Many experts advise entrepreneurs to build a solid company brand instead of concentrating solely on building a business.
But exactly what is a company brand identity, and why does it matter? In a nutshell, a brand pertains to the lasting impression a business makes on people. It’s a crucial aspect in growing a brand because it helps establish trust, maximizes impact, and builds a community.
If you’re still in the process of establishing your brand, here are five steps to help you build a strong company brand.
1. Discover your purpose
A huge part of finding your company brand meaning entails deep introspection. Given your product and your team’s unique skills, what is the purpose behind the venture? Though one can easily say that the business’ purpose is to earn an income, it should go far beyond that.
What value can you contribute? What social impact can you provide the community? By having a strong “why” behind your brand, you’ll be able to provide a better service and weather out storms that will come your way.
2. Know our audience
The company brand must be closely tied with your target market. That said, it’s vital to get to know your audience to have a good grasp of how they think. What does your audience want, and what is their state of mind when they’re in the process of making a consumer decision?
For instance, If you look at the best company brand examples, you’ll see that many of them champion advocacies that are close to their audience’s hearts. This only shows how well they’ve done their audience research.
3. Be familiar with your industry
It pays to know the ins and outs of your industry, and that includes your competition. Why? Because it allows you to position your brand to your advantage. Trader Joe’s is an example of a company brand venture that has positioned itself well in the market. By assuming a brand identity of being a “chain of neighborhood grocery stores,” consumers see the business as a friendlier and more “organic” service provider.
4. Build your identity
Knowing who you are and the market segment that you’re tapping isn’t enough. You also need to communicate those ideas through company brand design. This includes crafting logos, color palettes, and other marketing assets that communicate your brand. In addition to that, you also need to make all your brand visuals cohesive. Otherwise, you might confuse your clients, and that could backfire against your reputation.
5. Craft your mission-vision statement
What is a brand without a statement of what it stands for? To make your brand identity clear not only to your customers but also to your team, craft your mission and vision statement.
Your mission vision should be as specific as possible. In addition to that, work hard to ensure that they coincide with your target market.
In the end, building a company brand is just the beginning. Once you establish an identity you can stand for, you’ll need to work hard to stay consistent with your brand and be open to evolving when the market and times require you to.
