Branding is the process companies use to establish their presence in the market. Your brand is essentially what customers and other market players will use to identify you apart from your competitors. There are many aspects to brands and branding that are essential to a company’s success in its markets.
Entrenching your brand in a market takes dedication and hard work. However, it is possible to be firmly placed in the minds of the major industry players and customers in your market.
Know yourself – You need to first be clear of who you are. Know what you are offering to the market and where your competitive advantages lie. You need to be able to communicate to the market not only what your products and services are but how they are better value than anything else they can get in the market. To build a strong brand presence in the market your communications with your target must be clear and consistent. This won’t be the case if you are not able to state who you are, what your competitive advantages are and how you serve their wants and needs.
Know your customers – If you don’t know who you are targeting your products and services to then you will try to communicate to everyone in the market. The result is your brand message and identity will be diluted and you will end up be nothing to everyone. Therefore, to make your brand presence stronger, be clear on whom you are communicating your brand messages and identity to. This way you stand a higher chance of creating content that is more relevant to their circumstances and encourages them to purchase your products and services and may inspire greater brand loyalty.
Know your competitors – This may seem strange. Why do I need to know my competitors? How will you know what your competitive advantages are if you don’t know your competitors to determine what your differences are in relation to each other? Knowing your competitors will allow you to see where the gaps in the market lay and you can channel your operations to fill these spaces. Your message and communications can then show how your brand is better fitted to suit your customers needs in light of your competitors’ weaknesses.
Know your market – Being knowledgeable about the above aspects of the market is essential to building the brand strategy that will get you name and message entrenched in the marketplace. You should learn about the markets you seek to be established in so that you do not make tactical errors that would cause your brand to remembered negatively or not at all. For example, you would not want to name your brand something that has a negative connotations in the market.
Be consistent – Let all communications and promotions have a consistent message and image. If your message and communications changes direction to drastically it has the potential to dilute your brand and confuse the stakeholders in the market who would equate your brand and company offering with unreliable characteristics.
To summarise, I would say that the keys to establishing your brand in a marketplace are to know the marketplace players and what they are comfortable with and don’t go to far outside of that when establishing the characteristics of your brand and be consistent in the way you portray your image and your brand messages to the marketplace. This way your brand matches market wants and shows in a consistent manner how your company is the solution to these desires.
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