Branding part 2

What is branding and should you even bother? First branding is why Starbucks can charge more for a cup of coffee than most places and it is why when you think coffee shop you usually think Starbucks. That in itself should help you understand that every business should consider branding. Also keep in mind that whether you try to brand yourself or not, you will. Your customers will develop an opinion about your business. I for one want to try to control how I am branded.

What does branding do for your company? Branding builds equity and that equity has inherent value. In other words it a well-established brand makes you think up front that it has more value than a lesser known product. Take my skirts for example, you see one of mine and one made by Old Navy, instantly you will assume the Old Navy one is better. Why, because The Old Navy name and label carry equity that Hearts & Home does not.

I want it now! Keep in mind you can build up your name or label but it takes time. Over time an image begins to exist in your customers mind about your product and you decided rather it is positive or negative. Customers will define your product by its quality, reliability, price, durability and many other factors that you may have never thought of. What we want is for customers to choose our product over similar ones in the marketplace. It is important to understand that before you can build your brand you must understand it.

As you come up with your strategy some things to keep in mind are:

1. What do you want customers to associate with you?
Quality
Service
Value

2. What is your brands personality?
Friendly
Easy to work with
Good terms

3. Who is your target audience?
4. Who is your competition?
5. What attributes does it have?
6. How does it compare to similar products on the market?
7. What are your brands strength and weaknesses?
8. How far do you want to take your product?