Branding

Branding

No matter what type of business you run, there are some unique aspects of your business that make it different from others. It could be your logo, the tone of voice you use on social media or the sustainable product packaging you use.

Branding statistics by Oberlo (2020) reveal that:

• 86% of consumers think authenticity is a key factor when choosing which brands to support
• 81% of consumers need to trust a brand in order to buy from them
• Brand consistency can increase revenue by 33%

Creating a brand for your business is an opportunity to share your story with the world. It gives your business a visual identity and personality that brings it to life and makes it much easier for your customers to connect with you.

In this guide, we’ll cover the basics of branding to give you an insight into:

• What is a brand?
• What is branding?
• Why is branding so important? 
• What are the key elements of a brand?
• What makes a strong brand?
• How can I create a brand?

What is a brand?

Firstly, it’s important to distinguish the difference between a ‘brand’ and ‘branding’. 

According to The Dictionary of Brand, a brand is defined as “a person’s perception of a product, service, experience, or organization.” 

This definition highlights a very important issue: a brand can be perceived quite differently by different people. It also highlights a brand is more than simply a logo or business card design. While visual assets are important, a brand is much more about overall experience; it’s about the feelings your brand evokes in consumers that influence them to choose you over your competitors.

This leads us to the next big question: What is branding?

What is branding?

If a brand is about consumers’ feelings and perceptions of your business and its products or services, then branding is the process of defining and developing the unique features and identity that your audience can connect with. 

Examples of branding are all around us, but the concept is broad and encapsulates both the active decisions a business makes in differentiating and identifying itself, as well as the reputation and conversations that grow around the business.

In the broader sense, branding consists of all the tangible and intangible elements that customers can form a relationship with. This doesn't just mean the sign which is in front of your office or the logo on your business card, it also means things like:

• The quality of the chairs in your meeting room
• How your employees dress
• Telephone manner
• How promptly you pay your bills and how you treat employees 

– the list goes on. 

Every interaction a potential or existing customer has with your business helps to shape their perception of your product or service. If they relate to your brand, believe in your goals and like your product, they will spread the word far and wide. But beware, if you are trying to build a respectable brand, you can undo years of hard work with a single offensive tweet or careless oversight.

Why is branding so important? 

Here are just a few reasons why branding is so important:

• Build trust and credibility
• Strengthen your marketing activities 
• Support a positive workplace culture that your employees are proud to be part of 
• Better alignment with your target audience
• Promote customer loyalty

What are the key elements of a brand?

The world of branding occupies a large space. However, there are some key terms and concepts to know when you start thinking about building a brand:

• Brand identity:The collection of elements that make you recognisable to your audience - the elements that make your brand unique.
• Visual identity: The visual assets of your brand, e.g. logo, colours, fonts, etc.
• Brand awareness: The degree of awareness and ability your audience has to recognise and distinguish your brand. 
• Brand equity: The overall value or worth of a brand compared to other brands. It’s usually determined by consumers’ perceptions of the brand.
• Brand extension:When a brand uses its brand name and/or image in a different product or service category.
• Brand management: Using brand strategies and activities to build and strengthen a brand consistently over time.
• Co-branding: Co-branding, also known as brand partnership, is when two or multiple brands join forces and use their brand names on the same product/service to build brand awareness.
• Brand marketing: Brand marketing is a marketing strategy that aligns your marketing activities in a way that promotes your overall brand. It builds awareness and promotes your products or services, while also highlighting your brand values and brand personality.

What makes a strong brand?

The best brands are aesthetically pleasing, consistent with the business culture, in line with customer attitudes and highly recognisable. Every business builds its brand in a unique way using their own symbolism, colour palette and key messages.

As a little exercise, take a moment to think about some of your favourite brands. What is it you like about them? Can you choose a few words to describe them and how they make you feel?

How can I create and grow my brand?

The first step in building your brand is reflecting on the unique elements of your brand, as they will underpin everything else. Start thinking about the following questions to brainstorm and develop your ideas:

• Who is my target audience and what role will my business play in their lives?
• How do we want to be seen and how can we represent ourselves and act in alignment with that?
• How can I represent what my business does with visual elements?
• How can I sum up what makes us different from our competitors in a few words?
• What unique words or phrases could I associate with my brand?
• Do I have a distinctive name which is appropriate for my business?
• What aesthetic is most appropriate for my business, audience and price point?
• Does any part of my business currently undermine the perceptions I am trying to create?

What are the biggest branding pitfalls for new businesses and small businesses?

Some of the top branding pitfalls to avoid for new and small business include:

• Trying to be everything to everyone
• Failing to clearly communicate your business purpose
• Being too clever at the cost of clarity
• Making decisions based on personal taste alone (without regard for the target audience or business purpose)
• Being inconsistent or changing the brand too frequently
• Copying an existing brand (which can be an intellectual property infringement

Branding can initially feel overwhelming. When you break it down on paper there is a lot to think about. But what’s good to know is that there are probably a whole bunch of unique assets in place already that you haven’t officially defined as your brand. 

While it’s absolutely possible to develop your own brand, many business owners seek out the expertise of branding agencies who are experts in mapping out your story and creating the relevant collateral and assets to use throughout your business operations. Learn more about hiringbranding agencies and the services they offer.