No
matter whether or not you are branding your business name or product name, your
strategy needs to aim for four equally weighted targets:
- Household familiarity – This will naturally occur if you have done a thorough job of creating brand consistency leading to customer acceptance.
- Customer acceptance – Here’s where the hard work comes in: Your actual branding campaigns (especially that all-important first one).
- A unique edge over comparable competitors – This is absolutely essential if you are to capture not just your competitors’ market share, but a significant one that can sustain your company
- Brand consistency – This is the one core element that you must create. Look at a certain famous burger chain: Everyone complains about the quality of the meat… yet it sells billions of burgers, world-wide. Why?
It
is also absolutely essential if you want to capture your target customer’s
interest and attention.
Ideas
for creating that unique edge:
- Solving a problem that similar products haven’t solved
- Significant price reduction (only do this if you can produce it cheaper so can sell it cheaper; or you can afford to sell it as a loss leader for high-ticket items)
- Including a bonus or extra
- Simply working better than any other similar product
- A fabulous customer service system
- A new and distinctly unique look for a standard item taken
- A dynamite, catchy name and visually dramatic design
Because
each burger is consistent. You know (a)
what each one is going to look like (b) what it’s going to contain in the way
of garnishes (c) what type of box it’s going to come in (d) what it will taste
like.
In
other words, what to expect.
Once you have clearly identified
your market, you should find putting the previous elements in place much easier
to do.
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