Latest News & Press Releases
How to Build a Powerful and Profitable Brand In 2019
No matter the size of your business and budget you can enhance your brand to increase your bottom line and we will share some insights and tips here on building a profitable and sustainable brand.
In 2019, it will be all about standing out and doing it strategically as consumers remain inundated and overwhelmed by the choices available which continues to explode. We will also give some insights as to how to leverage branding to your advantage. What we will show you here will be impactful for your business and your brand moving into 2019 and beyond.
First ask yourself, are you a brand or a commodity? Do you have a Brand Identity? What is your brand image? A company’s brand identity is how that business wants to be perceived by consumers. That is the visible components of the brand, name, logo, tagline, typeface, shape that identifies and distinguish the brand and is created by the business to reflect the value the company is trying to bring to the market and to appeal to consumers.
The brand image, on the other hand according to Investopedia, is how the brand is perceived by the public. The challenge businesses face when trying to build a brand is to make sure that its identity matches its image as closely as possible.
Most small businesses today start out with a generic name if at all, and get a graphic designer to create a logo which they slap unto their products and they are ready for business. We see that with personal care products like shea butter, food products and so many other made in Nigeria goods.
No thought is given to the brand identity or packaging. Every day the look of the product changes such that they operate more like commodities which are interchangeable. So no one is really requesting for your product by name, but they are just reaching for any available product that meets that immediate need. Much like when we go to our local markets, there most people are selling the same thing and we usually make our choice based on price.
Competing on price though is not an enviable place to be in as you can always find someone willing to charge a little lower than you are charging which leads to an unsustainable business.
By building your brand, you set yourself apart from commodities and competition and can charge premium prices which people pay for. It all starts with crafting your brand positioning and identity. This is what says about who it is – the product or service it delivers, the quality it gives customers, its advantages over competing brands. When you have created your brand identity then you need to be consistent and focus on a core message and communicate it in multiple ways.
You must think of all the channels that your clients communicate with you; telephone, online in person etc and communicate your brand effectively across those channels.
Ensure your management and employees are committed. A brand is communicated by people. They are the ones who either keep the brand promise or fail in delivering so your team must be aligned to the brand and the promise you are making.
Create a brand style guide to guide your stakeholders and maintain consistency always. In all cases you have to give it time, planning and perseverance. A great brand does not happen overnight.
Above all, you must keep your promises. A brand is all about the promise you are making to the consumer, take this away and you effectively have no brand. Therefore, if you can communicate the value you are delivering and keep your promise to your consumer consistently, you are well on your way to building a profitable and sustainable brand.
At Platform, our mission is to help create profitable and sustainable brands. We know that it is usually difficult to evaluate the impact of your own brand this is where we come in. Our branding strategies are designed to differentiate you in the marketplace and increase your bottom line, we help develop or refine your branding strategy to ensure your brands support it.