Brand building can be a powerful growth strategy for businesses of any size – large, medium, or small. The key is to understand what it is you do best and to use brand awareness to communicate that message repeatedly across your target market.
The time and resources spent building brand awareness can be very rewarding. It can help to:
Position your product or service in the marketplace
Differentiate your product or service from those of your competitors
Create positive associations in the minds of potential customers/clients
Gradually reduce marketing expenditure
Ultimately increase revenue
When you brand a product or a service, you use a name and/or mark to distinguish it from those of your competitors.
Thus, the first principle of branding is that your brand name and/or mark, whether it is a word, a phrase, a letter, a symbol, or even a sound, should be:
Easy to recognise
Easy to remember
The brand also has to carry a message into the marketplace. Its full function is not just to distinguish your product or service from those of your competitors, but also to convey its superiority.
What is it about your product or service that is special, or even unique? Why should a potential customer or client choose you rather than one of your competitors? What is the target market or market segment for your product or service? What need does your product or service meet? What benefits will the purchaser experience? What statement are they making to others by using your product or service?