Businesses are treated as an entity. Building a brand identity for a business gives it life, purpose, and relevance.
Most people think that doing business revolves around trading money for products and services, but that’s just the tip of the iceberg.
Whether you’re an entrepreneur or just an individual with a goal, building a brand identity will help you communicate who you are to your target audience. And with the advent of social media, branding has been as lucrative as ever. One slight move can make or break you.
What is Brand Building?
Brand building is the process of creating a brand identity focused on what you do, who you are, and what message you deliver. It’s important to identify the direction you want to pursue in order to better craft a brand identity.
Most businesses and individuals today leverage income by the brand identity alone. A study by DISQO surveyed 19,000 of its audience on whether they would purchase branded or generic products. 58% of the respondents said that they prefer products specifically because of the brand name. 89% of the respondents said that they would only purchase certain products if it was of their preferred brand name.
Think of brand building as an introduction of a character in a story. You would describe how it looks, its way of interacting with people, its tone and voice, and more. It’s like describing an entity. In order to do this, you must first identify simple characteristics of your business.
4 Steps in Simple Brand Building
Identify your Core
Your concept and name, your products and services, and your competitive advantage makes up your core. Once you have identified these, you will have a base for your branding, everything that you do, make, or adapt should be related to what makes you, you!
Create a Compelling Story
How did your business come to life? What’s the story behind your brand? The story that you tell builds a background for a brand identity fit for your business. This gives you a chance to connect with your audience on a holistic level.
Identify your Scope
Identifying your scopes and limitations will help you focus your brand identity to better serve your goal. This allows you to differentiate yourself from others and filter out competitors better. Identify your target market and connect it with your specialization.
What does your business look like? Most entrepreneurs think of brand building as solely creating a logo choosing colors. In reality, it’s just a small part of branding. Creating visibility means you decide which platforms you appear in, the tone and voice of your business, and how you interact with your audience.
Importance of Branding and Alternative Branding Strategies
Branding sets you apart from the industry competition. It is what makes you unique to and easily remembered. However, brand building does not just end with building a name and getting yourself out there. You must also prepare to have protocols for different scenarios.
Rebranding is the process of evaluating and redeveloping your brand for different purposes from penetrating a new market to recovering from a bad PR fiasco, or just to keep your brand relevant to the changing trends.
Businesses and individuals can rely on brand building and rebranding to ensure their longevity in the market. Building a name is one thing but keeping it relevant is another, which is why continuous strategic planning and marketing are best for businesses and individuals that plan to have a solid impact that lasts.