If you are an ambitious entrepreneur, chances are that you are always striving to improve your business processes and stand out from thousands of competitors, and what better way to do that than branding?
And no, branding isn’t slapping on a flashy new logo or doing a color ‘re-brand’, it is more encompassing than all of these. It is the reason you pick your favorite brand amongst the options available to you. It is the same reason some brands seem more reliable and trustworthy than others.
In this article, we will cover everything you need to know about branding your business– from benefits to examples, and practical steps.
What is Branding?
Branding entails all the strategies involved in building a unique identity for your business. At the core of everything, branding builds trust, and loyalty, and influences consumer behavior amongst other things.
Many people think marketing and branding are two peas in a pod, but that may not entirely be the case. Branding in business is about defining your business values and creating a unique identity while marketing in business
Examples of businesses that have exemplary branding are Apple, Nike, and Paystack.
Benefits of Branding
Improved customer trust and loyalty
Consistent and professional branding builds trust between businesses and consumers. Strong business branding signals credibility, making customers more inclined to choose your product or service over others and become repeat customers and promoters of your business.
Differentiates your business from competitors
Another thing effective branding will do is set your business apart from competitors. Clearly communicating your business value makes you stand out in any saturated market.
Creates a memorable impression
A tagline, consistent branding colors, and more branding elements keep your business top of the minds of your target audience. This increases the likelihood of future patronage and ‘business fans’ spreading your business’s gospel.
Improves marketing effort
A well-defined brand provides a clear framework for all your marketing efforts, and ensures consistency across various channels; this consistency then builds familiarity and fuels trust.
Increase business value
One of the many perks of branding your business is the increase in value it brings. Not only is your business more attractive to investors and customers alike, it also can lead to more profitable price points and higher margins.
Practical steps to building your brand in 2024
- Identify your target audience
The first step to branding your business properly is research– extensive research on your target audience. Some of the questions you can ask are:
- What does my target audience enjoy doing?
- What platforms do they typically use?
- Where do they stay?
- What age bracket do they fall into?
And many more.
You can also send out surveys to existing customers to understand their preferences and develop your ideal customer profile.
- Analyze your competitors
Make a list of your major competitors in the market. Analyze your strengths, weaknesses, opportunities, and threats. Understand their brand positioning, messaging, and gaps they do not currently fill that your product or service can.
- Define your brand’s voice
When creating your brand’s voice, determine the characteristics that are most important to your business. Think of how you’d like your business to be perceived— fun, educational, casual, detailed, formal, etc. Make sure that this voice remains consistent across all boards.
- Develop your unique selling point (USP)
A unique selling point is the special thing your business has to offer, it is a major differentiator between you and the other businesses in your industry. Determine what makes your product or service unique and communicate that with your audience.
- Build an online presence
In big 2024, the last thing you want for your business is not to have any online presence. Utilize the social media platform your customers use the most, and invest in an intuitive website (if you can). Put out information and build a rapport with your clients online.
Do Better With Your Business Branding
Now that you know all the tips to build a strong, sturdy brand, what are you waiting for? Brand building takes time but it is worth the effort.
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