These are not just random letters or signs. Every person has the recognition of these brands and knows very well what the symbol stands for and which type of product or services the company is offering. How? It is all related to brand building. And it is one of the marketing strategies a company uses to gain recognition among people. Whether you want to start a new company or looking to expand your current business to the next level, you must create your brand name to survive in the competitive market. How do you expect people to buy from you when they don’t know who you are, what you offer, and what you want to say to the customers?
This article will guide you about Branding, why it is so crucial to any business, and how to build a name and brand positioning in the business sector by using branding strategies.
What is Branding?
Branding is considered the DNA of your business. It is one of the factors that can either make you a brand or put you one step up on the road to success.
A brand is the identification or mirror image of a business. It includes a name, design, symbol, tagline, or any other feature that distinguishes one company from other companies and even one product from other products of the same company. And the process of creating a distinct identity and giving meaning to certain products or services in the consumer’s mind is Branding.
Importance of Branding in business
Branding is a necessity of every business. In this competitive world you are not the only seller to sell a product or service. There are millions of other brands for your target audience to switch on. Your branding strategy helps to communicate why you’re the best choice among your competitors and what additional features your product has that your competitors are lacking.
Brands should be so unique that they live in the customer’s mind or whoever experiences them. Sometimes eye-catching logos or taglines are designed to motivate customers to make more purchases. Companies spend millions of dollars each year on advertising their brand. And a budget is fixed yearly only for building a brand name.
Elements of Branding
The perception of people regarding your company becomes your brand, and you have to use different strategies and design elements to shape that perception. Collectively, all these give you brand identity, which helps to build your fame, gain more market share, and position in your industry. The essential elements of branding are:
Logo
It is the essential element that portrays the image of a company. The logo sticks to the customer’s mind. And whenever they see a logo, they will quickly identify what type of company that is and what it offers.
Once a logo is finalized for a new startup, it goes on almost every asset a company owns, such as its website, products, packaging, business cards, MIS, and all social media platforms where a company builds a page.
Font size & style
Choosing the right size and style is also a vital component in the branding process of a business. The font reflects the brand’s personality, so it should be selected carefully and show alignment with the company’s mission.
Color palette
Colors create a significant impact on your company’s brand image. Colors not only convey your feelings but also differentiate you from competitors. Color selection is a crucial branding step when you launch a new startup. Professionals should select colors close to their industry or niche. For example: if your company is close to nature, the prominent color should be green. For calmness and relaxation, use blue. Red and yellow go best for eatables.
Shape
Another significant element of branding strategy is to select a shape. You can use different types of outlines in your logo, your website’s background, packaging, your final product, and on various items that align best with your brand’s identity. For example, juice and water bottles are available in different shapes.
Tagline
A Tagline is a slogan that conveys the message regarding your brand on how you are communicating your brand’s uniqueness and tells people what to expect from a particular brand. The slogan should be attractive and short and makes boosting brand awareness.
How to build a name and position in the business sector?
When a new business starts, it can’t become a brand overnight. Building a brand in the business sector means creating a sturdy brand identity in the competitive market. You cannot just randomly select any name, logo, or color and paint them as you like for your new starting business. The best idea is to search for ways to pour feelings and emotions into your brand so that people deeply resonate and connect with it. You should research, market analysis, and brainstorm ideas about your brand. You can build a team having strong communication and designing skills or hire freelancers.
When you brainstorm about creating a brand name, consider the following key points:
- Your brand name should be distinctive and stand out from the competition to grab your audience’s attention.
- Select a brand name that reflects what your target audience is searching for. Highlight such characteristics in building a brand name that means to them.
- Build an authentic brand name that accurately displays your mission, vision, and core values. If your brand name fails in authenticity, it may dampen your reputation. It should uniquely represent who you are.
- The name of a brand should be short, simple, sweet, and easy to pronounce. So that customers fluently use and memorize it. Make sure that a brand name doesn’t create a language barrier, which means it does not hold other meanings in different languages.
- Develop a name that is flexible enough to accommodate new strategies and maintain the integrity of your brand. It means choosing a title that doesn’t require reshaping as your business evolves or expands.
- Lastly, it should be defensive from a legal perspective to use in other countries if you expand internationally.
Companies usually create a statement of when, who, where, why, when, and how of their brand identity. This art of designing is known as a Brand Positioning statement. This statement is a part of the marketing strategy and serves as a guideline to ensure all their content is consistent. A brand positioning strategy can focus on how the target audience sees you by using this statement as a reference.
In short, to make yourself a brand, you should define your voice to your target audience. Tell them who you are and what inspires you to do such business, and what you offer should be aligned to gain their trust. Your logo, color representing your brand, and tagline should be professional and memorable. So whenever they see a color or tagline, your brand pops up in their minds. Like when you see a big M, the name of MacDonald’s pops up in your mind along with their tagline “i’m lovin it”.