These 5 Branding Factors Will Take Your Business to the Next Level
The importance of branding in business is undeniable. No matter what industry you are in, there will always be someone who offers the same product or service that you do.
The importance of branding in business is undeniable. No matter what industry you are in, there will always be someone who offers the same product or service that you do. What sets your offering apart is the brand attached to it. Building a brand takes time and a lot of effort, but any business or entrepreneur who takes the brand-building process to heart will experience more success.
But we need to realize that branding is more than just a logo. It's about the experience as a whole. That includes the visual and tangible, and even the intangible aspects of your business experience. Unfortunately, many business owners today neglect some of the most non-negotiable aspects of brand-building. When we know what these factors are and address them well, they can bring a lot of value to our business — recognition, influence and even profit.
Here are five branding factors that many businesses ignore and how we can start paying more attention to them.
1. Your value proposition
What does your business sell? The chances are that if you're a coffee shop, you might answer coffee. If you're an author, you might say books. But people don't simply buy the products you sell. They buy the value they get out of it. Anyone can drink coffee in any coffee shop, but only Starbucks customers get a sense of community and comfort. Any author can sell a book, but only Tony Robbins can sell life transformation in the way he does. Discover what value and benefits your product gives people and communicate that.
2. Customer service
Studies indicate that 73% of consumers love a brand because of helpful customer service. That means that a company with good customer service does a lot to uplift its brand. People love to talk about their experiences with a brand. The only question we need to answer is when people talk about our level of customer service, will it build or destroy our reputation?
Lastly, a brand needs to have a personality, and it has to be authentic: 8% of consumers say that authenticity is important when deciding what brand they'll use. Create a personal brand that embodies the entrepreneur or the company culture, and communicate that.
Another successful way to build a brand is to share impact stories. In line with the previous point, people love speaking about experiences. And when people have good experiences and share them, that can provide your company with vital social proofing. Ask happy clients to leave reviews on sites like Google Reviews, LinkedIn or TrustPilot, and post those testimonials on your website and social-media accounts.
5. Your audience's story
A fundamental understanding of branding will tell you that a brand is a bridge between an offer and an audience. People will gravitate toward brands that they can relate to, and one effective way to make that happen is to tell your audience's story. Let them know that you understand their struggles, dreams and desires. Think about how Nike uses ads that connect with people's limitations, such as disability, and turn them into an inspirational message. Those stories connect and deliver so much value to an audience, building the brand experience immensely.
Entrepreneur Editors' Picks
Tory Burch Built a Brand Around Empowering Women. Now Her Foundation Is Furthering Her Mission: 'How Do We as a Company Have a Positive Impact on Humanity?'
This Founder Had to Play College Basketball in Men's Shorts and Shoes, So She Launched an Athletic Clothing Company Named After the Now 50-Year-Old Title IX Act
Is Beyoncé's 'Break My Soul' the Theme Song of the Great Resignation?
You're Probably Falling for All of Amazon Prime Day's Psychological Sales Tactics. A Marketing Professor Reveals Them — and How You Can Actually Get the Best Deal.
Comedian Paul Virzi: 'If You're Not Authentic, You Have Nothing'
Struggling to Come Up With Creative Ideas? Try Doing This.
Picking a Winning Emerging Brand Is How You Get Rich in Franchising. Here's How to Spot One.