You only have to look around you to see the power of brands. In any given room there will be a multitude of different companies that have their logos embossed on various items. There is much more to a brand, however, than just a name and logo.
What’s in a brand?
Ferrari is often referenced as a great brand but when was the last time you saw one in real life? It’s a brand that is built on exclusivity, luxury and a common link to racing. It makes Ferrari a car that people want to own in order to be associated with the brand.
Ever wonder why you often think of a brand in terms of a person. Yes, it has a name and an image but it goes deeper than that. A brand also has a personality and appeals to certain people. It’s this personality that helps define exactly what a brand is.
Developing Your Brand from Scratch
The first step is to imagine what your core market looks like and what type of brand persona will appeal to them. Is it the wealthy person who would buy a Ferrari or an everyday worker who’d buy a Ford? If you try and appeal to the wrong market then your brand is going to fail.
Identifying your target audience is critical for establishing your brand persona. Once you do that, then you would be able to shape your brand to attract your target market. One area where budding companies often fail is trying to appeal to everybody, which is impossible.
In order to identify your market, you need to ask yourself key questions. Is your appeal gender specific? Are you targeting a certain age range? Are you targeting a specific income level? Answering these types of questions are the building blocks to starting your brand.
Brand Identity from Mission and Vision
Following on from your target market, you need to establish some core principles. A good way to do this is with a mission statement. It will focus on your mind on the personality you want your brand to have. For example, if your mission statement was “to deliver the most comfortable hiking boots in the world” then you know that your core principles will be a hiking boot that provides maximum comfort.
It’s also a great idea to research how other brands operate. You might be surprised to know how they identify their core market. There is more than just logo designing and psychology behind marketing, and you want to make sure you’re using the right methods to entice your customers through your brand reputation.
Make your brand consistent
It’s always tempting to overplay your hand but it’s important to resist and never dilute your brand. Once you identify the key aspect that is going to make you different, you need to stick to it and use it. Imagine if Prada suddenly started selling a $20 handbag, it would completely dilute their brand.
The topic of branding is exhaustive but these are just an overview to get you started. Make sure you start with research, contemplate about your market, and how to appeal to them rather jump right into the process of brand building blindly.