A brand is much more than a name, logo, the course of a venture – and all three put together – it is all about your customer’s perception. Some managers argue that branding is not fair, that their customers have wrong impressions concerning them. But let’s face it: life is not fair, and branding isn’t either. Don’t expect your customers to do everything they can to know the truth about your products or services. It is your responsibility to take actual steps to manage your own brand rather than allow your competitors to do that for you.
There are many reasons for building a brand, these includes –
- Encourage customer trial
- Build customer loyalty
- Manage demand
- Increase profit
- Create an avenue for growth/expansion
Brands often fail for diverse reasons. Failure to establish your brand only leads you down that lousy path that spells the end of you business – or what you are trying to project – before you even get started. The way life is configured, your failure is almost certain. If you want to succeed in anything, you will have to be deliberate.
Choose your position
What is your selling point? Brands fail when they have none. Introduce a unique feature that will distinguish your product. If you’re an event planner for instance, there should be something that differentiates you from all other planners. You have to understand that the value you provide is not just about planning events, you might also want to exhibit certain unique features like simplicity with class, providing access to the best quality, and affordable prices.
Innovation and building brands
Branding without innovation can’t succeed, and innovation with branding is useless. innovating your products and services keeps you ahead of your competitors in satisfying the needs of your customers. Leaders in imaging and electronic devices such as Samsung, Sony, Canon, and Apple developed product categories that raised the expectations and satisfaction of customers. The key to innovation is to fully understand what the consumer wants and how to deliver it. Innovation refreshes the value in your brand while building the brand ensures that you stay in your customers’ minds – and that’s where it matters.
Get Credit for the value you provide
Communicate the truth about your brand to the target customers. Don’t leave things to chance. Don’t assume that your customers will get it! Tell them what your brand stands for in clear terms. If your brand stands for access to the best quality and convenience, let them know.
Brands fail to succeed when they’re not consistent. Always make sure that you fulfill each promise in your brand. Avoid the itches, and be ready to present a compensation plan when they occur.
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