Why Brand Is Everything In Business
One of the reasons why franchises are considered a safer bet than independent businesses is because of a demonstrated success. They have an established reputation of making a profit, resonate well with investors, and deliver a service to an easily identifiable target audience.
On the other hand, startups rarely have the above. Their business model is often yet to be proven, and they struggle more to bring clients in as a result. Usually, this is down to a lack of awareness and an inability to reach a desired audience.
To prevent this, businesses need to create a message that speaks to their target market. This is the true value of branding: an all-encompassing image that ties everything – from social media to the website navigation – together.
So, to help you create that succinct message in a way that unifies your organisation and secures engagement, we wanted to discuss exactly what brand is and how it impacts everything in business.
What is a brand?
A brand is a public persona that’s applied to your organisation. Investors, customers and prospective clients interact with it. Put simply, it’s the face of your business and the narrative you want clients to buy into. It serves to distinguish you from your competitors, so you need to be certain that it reflects your best qualities.
Ferrari is a good example of branding. When you think about Ferrari, you picture Formula 1. You imagine sports cars, and the wealth associated with owning such a car. But if you need to ask how much a Ferrari is, you probably can’t afford one, right? So how can Ferrari be a brand leader if only a limited number of people can buy the product?
Merchandise. Ferrari’s branding is so effective at getting audiences on board that they make more money from merchandise than they ever have cars. Key rings, clothing and even watches keep their fan base invested without ever being able to afford the dream item itself. It’s an act of association – people value Ferrari so highly that they consider themselves more valuable by wearing their products.
It’s a marketer’s dream: a product that isn’t advertised. A good brand taps into our primal urges and creates a desire so strong that we consider ourselves better for buying into them.
But this isn’t just limited to products. People often dream of being so wealthy that they can afford a cleaner or personal chef. Any service that offers a luxury experience like that can easily brand themselves as the realisation of that dream.
How do I create one?
Start by visualising your audience. Create a persona and outline their values and specific qualities. Start by homing in on their age and then explicitly list their gender, geographic location, income and education.
If you’re going to position your brand so it answers a dream or aim, you need to map out your audience’s motivations too. Their driving factors will reveal goals and pain points that you can meet and address, which in turn will help you create a brand mission statement.
A brand mission statement is what creatively informs numerous aspects of your business, including:
- SEO and content
- Customer service
If you’re struggling to refine your mission statement, consider what you aim to do best. Returning to the cleaning example, say your organisation intends on delivering a service that is so thorough and professional that others pale in comparison – tie your goal to that and see how it can meet the needs of your target audience.
Now you can start the fun part: designing a logo and inventing a strapline that neatly ties your services together. The tone of voice you’ll use typically follows these elements, and you’ll know whether or not you want to act formal or casual pretty quickly. Bear in mind that your audience may respond better to a specific tone of voice