So, what is the goal of branding your business? Is it something to do with having a nice logo and graphics?
The key function of branding is to increase your profits. If you don’t want to do this, then read no further! Branding principles can be applied to businesses and services of all sizes.
“Only one competitor can be the cheapest—the others have to use branding. The stronger the brand, the greater the profit margin.” Marty Neumier
In very simple terms, the aim of branding is to get more people to buy more products at higher prices. This process starts with a brand strategy – knowing who your audience is and building a consistent brand message which speaks to them, regardless of which customer touchpoint they experience.
Brands are built over time, they spread a message and connect with the audience.
“Your business is not an entity but a living organism.” Marty Neumier
How to measure if branding is working? Customers travel on a journey with your brand – beginning with having never heard of you, working along to becoming aware of you, onwards to becoming increasingly engaged, through to delight, and ultimately, aligning themselves with your brand. Think of Apple who have a completely loyal customer base, who refuse to even look at a competitor’s products.
Regularly measure audience engagement with your brand over time – are more people signing up to and opening your emails, are you getting more mentions in social media, are sales increasing – and how are these sales broken down between repeat purchases and new customers.
Is recognition of your brand increasing over time?
Are sales increasing, is your net profit increasing?
Are you becoming more confident and self-assured with regard to your brand messaging, does it feel natural to you? A stress-free, clear brand identity is much easier to manage and communicate around.