MarketingPosted: August 7, 2017, 12:00am by Bill Hobbs
What Is Branding?
Historically, branding was how a ranch displayed ownership of its livestock using particular symbols. While your logo and other graphics serve to represent ownership of the products or services provided by your business, effective branding should also instill in your targeted market a sense of trust and satisfaction. It should present emotional appeal.
Word-of-mouth can build branding equity in your business. When someone talks about your business in a positive way, they are reinforcing that you can be trusted, creating value in your brand. Franchises leverage strong brand recognition as a selling point for buying into the franchise, because it has already built the brand and established trust in the minds of consumers at large.
What Is a Branding Strategy?
A branding strategy is a long-term plan that focuses on goals and methods to achieve those goals. Branding strategies should be well-defined and include specific actions and desired outcomes.
What Is Digital Branding?
There are many digital venues to assist you in developing a brand and interacting with new or existing customers. For example, the creation of an app for your business. This app should have some value to the customer and preferably be given away free. In some instances, it can interact with your website. It would help establish your web presence and should, of course, be branded with your logo. Also included in digital branding are advertisements on the web, tv, or radio.
What Is a Branding Position?
A branding position is sometimes called a positioning statement, the goal of which is to create an impression in the mind of the customer that you, your business, or your product is distinct from your composition. This distinction should be a desirable characteristic and should be reinforced in all your business dealings and marketing communications.
How Do You Build Brand Value or Equity?
Once you’ve established what your brand will be, consistent building on your brand will generate equity and value.
Here are some places to start: