The 10 Key Elements Of Building a Brand.
Why be bland when you can be grand!
It might all sound like gibberish for now but hang in there.
The key terms that you should know when it comes to branding are: Identity, Image, Positioning, Personality, Equity, Experience, Differentiation, Communication, Gap and Extension.
What Is A Brand?
A logo may be part of branding but it is not your brand. Your brand is the perception, emotions and ideas that come to your customers mind when they think about your product or service. What comes to mind when you think Coca Cola? Refreshing, fun, memories shared with friends and family. Maybe even the day you went on your first date and spilled some on your date. All those thoughts and feelings are exactly what a brand is.
These are the things that help people recognize your products/services. Things like logo’s, colours, slogans. The visual identifiers that make it easy for customers to spot your offerings. What is “Finger Licking Good”? That’s an example of KFC’s brand Identity.
Could you picture a Rolex advert at a construction site? Why? Mainly because their brand image is that of Luxury. We don’t associate the brand with dust or any place that involves sweaty workers. That’s exactly what a brand image is. The ideas and associations that exist purely in the mind.
You know what they say, if your customer is “Everybody” then you are selling to nobody. This is where positioning comes to play. You have to clearly define what segment of a market you are trying to target. Be as specific as you can. As specific as the difference between a Pep store and a Louis Vuitton outlet. Position your brand in a way that customers understand clearly who you are speaking to.
Just like how people have personalities, brands should too. Think about the difference between a letter from your banker and a tweet from Nandos. Totally different personalities, right? Make sure the personality of your brand fits the type of market you are in. Imagine your credit card statement reading, “Ay Wassup, we gonna need our stash back at the end of the month. Cool Stuff”. Awkward right. Tone and vocab play a huge role in your brand’s personality.
Brand Equity. The value of your brand!
How do you calculate the value of something as intangible as a Brand? The value of your brand is called brand equity. This is all based on your customers perception and experience with your brand. The more you keep your promises to your customers, the more people will have trust in your brand and that trust can be valued financially.
Brands save us time. The trust we have in the brands we love allows us to make easier buying decisions.