A brand’s value is based on how much profit it makes, how strong the brand is in comparison to the competitors and the role that the branding plays in the product purchase.
Brands become valuable when customers associate high value and quality products or services with them. Branding is vital because it creates a memorable imprint on the consumers’ brain that helps establish awareness, long-term loyalty and they know what to expect. A stable, positive image is essential. The branding process can seem daunting for a new entrepreneur, but there are a few simple steps that can start the process.
Establish a brand identity
Base your brand identity on the unique selling proposition, which is the number one reason why customers purchase your product or service. The proposition should be able to be stated in a clear, succinct manner. Base all subsequent communications on this image. Value and quality always matter first and foremost.
Consider the look of the brand
Part of a brand identity involves the visual representation of it, which includes the logo, the colors, type font, and other design aspects. Research on the effects of color has shown that color is a critical aspect of branding. Between 62 and 90 percent of the customer’s initial product assessment is based on color. Keep color consistent throughout your webpage and any social media you use so that customers associate these feelings with your brand.
Also, when choosing fonts and logos, keep in mind that they create a great deal of emotion. The most important thing is readability and accessibility. Creativity can lead to pretty, artistic fonts, but these are not as easy to read. Studies have found that Arial is easiest to read, but harder to read fonts, are more memorable because you have to slow down to read. Again, be consistent across all sites and postings. Make sure that your branding strategies are distinct from competitors and memorable.
Create brand awareness
Now is the time to build awareness. Know where your target market is. Know what sites they frequent online and what influencers they follow.
Start producing content on your sites and as many external sites as possible that your target market might read. Give readers a reason to come back and learn more. For example, businesses that blog regularly get 97 percent more inbound business.
Also, keep in mind press releases are especially useful and can increase your search ranking with Google. If appropriate to your company, post online videos, and podcasts. The more you saturate the Internet, the more likely the customer can find your product.
Build trust and loyalty
Customers will come back time after time if you provide a quality product and add value. Create a referral program. Give customers rewards to bring more customers to you. This tactic works by both bringing in more customers and keeping your current ones happy because they get added benefits. Promote your product by encouraging happy customers to rate your product and provide feedback online.
Keep your customers engaged long term. Keep your conversations active and current so that customers want to participate in your communication efforts continually. The more people are involved, the more other people will want to be included due to social proof theory. Repeat customers spend 300 percent more on average than new customers.