The Difference Between a Business and a Brand
“A business becomes a brand when it transcends its category of origin. It takes existing core equity or a particular philosophy, and it infuses that idea into everything it does, furthering its reputation or world view one product, service or line extension at a time.”
— CHRIS KOCEK, Brand architect and CEO of Gallant
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Social media and other advancements in technology that have connected us all more tightly have contributed to a higher degree of market competition. Maintaining an edge means setting your business apart from others like it, which is achievable by creating a brand identity. By using social media platforms as a strategy to reach potential customers, you’re positioning yourself as a brand that can connect with them across platforms.
Not only will building a brand help you to stand out in your niche, but it also allows you to gain and maintain a strong client base, solidifying customer loyalty and encouraging business growth. It shouldn’t surprise us that brands are highly effective when they’re built right — realistically, because you’ve built this brand using extensive research about your target audience or the niche your business serves. You’ve been able to establish trust with your customers, creating long-term relationships that will continue to expand your brand message.
Apple has built a strong reputation as a leader in tech by creating an identifiable personality that’s clear, concise, and minimalist. This identity brand image is reflected in their products and support, and even in their minimalist logo, advertising, and packaging. Their successful branding has positioned them at the forefront of the consumer market in electronics.
A 10-Step Brand Development Strategy
1. Consider your overall business strategy.
A strong, well differentiated brand will make growing your firm much easier. But what type of firm do you want? Are you planning to grow organically? Your overall business strategy is the context for your brand development strategy, so that’s the place to start. If you are clear about where you want to take your firm, your brand will help you get there.
2. Identify your target clients.
Who are your target clients? If you say “everybody” you are making a very big mistake. Our research clearly shows that high growth, high profit firms are focused on having clearly defined target clients. The narrower the focus, the faster the growth. The more diverse the target audience, the more diluted your marketing efforts will be. So how do you know if you have chosen the right target client group? That’s where the next step comes in.
3. Research your target client group.
Research helps you understand your target client’s perspective and priorities, anticipate their needs and put your message in language that resonates with them. It also tells you how they view your firm’s strengths and your current brand. As such, it dramatically lowers the marketing risk associated with brand development.
4. Develop your brand positioning.
You are now ready to determine your firm’s brand positioning within the professional services marketplace (also called market positioning). How is your firm different from others and why should potential clients within your target audience choose to work with you?
A positioning statement is typically three to five sentences in length and captures the essence of your brand positioning. It must be grounded in reality, as you will have to deliver on what you promise. It must also be a bit aspirational so you have something to strive for.
5. Develop your messaging strategy.
Your next step is a messaging strategy that translates your brand positioning into messages to your various target audiences. Your target audiences typically include potential clients, potential employees, referral sources or other influencers and potential partnering opportunities, to name a few of the usual suspects.
While your core brand positioning must be the same for all audiences, each audience will be interested in different aspects of it. The messages to each audience will emphasize the most relevant points. Each audience will also have specific concerns that must be addressed, and each will need different types of evidence to support your messages. Your messaging strategy should address all of these needs. This is an important step in making your brand relevant to your target audiences.
6. Develop your name, logo and tagline.
For many firms, a name change is not required. But if you are a new firm, are undergoing a merger or are burdened with a name that no longer suits your positioning, a name change may be in order. Even if you don’t change your firm name, a new logo and tagline may make sense to better support your brand positioning.
And don’t make the mistake of showing the new logo around internally to get a consensus. The name, logo and tagline are not for you. They are for your marketplace and should be judged on how well they communicate, not how much the partners like them.
7. Develop your content marketing strategy.
Why? Content marketing is particularly well suited to professional services firms in the Internet age. It does all things traditional marketing does but it does them more efficiently. It uses valuable educational content to attract, nurture and qualify prospects.
Remember that your brand strength is driven by both reputation and visibility. Increasing visibility alone, without strengthening your reputation, is rarely successful. That’s why traditional “awareness-building” advertising or sponsorships so often yield disappointing results. On the other hand, content marketing increases both visibility and reputation at the same time. It is also the perfect way to make your brand relevant to your target audiences. Case closed.
8. Develop your website.
Your website is your single most important brand development tool. It is the place where all your audiences turn to learn what you do, how you do it and who your clients are. Prospective clients are not likely to choose your firm solely based on your website. But they may well rule you out if your site sends the wrong message.
Sources:
https://manychat.com/resources/how-to/build-a-brand
https://hingemarketing.com/blog/story/a_10_step_brand_development_strategy_for_your_professional_services_firm
https://www.crazyegg.com/blog/how-to-build-a-brand/
