Every individual is distinct in their own way, and it is this distinction that distinguishes them. This trait has the potential to become their personal brand. Similarly, businesses must have a brand in order to stand out in a sea of a million other businesses.
Some steps to consider while building a strong brand are as follows-
- Having a vision and mission in place
The Golden Circle by Simon Sinek emphasises the significance of the WHY. The brand mission and vision are primarily concerned with the company’s WHY. It tells the customer the story of the brand’s long-term impact, which is the vision, as well as the day-to-day objective and purpose, which keeps them going. McDonald’s mission statement is ‘Being the customer’s favourite place to eat and drink.’ McDonald’s has been a personal favourite for millions of people for more than two decades. So they stuck to their mission and achieved their vision of ‘profitable growth and supplying delicious food.’ The customer is kept informed by the vision and mission because they understand what to expect from the company. The expectation is the result of a clearly defined vision and mission.
- A powerful story-
Humans are also referred to as homo narrans, which means that stories are hardwired into them. Narrans is an abbreviation for narration. If you tell a child a story, they will remember it for the rest of their lives. Likewise, your brand must tell a story. When the story touches a nerve, you turn the curious person into a loyal customer. In other words, the story expresses what you and your product stand for. Your values and tone have a much greater impact than you realize. A popular branding adage is, “People don’t buy products, they buy feelings.” You think they’re buying your latest model of shoes, but they’re probably buying the thrill of running in them, as well as the confidence in how they’ll look when they wear them. The story revolves around the audience you cater to and how you want them to perceive your product. Is it aspirational or enjoyable and approachable? To really drill it into the minds of your customers, your brand must do the storytelling on a daily basis through advertisements, social media, and newsletters.
- Differentiation is the hero-
Let’s say you have a well-defined vision, mission, and story, but how is your product different from those of your competitors? It is critical to understand whether your product can be easily replaced or whether there are better substitutes on the market. Your goal could be to be the cheapest substitute or the best one on the market. You must determine your unique selling proposition (USP). You must comprehend consumer psychology and why they would select your product. What sets you apart and makes you unique is what makes you a hero in the market and will help you survive and thrive.
- Visual Identity
When you see golden arches in the shape of an M in the colour yellow from a distance, your mind immediately associates it with McDonald’s. This is the power of a distinct visual identity.
Branding helps you develop a personal and intimate relationship with your customer, it increases your recall value and turns you from a mere company into a legacy.
