Branding a company can be one of the most challenging, and yet the most rewarding, processes in your business development strategy. What makes it challenging? What makes it rewarding? Let’s first look at what branding really means.
Branding is the marketing practice of creating a name, symbol or design that identifies and differentiates you from your competition. The components of a company’s brand include the name, logo, tagline, mission statement, website, marketing materials, packaging, and overall company voice.
Why is branding challenging? Businesses are launched to serve a need in the community, to address a gap in the market, or because there is a problem that requires a solution. Company leaders are smartly focused on creating that solution – not on what to call the company, what colors and fonts to use to create a logo, or what branding bells and whistles you need to get your customers’ attention. Therein lies the challenge.
The reward comes from quality branding that answers your customers’ questions. Why should they choose you over your competition? Are you an innovator in an established market or are you a reliable industry veteran? Is your company focused on delivering the lowest price or is value and quality the hallmark of your services? How unique is what you are selling? Why should your customers invest their trust, time and money into your company? Answering those questions turns potential customers into loyal customers, which translates into profit.
Compelling, strategic branding creates a visual, textual and conceptual impression of what your company offers to the market and what value you can offer to your customers.
Building a lucrative company takes great leadership, a winning idea, a capable team, and a solid strategy for success. Branding is an essential element of that strategy.
Think about the companies you trust, those that get your repeat business. What does their branding say to you?