The Power of Branding Your Business

Posted: May 10, 2016 in Uncategorized

In the business world we are today, many businesses are finding it difficult to survive. Some businesses have been operating for years and believe me, at the moment, they can’t count their achievement, they are struggling to survive. Some business brands have been forced to shut down not because they don’t have the capital, simply because they don’t have the technical know-how.

The simple advise that can be given to any entrepreneur is to do its assignment very well before venturing in any kind business. He or she should be well prepared to face the challenges in the business world, especially when it comes to managing brand.

In the business world we are today, a lot of businesses are folding up simply because they find it difficult to compete successfully with their competitors. There might be a lot of reasons for this, one of the major (if not the only reason) is your brand positioning -your brand positioning is very important in determining whether you will succeed or not.

A company being run without having a clear brand positioning statement is just gambling with her business.

Branding, we must say, has long been something in which leaps service is being paid to –the concept was relegated to companies. Some years back, if you ask around about what branding was, believe me, little will people be able be say about it. For instance, in Nigeria, there was a time in which the country embarked on the campaign, “Re-branding Nigeria.” Despite the intense campaign, most Nigerians didn’t understand the concept.

But in today’s world, you must agree, virtually every corner you enter, even in the most remote part of the country, you will hear the word brand or branding. This has translated to almost every individual undertaking personal brand –not just companies alone again. Not many of us have consciously cultivated these brands, but they exist nonetheless.

As we are in an economy in which employment is hard to find, many individuals are waking from slumbers and are going into businesses. This action has led to stiff competition in the business world. Daily, many businesses are rising, in the same vein, many are falling, some are just there while the remaining few are the ones leading and enjoying the market.

At this point, I am expecting a question from you;  what is the secret of the few that are topping the stiff market? Well, the answer is not far-fetched, what they have that you don’t have is BRAND. Companies like Apple, Coca-Cola, Samsung, hp etc, they are thriving well simply because they have good brands. recently,HP just unleashed a new logo brand, this is a form of re-branding.

How to Achieve Strong Brand Growth

To cut the chase, for you to survive in today’s choking market competition, your brand is important –even if you have the capital to set everything right but you fail to pay much attention to your brand, sorry to say, you are bound to wind up soon. In order for you and your company to achieve the necessary strong brand, like that of Coca-Cola, for you to survive, follow the following religiously;

  1. Determine your brand position: The first thing to do as a step to branding or re-branding your company is to first know your brand –where it lies. Your brand position is determined by your brand personality whereby your brand personality is determined by;
  1. The benefits you commit to rendering your services –time, money, recognition, acceptance and other opportunity cost.
  2. The promise made: What determines if a client will come back to do business with you again or not is the kind of promise you made to him. If you promise heaven and earth but at the end of the day, you only deliver earth, you have failed.
  3. Your follow up. It is disheartening some businesses don’t take it as important. They believe since they have good service to deliver, little should they do in terms follow-up, -they will magically reach you without any follow-up from you. If you are the type that does this, try to rethink.

STAGE-TWO

  1. Identify your direct competitors: If you really want to go about succeeding with your brand, you also need to know people/businesses you are rocking with. There are many ways you can do that, but I recommend you read up on this by following the steps suggested by wikihow.
  2. Understand how each competitor position their brand: After you have done careful research on your competitors, delve into how these competitors of yours have positioned their brands, know the secrets of their successes.
  3. Compare positioning: After you have done the above, the next thing to do is juxtapose your brand position to your competitors’, with this, you will be able to find what is missing in your brand. Also, you will be able to find uniqueness from brand to another.
  4. Develop a distinct and value-based positioning idea: Now that you have identified some uniqueness or loopholes, what is next for you to do is to work on these to beat them off the market. This cannot be that easy. I advise you read this write-up  by Derrick Daye to get a better view of this.
  5. Come up with a brand positioning statement: After you have done all of this, it is good you come up with your brand positioning statement –this will be your guide. According to Lisa Nielsen, Demand Media, The positioning statement is probably the most important sentence in a marketing plan. It brings focus to the development of a marketing strategy and the marketing plan and tactics supporting that strategy. Below is an example of brand positioning statement of amazon.com in 2001:

“For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection.”

  1. Evaluate your brand positioning statement: The last thing we do is to test how efficacious the statement is. In order to do this, ask yourself the following questions:

 

  1. Does it differentiate your brand?
  2. Does it match customer perceptions of your brand?
  3. Does it enable growth?
  4. Does it identify your brand’s unique value to your customers?
  5. Does it produce a clear picture in your mind that’s different from your competitors?
  6. Is it focused on your core customers?
  7. Is it memorable and motivating?
  8. Is it consistent in all areas of your business?
  9. Is it easy to understand?
  10. Is it difficult to copy?
  11. Is it positioned for long-term success?
  12. Is your brand promise believable and credible?
  13. Can your brand own it?
  14. Will it withstand counterattacks from your competitors?
  15. Will it help you make more effective marketing and branding decisions?

 

If you can answer those questions appropriately and positively, then congratulations, you are ready to blow.

Go Succeed…

Paste-Posters             nairaland5

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s