10 Components For Effective Branding
Businesses can survive without clear branding. That’s is why some businesses don’t give importance to branding. Remember Branding builds long-term business relationships, growth and helps you make better business decisions.
3 Key Elements of Pre-Brand Strategy for Marketers
- Perception – Brand or Business Insides
- Purpose – Brand Objective, Problem Statement – Brand or Business Goal
- Promotion or Marketing – Brand marketing strategy
Perception – Means Insides.
It includes market research, consumers research, competitors research, and business intelligence.
It includes brand objectives, value proposition, brand or business goal, or target.
Promotion or Marketing –
It’s all about your brand-making marketing strategy.
Now Let’s understand the 4Ps of Marketing or Promotion
- Product – Product means it could be goods or services produced to serve the consumers or to solve any problem of consumers.
- Price – As a marketer, you need to understand Price means the value we pay to the consumer in exchange for the product or services you are offering as a Brand.
Price is the important element that directly and indirectly determines the success of the company or brand name in the market. Even a little fluctuation in the price of a product or service can heavily impact its demand in the market in front of the competitors.
- Place – It’s about the geographical location and target market. where your potential buyers are available and looking for your kind of product or services in demand.
- Promote – As a market, it is very important to identify how and in which marketing platform you will promote or communicate about your brand. You need to follow your consumer’s research, competitors’ research documents.
Remember, the right kind of tone and tune of your marketing communication in the right marketing channel defines the success of your brand strategy. It helps attract customers and influences customers to buy or choose the product or services from your brand.
You need to identify the right Integrated Marketing Communication (IMC) Media for your Brand Strategy. For more details, please follow the resource document I have shared in my YouTube video description. There are four Integrated Marketing Communication media types i.e. Paid Media, Earned Media, Shared Media, and Own Media.
10 Components for Effective Branding or Brand Strategy
- Brand Identity
Brand Identity is the way people recognize the Brand through your Logo, color, design. Brand Identify can be used to connect with specific feelings, emotions in your audience.
Brand identity helps the brand develop its own unique stance and differentiate itself from competitors in the market.
2. Brand Tagline or Brand Story
A few memorable words that tell who, what and why you are in the short form of your brand story. It helps in brand positioning.
3. Brand Purpose – A clear cause behind the brand help you attract an audience, makes more sales grow faster in the market.
4. Brand Image or experience – Brand image is something that people I mean your customers or audiences develop in their minds gradually based on the quality they experienced from your brand.
5. Brand Vision – A clear brand vision helps to navigate the right direction. It helps taking meaningful and productive business decisions. It helps dream big, define a long-term plan, and inspire you.
6. Brand Positioning and Communication – Brand positioning is about your target market and brand communication defines your brand success based on the tone and tune you defined in your marketing communication.
7. Brand Awareness – You need to brainstorm and prioritize how customers will get to know about your brand.
8. Brand Value or Difference – A right brand value proposition shows to your customers, business partners’ lots of reliability and creates a difference between your competitors. It helps capture the market presence.
9. Brand Gap – The difference between what your brand promises to deliver and what it actually does. If your brand gap percentage is high then any form of marketing or advertising can help or save your brand.
10. Brand Extension or Growth – Brand expansion is nothing but exploring new segments of product or service from your primary product or service. Example Ola started as Cab or Taxi aggregator. But now expanding their business into electric autorickshaws plant in India. All it depends upon your primary brand popularity.
These are brand strategy components to defining a great brand strategy for your brand. I hope you find it helpful. Please share your thoughts and Stay Safe. Thank You!!