Branding for New Business: 6 Key Components of Brand Development

Branding for New Business

So, you have just started a business. You have got your store up and running, got a few customers, and are happily investing all your time and energy into it in a hope of waking up to a successful brand- your brand. Perfect!

For the same, you are willing to brand your business. Get that swanky logo displayed on your storefront, a cool website, and everything fancy you can think of. A totally jazzy brand!

Did you know, branding is much more than just a jazzy brand?

So, how do we do that? Before you dip into “How”, you need to focus on “What”.

What are the elements to be considered before branding a business?

I’ve got everything in place; is it really necessary, you may ask. The answer you question is YES. As strange as it may sound to you, these elements are IMPORTANT.

Here’s a list of six key components of brand development you MUST adhere to:

Know Yourself

Before you go out and talk to your clients/customers about your brand, you need to get a few things straight about yourself. Who you are, your merits, how are you different, what are you selling, what’s the underlying idea…the unequivocal thing that is at the core of your brand.

For LG it’s all about making your everyday life easy and convenient. Likewise, for Apple, it’s disrupting the complicated (the beauty of simplicity). Every other great brand has their equivocal thing straight and that defines their core value. What’s yours?

Know Your Market

Your business will always pertain to a particular market. It’s imperative for you to know and understand your market. A well-informed business person has the ability to transition their business from one level to another.

The market is huge, no matter the industry; it has various ups and downs associated with it. You need to know your market, your competitors, market transitions, and the leaders. You need to comprehend what you’re up against and into. That will help you outline your business strategy in sync with the market you operate in.

Know Your Audience

New entrepreneurs are often mistaken with the idea that people with spending power are the target customers. It’s not true. Defining your target group is a necessity that must be catered to. You need to understand what kind of people of what age group and which place would be interested in your products/services.

Once you’ve established your business core value and market understanding, it’s a cakewalk. Take your time to outline your perfect customer avatar. What are their likes and dislikes, their buying patterns, what are they looking for etc. Ask yourself questions and draw a complete picture of the ideal target audience. This will help you filter and pinpoint the group of individuals who you need to cater to.

Define Your Goal

Now that you have outlined your ideal target group, it’s time you define your goal. What is it that you want to achieve? How to attract customers? How to gain higher traction rate? It all depends on your goal. The easier thing to do here is breaking your goal into a few tangible and achievable milestones.

Achieving those milestones will simplify the process for you. But you also need to pinpoint the key elements of these milestones that would contribute to the bigger picture and help you reach your target.

Position Your Brand

Brand positioning can be defined as the position a brand will hold or wants to hold in the mind of consumers. Logo, taglines, mantras, brand equity, packaging, colors, font styles…are the key elements with a vital role to play in shaping a brand’s position.

While positioning your brand, boil your entire business agenda into “a crisp positioning statement” that defines your TG, your competitors and the USP of your brand. And the key elements should work together and speak of your brand. Once you’re done, you’ll inform your consumers about why they should be choosing you over others and what is that unique thing your brand offers that others don’t.

Set Your Brand Tone

Brands need to communicate. How they communicate is important. The tone of your brand will characterize your entire business as a brand. Are you a buttoned-down and serious brand? Or are you playful and fun? What’s your brand personality?

The answer to these questions depends on the kind of audience you’re trying to engage. If your brand caters to the market leaders or the business owners, your brand tone should be formal and straightforward. Likewise, if your customers are millennials, you can go all casual and free talk style. The idea is that there should be a fit between your audience and the tone your brand uses to communicate with them.

Once you’ve worked through these six key components, your marketing and operation will be a breeze. If you need help with brand development, we’ll be happy to oblige.

Drop us a mail and we’ll get right back to you.

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