:

  1. When to start your business branding?
  2. Does your brand know its customers?
  3. Is your brand different?
  4. Your customers need to know what your brand all about
  5.  You need to become your brand

5 Reasons to have a better brand for successful business. The reason No. 5

The brand is an intangible asset. Following the site Investopedia: “An intangible asset is an asset that is not physical in nature. Corporate intellectual property (items such as patents, trademarks, copyrights, business methodologies), goodwill and brand recognition are all common intangible assets in today’s marketplace.” Simply saying —Brand adds value to your business.

S&P 500 index showed that “over a 30-year period between 1975 and 2003, the overall corporate value of intangible assets increased from 17% to 80%.” A study by Interbrand in association with JP Morgan concluded that on an average, brands account for more than one-third of shareholder value.

Does that mean that the value of most businesses comes from intangible assets? If so, then brand must be the most evident of these assets.

Check this table based on information from Businessweek, Interbrand, JP Morgan league table –

Brand Value

You may say, that your business is not big enough, or you are not going to sell it. But here is food for thought. Why is that brand adds so much value to the cost of the company? Do you think they just pay for logo and couple of font/colour combinations? Hell, no. This additional price is given by recognition, trust and love of the customers, in fact, millions of buyers.

A bit of history by Wiki:

“During the 1970s, American cola giant Coca-Cola abandoned operations in India rather than accepting a forced sale of 60% of their equity to an Indian company. Following this, the Parle brothers, Ramesh Chauhan and Prakash Chauhan, along with then-CEO Bhanu Vakil, launched “Thums Up” as their flagship drink, adding to their portfolio of older brands “Limca” (lime flavour) and “Gold Spot” (orange flavour).

In 1993, “Coca-Cola” re-entered India after a prolonged absence, spurring a three-way “Cola War” with “Thums Up” and “Pepsi”. That same year, Parle sold out to Coke for the US $60,000,000. Some assumed Parle had lost the appetite for a fight against the two largest cola brands; others surmised that the international brands’ seemingly endless cash reserves overwhelmed Parle. Thums Up had an 85% market share when sold.”

Even today majority of Indians would prefer to refresh themselves with “Thums Up” (well, it’s marginally less sweet than Coke, so there is no difference in the product). Guess it’s called customer’s love 🙂

Check all 5 reasons to have a better brand:

No. 1 “Branding helps you create a unique impression and gives you a chance to be memorable.”
No. 2 “The brand is in sharing the values and attracting like-minded people to your products and services.”
No. 3 “Good brand motivates your team and customers”
No. 4 “Branding helps you advertise effectively &creates a connection between the product and the customer.”
No. 5 “Brand adds value to your business”

5 Reasons to have a better brand for successful business. The reason No. 4

Branding helps you advertise effectively. We often divide advertisement on the basis of image building or brand advertising and selling promotions. In fact, a brand impacts both of them but let’s see it in details.

The brand advertisement is meant to build the statement. It creates an Image in the customer’s mind and usually uses compelling photography with a clean persuasive copy. Such ads must regularly be posted as they share an excellent quality. They do not sell any goods; they build a connection between the customer and the product/company/brand. Such campaigns require a big fat budget.

Promotional advertisements, on the other hand, may make money faster as they directly talk about your products. Even if they will not have your logo, colours, messages, they may sell. But if you make your brand elements and design work for it, your customers will start building an association between the product and the brand. It focuses on values of your brand and attracts Your Audience, as it wants to be associated with these values. That way you will spend less money and enhance selling ads with additional value.

You may ask why we need the first type of ads at all? Well, promotional advertisements are not created to impress your customer, they sell. So if you will try to shift customers focus from product to brand, people may not react to it and you will lose the advantage of selling advertisement.

So in both cases, the brand creates a connection between the product and the customer. Without branding recognition and trust features, you may end up spending on advertising much more.

Save money, invest in the brand, be consistent and memorable.

Check all 5 reasons to have a better brand:

No. 1 “Branding helps you create a unique impression and gives you a chance to be memorable.”
No. 2 “The brand is in sharing the values and attracting like-minded people to your products and services.”
No. 3 “Good brand motivates your team and customers”
No. 4 “Branding helps you advertise effectively &creates a connection between the product and the customer.”
No. 5 “Brand adds value to your business”