It is a competitive market place today. And, most likely when defining your brand, you will discover that there is very little positioning or white space left for your business to take advantage or exploit within your industry’s matrix.
What most companies and entrepreneurs quickly find out is to compete successfully, they have to implement different strategies at the same time. This includes building a brand based on long-term vision and being open to change, scale up and if necessary, exit – swiftly.
Developing your brand strategy first requires you to analyze your market landscape. Followed by adding value. The ability to drive brand relevance and value among all stakeholders, which extends to your customers, employees and suppliers will be very important in building a brand name and a portfolio in today’s environment.
In other words, do not give ‘free’ stuff, if you don’t believe in it. Value, first.
Three considerations for building a brand
1. Understand your company or personal strengths.
A recent Harvard Business Review article stated that the most common cause of company failure is product quality and trustworthiness of the company itself. However, from our experience, lack of financial acumen, failure to understand the competitive landscape and weak management made three of our top five. Successful companies, entrepreneurs and bloggers all have one thing in common, they understand their strengths and build on that.
2. Understand your business.
Which brings us to your business. Failure to stay up-to-date with your competitive landscape and what your client truly values usually means offering a product or service that nobody wants. Being the expert in your business means being open to listening. This will help you to quickly take the opportunity when it shows up and build or extend a brand portfolio, which can simply mean repackaging your services or products to penetrate a different target market, adding convenience or even, an incentive to a current product with the aim to up-sell to your current market.
3. Believe in your brand.
Clearly define your brand values, then build a strategy with the long-term goals based on your brand values. Forget jargon and marketing speak. To create important intangible brand assets that can definitely contribute to the company’s performance means dedication, consistency and the belief that your brand is necessary and provide a true value to your target audience.
Like what you’ve read?
We’ve got Branded! Online Course, which offers a road map to brand positioning, defining your brand personality and finding, defending and owning your niche. Perfect for the entrepreneur or small business.