How to Brand Your Business: 3 Basic Elements for Entrepreneurs

March 24, 2022 – Loriel Chung

What is a brand? Why is it so important to dedicate time to your brand? How can my small business become a memorable brand?
If any of these questions resonate with you, keep reading this article to see what elements are essential to build an unforgettable and distinguishable  business brand.
Branding is a complex concept that every business owner should think about when starting their business venture. No matter how big or small a business is, a well-developed brand differentiates you from your competitors. Apart from an aesthetically pleasing logo and a catchy slogan, a brand encompasses the essence of your business by telling your customers what to expect from your product or service.
Think of your branding like it is a road sign pointing clients to your business, if there is not much thought put in the road sign people will just pass it by. However, it is also important to state that creating a solid brand takes time, effort and money. It is not an easy task but, if done properly, you will see results on your investments as it would translate to more revenue.
Let’s take a look at three basic elements you need to start building your brand:

1. Figure Out Your Brand Identity

Before you present your business to clients you need to have a clear understanding of who you are and how you want to present yourself to the public. Take a moment and ask yourself these questions:
If I had to describe my company in three words, what would they be?
What do I want to be known for in the marketplace? 
– What are my company’s core missions and values?
Once you have an answer to these questions, you will be able to visualize your identity and define key elements that will grab your customers’ attention.

2. Identify Your Target Audience

When determining your target market, make sure to reflect on four key questions: Where are they? Who are they? Why do they buy? How do they buy?
You need to determine what group of customers will most likely buy your product because if you try to appeal to everyone, odds are you will appeal to no one. Getting to know your individual buyer will help you understand their buying decisions and pinpoint their specific needs for the future.
You can kick off your journey in identifying your target audience by:
– Creating a target persona
– Determining value for that persona
– Aligning the customer need with your value proposition

3. Position your Brand

In simple terms, brand positioning is the strategy you use to set your business apart from the rest of the industry. A successful positioning of your brand can lead customers to need the products or services you are selling as opposed to just wanting them. Take Coca-Cola for example, they invented the first-ever cola drink in 1886.
Since they were the pioneers in the cola beverage industry, they positioned themselves as the original with a more family-friendly approach with their brand; as opposed to Pepsi co., their competitors, strategy of appealing to younger generations.
Consequently, Coca-Cola today is the leading company in the carbonated soft drink industry with 38.66 billion USD in net operating revenue. Here’s a secret: you too can position yourself in a memorable way like Coca-Cola has done for over 120 years!
To excel with your brand positioning you need to:

Differentiate from your competitors

What differentiates a company starts with your value proposition. Stand out for all the right reasons and find something that is variable, valuable and credible to your customer. Make a unique staple in your customers minds by doing something remarkable.

Focus on your knowledge

Highlight your expertise and knowledge to your customers, that way you become desirable to them because you excel in a skill that they are not necessarily familiar with.

Have a purpose

Sure; profits and sales margins are important but, if you inspire your customers to feel a sense of belonging and purpose- you will have them hooked. Take iconic fashion designer Vivienne Westwood for example, her punk-rock fashion inspired a movement of rebellion, freedom and uniqueness for millions of people. Pay close attention to what your target audience really stands for and position your brand around those values.
 As you can see, the process of creating a successful brand encompasses many elements. In the beginning it may feel overwhelming and tedious but, trust us, the long-term pay-off is worth the work. Just remember, your brand will be a key element in creating a sustainable business by setting expectations with your customers and actually meeting those expectations.

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