Ever wonder how big brands do it? Do you wish your branding was on its way to becoming a household name like Subaru or Apple? Well there’s no time like the present. So, let’s get started. In this post, we tackle key questions like what is a brand and why does having one matter? We also provide a plan that you can use to improve your brand.
Your brand is what people think of when they hear or see your company and its services or products. Basically, you’re defined by what people think when they come across your company. Ideally, you want others to associate your company with positive thoughts— thoughts that work in your favor.
If people view your brand positively they’re more likely to trust you, buy from you, and talk about you with others. These actions lead to more sales. So, it’s important to make sure you’re seen favorably.
Ever wonder what big name companies get from having a great brand? Here are just some of the amazing things you can expect to experience when you improve your brand:
1. A competitive edge
Imagine you’re in a store and you’re confronted by two products. One product is from a company you’ve heard of before and they give you good vibes. Another is from a company you haven’t heard of, but you like their packaging. Which product do you choose? Chances are you buy from the company you’ve heard of. And that’s the power of a strong brand.
Brands that are well-known and well-liked have a competitive edge. So, it’s important for emerging brands to become a household name. Even better, a household name with some real oomph!
2. Less Money and Time Spent Marketing
Strong brands spend less time marketing. Why? Because they’re already known amongst their target audience.
Apple and Google spend 7% and 12% of their annual budget on marketing, respectively. Compare that to the 53% invested by Tableau and the 48% by Marin Software. The well-known brands don’t have to spend as much to stay ahead because their target audience knows about them.
3. Ability to Charge More
When you have a strong brand, you can tap into the emotional needs of your audience and build a connection with them more easily. Sometimes simply being recognizable above all the noise is enough to sway people in your favor.
Well-known brands get away with charging more for their products because they’ve already captured their audience’s trust and confidence. People are willing to spend a bit more on a brand they recognize and feel positively about. A strong brand campaign lets people know you offer value and that you’ll be around for a long time.
4. Launching New Products is Easier and Less Risky
A strong brand can reduce the risk associated with a new product launch. When people are familiar with your brand, launching a new product is easier because people already have an idea of what they can expect from your company and its products.
In fact, a strong brand makes it easier to keep potential buyers “warm” while you prepare to launch new products. By the time your new product is on the market, they’re already aware and excited about it.
You’ve probably noticed the perks of having a strong brand share a common theme. That is, the perks enjoyed by strong brands are made possible by brand recognition. Strong brands are easily recognized and correctly associated with what they do.
So, how do you take your brand to the next level?
First, you need to make sure people think positively about your brand, and recognize you for what you do. Second, you need to increase the number of people who know about your brand. To do that, you’ll need to have a plan.
Taking your brand to the next level is accomplished in three steps. Each step involves research, analysis, and insight. Using tools and resources to collect data will help you make informed decisions.
1. Take Stock of Your Brand
The first item on your to-do list should be finding out how people view your brand. Then, you’ll want to find out how many people know about your brand. If you’re brand is not viewed favorably, or it’s not associated with what you do, you’ll want to fix that first.
To learn about how people view you, investigate your online reputation. What are people saying about you? If you need more information, host a focus group.
2. Identify Opportunities
Once you’re confident people view your brand favorably, and you’re recognized for what you want to be recognized for, it’s time to zero in on the specific aspects of your branding that need improvement. Here are a few questions to ask as you review your brand:
3. Strategize and Formulate
Areas in need of improvement are opportunities. After you’ve discovered specific opportunities to improve your brand, make a plan to address each of them. If you’re not sure how to do this, or if you need more guidance, reach out to your New York branding agency.
A better brand is possible. If you can see a more successful future, then you can achieve it. But, if you need a little help figuring out what successful branding looks like, or you want a hand with your marketing efforts, you can always partner with a marketing agency. With a team of branding experts by your side, you can expect to achieve great results.
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