You may be new to marketing or you may be a seasoned branding and marketing veteran, either way, your brand plays a significant role in the success of your business. Brands offer consumers awareness, guidance, insight, and confidence when it comes to making product and service choices. So, what does Brand Development mean? Let’s take a look.
What comes to mind when you see these brands?
You likely had a strong opinion about these companies, just by looking at their logos. Coke and togetherness/refreshment, Disney and magical family fun, Volvo and safety, GoPro adventure.
These brands not only make the company memorable, they contribute significantly to the bottom line. Forbes lists Apple as the most valuable brand in the world, with an estimated brand value of $154B. That value estimates the contribution of the brand beyond just products or assets, truly how much the brand alone generates. This manifests itself in premium pricing and greater market share, even higher than the product attributes alone may otherwise indicate. Another example is in the world of search. Google has created a brand that nearly “owns” the category, even though Bing may provide equivalent search results. The actual “products” are nearly identical, but the Google brand completely dominates.
According to the American Marketing Association, a brand is defined as the “name, term, design, symbol, or any other feature that identifies one seller’s goods or service as distinct from those of other sellers.” Thus, your brand is a short-hand representation of your company’s products, values, attributes, personality, and reputation.
The 5 Categories of Branding Development:
• Mission statement – defines the reason the business exists, what market/customer do you serve, what need are you meeting, what makes you different from the competition, how will consumers describe your brand
• Value proposition – a more tactical version of the mission statement, defines the target market, what is the brand promise (safety, adventurous, magical), product/service’s unique value
• Identity – in addition to the name, the way the brand looks; colors, fonts, designs, possibly even sounds or smells (Cinnabon anyone?)
• Personality/character – humanistic traits associated with your brand – fun, adventurous, playful, serious, friendly, cool, technological
• Culture – often overlooked, but intrinsically tied to brand perceptions, the way employees interact with customers. The brand is brought to life internally through the business’s culture.
Depending on the maturity of your business, whether you have carefully crafted a brand or not, many of these attributes already exist for your brand. The attributes may have been built on past interactions, product purchases, marketing material or even your website. Brand development then becomes a form of brand management and evolution for existing businesses. Maybe a new identity system will reinvigorate and better align with the target market, or is it time to reevaluate and recommit to a strong value proposition that better defines the products and target markets? Maybe all the brand attributes are in good shape, and your marketing programs just need to align, support and enhance the current brand strengths.
Wherever you stand on the brand development timeline, or if you are just looking to enhance and align your marketing, Glint will collaborate with you every step of the way to ensure your brand reflects the strengths and values of your company.