We all know that brands can do wonder. Big business houses spend millions of dollars to develop a brand identity. But does it mean that to develop a brand identity you need to spend huge amount!
I don’t think so. If you can create a good strategy, you can easily develop a sellable brand almost within your existing budget. But at this point, you must keep your ideas clear and keep yourself focused in the strategy.
So at the first stage let’s clear up some misconceptions about brand and branding strategy.
People often tend to believe that a brand is a company logo that it uses in every possible occasion. This is a wrong idea. A logo is an element of brand – you can call it a part that constitutes a brand. The color combination and lettering of a logo is not brand too. These are some elements that create the visual association of a company and their brand.
People often tend to believe that a company is a brand. This is not correct. A company is a part of a brand that people interacts with.
So what is a brand?
A brand is an idea that the target market constructs about the company. It does not depend on the company or its employees. Whether you try or not, people will very soon develop some vague ideas about your company. Now smart marketers and advertisers try to define what the target audience should think about their company. And accordingly they develop a comprehensive story around their company. They also offer a comprehensive picture of story via logo, office space, color scheme and more importantly via the employees.
Thus all the visual things that people use to communicate with your company actually develop into an idea or image into your target audience’s mind that we call a brand.
So, do you think expensive advertisement slots in TV or Newspapers are the only ways to brand development?
Big companies, those who need to reach mass, have no other better option. But for a small company with a limited target market, there may be thousand other ways to branding. You do not need to spend so much of money in advertising if you follow some simple steps:
What is your USP? Find out how you are different from your companies as far as customer’s need is concerned. How you can offer a better solution to your customers? When you have identified the USP (unique selling proposition) of your company, develop a story around that. Design your logos and color scheme to highlight those USP. For example, if your are a environment friendly company, you can use green color in logos, brochures etc. the main thing is to spread the message in an effective way.
Where is your target market? This is a very important question. You must find out the locations where you can easily access your target market. And more importantly, you must wait for the occasion when your target market is expecting you. For example, there is no point in showing environment friendly social message in a public bar though a lot of high profile target audience may be available there.
How they want you? Once you have identified those locations and your target market, find out the best possible way to communicate with them. Your business card or coffee mugs can also be a better option for brand identity marketing strategy than an exclusive billboard advertisement.
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