Most people who undertake business branding for the first time have the tendency to throw themselves into the process a little too late. Why is this a bad thing? Since their branding is imperfect, their understanding of what they were trying to do is imperfect.
Let’s look at one of the giants in the industry – Coca Cola. Until recently, when Apple passed them up, Coca Cola had a 13 year run as the “Best Global Brand.” They had an estimated $78 billion brand value, and world-wide they led the market with over 3,500 different types of soft drinks.
Now you may not be as big as Coca Cola, or be as recognized around the globe, but you can create a strong business brand that your target market will instinctively turn to.
By implementing the following steps in the exact order, you’ll be able to set up your branding correctly:
1. Identify your ideal, paying market through thorough, informed research tactics and techniques
2. Target this market through each individual customer in the most effective manner
3. Name your business or product correctly, choosing a name that is catchy, strong and easy to read, say, visualize and use.
4. Focus on the key elements of branding to create:
- Household familiarity
- Brand consistency
- Customer acceptance
- A unique edge over comparable competitors
5. Implement effective strategies, promotions and tactics; all aimed at a measurable branding goal
6. Measure the effectiveness of your campaigns and strategies, as well as your brand strength
7. Refine your strategies and focus, narrowing your brand target and increasing your returns
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