In 2018, there is intense competition across most industry sectors. Therefore, it has never been more important to stand out from the competition.
Achieved by developing an original proposition through strategic branding. Having an exceptional product is obviously a good starting point. However, a strong branding strategy is key to the success of the business. Branding is important to small business for a number of other reasons. Today, we take a look at the key elements of a successful brand.
Champion brands have a deep understanding of the demographics in their target market. This will include factors such as their interests, education level, etc. Unless it is a huge general merchandise retailer such as Tesco, the majority of brands have a definite target audience they are aiming to. Understanding the target market is vital. It provides direction for the brand voice as well as reach of a marketing campaign. This also helps pinpoint the overall identity of the brand. Trying to appeal to everyone will often attract no-one. Brands who do not understand their target audience can lose their importance.
Building brand identity requires one distinctive thing. For example, Monzo have captured their target consumer with digital innovation. They offer a fresh take on banking. This bank only lives on your Smartphone. And is designed for the way we live today. Their bright coloured cards and easy-to-use banking app is rapidly taking over the market. Another example could be TOMS shoes. They donate a pair of shoes to a child in need for every pair bought.
Constructing a brand identity within a niche does not demand a revolutionary idea. It can just be one component that separates it from the competition.
For a brand to be successful in the long-term, there needs to be a driving passion, a strong brand personality that shines through to potential customers. A good example of this would be Steve Jobs. His passion continued to propel his organisation forward, work hard and deliver superior products. This passion leads to enthusiasm and excitement, which is infectious.
Once consumers become just as enthusiastic about a brands products or services, this can lead to priceless word-of-mouth. This is the essence of great branding. Passion also helps organisations when setbacks occur.
When consumers come back to a business, they expect the same level of quality. An example of this would the service and food in a restaurant. When businesses do not deliver consistent quality, consumers will look elsewhere. A great example of consistency would be McDonalds. Whether you are in China or the UK, you can guarantee you will receive almost exactly the same Big Mac.
Now you know the elements of a successful brand, discover how to create a brand in 3 simple steps today! Looking to be set apart from your competition? Contact Regency to help you create the most effective branding for your business.