“Branding” can be such a scary term, can’t it? When the word calls to mind huge corporations like McDonald’s and Starbucks, the scariest part of branding might just be the cost. After all, what small to medium business has millions of dollars to create and control their own brand story? For that reason, many put their efforts into marketing without first determining their brand strategy. The problem? Customers end up overwhelmed by similar choices and, with no other determining factors to help them choose, end up buying the least expensive option.
Now, maybe your choices seem to be these: lower your prices, throw money at marketing, and hope you win out every time, or invest your life savings in building a brand. Not true at all. John Williams of LogoYes.com says “Consistent, strategic branding leads to a strong brand equity, which means the added value brought to your company’s products or services that allows you to charge more for your brand than what identical, unbranded products command.” In other words, the first choice will definitely happen without a brand strategy in place. The second, however, is a myth—part of the mystery of branding that many companies never attempt to solve.
Start Asking Questions
If you’re ready to solve the mystery, you have to ask the right questions. Now, because you’re so close to your business, you may not even know which questions are the right ones. An impartial third party with specific knowledge about creating brand strategies is the perfect partner in this situation.
Give the Right Answers
The best detectives know how to wade through the mess and come out on the other side with real clues. These answers help to shape your brand strategy, but only if they’re real, true, and honest. The first question asked will often be “Why did you create this company?” Do you know why? And we don’t mean, “to make money,” either.
Before you can do anything, you have to fully understand your company’s mission. Fully flesh out this vision and discover how to convey this mission to consumers.
Everyone’s a Detective
Help from a third party can only go so far. If your entire company isn’t on board with the branding process, you’re likely to fail. This means everyone who holds any stake in your company must take part—from the CEO to the receptionist. Discover their perception of your company. Ask if they’re aware of the mission on which the business was founded. You’ll learn a lot about your current reputation just by tasking your employees to be detectives—and all this before you even look to your customers for answers.
Once you understand where your team members are, work to lead them toward new answers. It’s important that everyone understands the brand strategy as it unfolds.
Solve the Mystery
What you’ll discover when demystifying branding is that anyone can do it…as long as you do it right. The best way is to make sure you ask the right questions and dig up the right clues. Your brand audit will show you how you’re different from your competitors and how you can use those differences to inspire loyalty from your customers.
If you’re ready to explore your brand strategy, give us a call. We can’t wait to help you get started.
