Branding: Improving Your Business Identity

What Is Branding? A brand is a promise to your customers to have clear expectations about your products and services.

Many small businesses grossly underestimate the importance of creating a strong, recognizable brand. A strong brand makes you stand out in your niche and gives your business credibility in a highly competitive marketplace.

When you embrace effective branding, you forge formidable ties with existing customers and easily reach out to newer buyers. Besides, you build a loyal following over time. Although effectively branding a business takes time, it’s worth the effort and cost. If some of the tips required to brand your business are beyond your budget, consider applying for an affordable small business loan.

What Is Branding?

A brand is a promise to your customers to have clear expectations about your products and services. It is the process by which your organization perpetuates this promise to its customers by creating a memorable impression that shapes how stakeholders view your brand.

Effective branding differentiates you from the competition.

Different Kinds Of Branding

To target your audience you need to consider the branding strategies that we will discuss to see which one, or what combination, works best for your business.

1.   Corporate brand

Popular brands have a company name, logo, corporate colors, and packaging that you can quickly identify from a crowded marketplace. Consumers easily trust the products associated with the brand. That’s because customers have been accustomed to particular standards from the brand.

Think of popular brands such as Apple, Microsoft, or Coca-Cola.

2.   Personal brand

Personal branding refers to instances where a business is hinged on the clout around personalities to drive its popularity in the market. Also, Personal branding has astronomical potential when appropriately used on social media platforms. Social media has the power of fusing an extensive reach and a personal feel. 

Digital marketers (such as YouTubers), media personalities, celebrities, can reinforce a positive brand image of an organization. Some names that come to mind here include Elon Musk, Neil Patel, and Brian Dean.

3.   Individual brand

Sometimes a company with several products may prefer the strategy of branding individual products. The products are named and excited and may even end up being more popular than the parent company. Look at Apple that offers iPhone, or the range of cars that Toyota offers.

4.   Product brand

You know your business is at the apex of successful product branding when customers use your product brand name instead of the generic product name, like a client who comes to a store asking for “Kleenex” rather than tissue.

A strong product brand makes your product stand out in the minds of customers. They quickly think of your product brand logo, colors, and packaging.

5.   Online brand

Branding yourself online entails having an effective presence on the digital front. That could be a company blog, a website, or a presence on social media platforms. Also, Being on the internet is a means to an end. Have an effective online presence that markets your brand effectively. Also, Apply for a small business loan to help you get the resources required to work your online branding.

6.   Offline brand

However, An offline branding strategy means you have able foot soldiers who represent you well in the marketplace. That includes well-designed business cards and skilled company agents reaching out to customers.

7.   Brand extension brand

This branding strategy may be employed by a brand that’s a success but intends to venture into new business frontiers. They maintain the same brand identity for a whole new set of products.

Tips To Apply A Successful Branding Strategy

• Create a powerful logo that features in all company communications
• Write down a tagline that summarises what your brand is all about
• Document your brand messaging for all key stakeholders
• Extend your branding into every aspect of the business; attire, emailing, and phone etiquette.
• Have a consistent brand voice in all your communication
• Consistency in branding to ensure you remain true to your brand promise.

Conclusion

In conclusion, A successful branding strategy will help your business mark out a memorable impact in the corporate world. Also, You will build trust in the market, acquire new customers, boost employee morale, and earn respect among your peers. Reach out for a small business loan from numerous digital lenders to help with your business branding initiatives.