Like humans, every brand has specific characteristics that offer differentiation. These characteristics also shape its perspectives, opinions. A brand's identity is quintessentially the representation of its characters.
Most Smaller businesses focus their time on manufacturing products, creating solutions, and designing services but tend to neglect the essential aspect: building the brand. If you are planning to launch an IPO of your business or looking for investors, the brand's perceived value must always be higher than the sum of its assets, people, factories, etc. And that is where brand building plays such a vital role in today's times.
The article lends you essential perspectives about why and how you should approach brand development for your business.
The future of business is nearer than it seems.
Imagine running a computer rental business today, and you have invested in promoting yourself as a computer rental brand. Still, five years later, you realise that significant opportunities are available in IT management. And you are missing this opportunity as your customer relates to you only as a computer rental company. The moral of the story here is, You must plan backwards from the future to define what identity suits your business going forward.
Brand Equity lies in the minds of your customers.
There is a saying that "don't judge the book by its cover", but people are judgemental, and once they pass a judgement, it becomes difficult to change their image. You may argue that you have a better product or service; however, your customers may perceive nothing extraordinary about it. Often this decision is made just by a glance- that is where brand identity is equal to brand equity. The moral of the story, consumer perception is more important than the brand's commercial value. So how your consumers feel about your product defines the cost of the product, and that is intangible.
Brand stories are the mother of all strategies.
Can you tell me the five tech specifications of the mobile phone you are currently using? Brand Identity is not only just a designing process; it is also storytelling. In the human to the human world, we always need emotions, inspiring stories to believe in a brand. Good storytelling of your brand makes your brand memorable. The moral of the story; Customer loves and connects with storytelling, and it's the human thing.
The brand is the mirror of its culture.
An idea is as good as its execution. Having a winning brand development strategy is not enough if, at a grass route level, the concept of the brand is not well understood. Brand culture is nothing but the DNA of the organisation that revolves around your brand's core values. A perfect organisation isn't run by one-man-army but by the entire battalion, together! A fruitful and well-balanced culture creates an emotional and strategic engagement for the employees and future leaders. The moral of the story is that brand development is essential for a budding organisation or a must for changing the brand.
As a business consultant management firm, we work as the backbone of the business where you grow, and we enlighten that path. For over a decade, we at Creative Factor have been conducting brand workshops and brand identity guidelines for our clients. Go ahead, reach out to us and get to know more about how we can assist you in building your brand.
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