Building a Brand
A brand should make a product stand apart from another, and can create a set of associated values.
A brand can transform a commodity into something that has value. Building a brand includes engaging audiences using every kind of communication that is designed to reach the customer before they directly experience the brand.
These types of communications include packaging, a logo, a social media campaign, and retail environments.
Nowadays, the management of a brand’s image is as important as the creation of the product , which that brand represents. A brand is not just a product, but a set of ideas of which products form an inseparable part. Brand building can also help to reinvigorate a known brand.
Given below are strategies which can be adopted to build a successful brand.
Adaptable Tone of Communication
A brand whose strategy and visuals can be adapted to reflect evolving core values and focus and customer’s needs in a rapidly changing market, is a brand with strength.
Adaptability ensures a higher degree of recognition from consumers. For instance, Lego discovered it could reinvigorate its original products by collaborating with Star Wars and Harry Potter and by launching a series of movies.
In a similar manner, Kodak has launched its own cryptocurrency called KodakCoin.
The target customers of KodakCoin are photographers. It forms part of a blockchain platform aimed at protecting photographers and helping them control their image rights.
Establish a Brand Position
Brand positioning is the process of orienting the brand in the mind of the customers. For establishing the position of a brand, gaining knowledge about the target audience can prove to be useful.
A successful positioning strategy attempts to tell the audience why they should pick one particular brand over its competitors. The position a brand takes must represent a sense of value that should be clearly communicated and easily understood.
For instance, Ritz Carlton has used its service as the prime differentiator among hotel brands. It’s not just the ambience or the luxurious rooms, instead what stands out is their meeting the guests’ ‘unexpressed needs’.
The employees are empowered to create memorable and personal experiences for their guests.
Consumers are concerned about personal privacy. According to a survey, 91% of respondents say that they would be more inclined to purchase from a brand if they feel that the brand has transparent data practices.
A data breach can cause a lot of damage to brand value. It can cause a lot of harm to the goodwill consumers have towards a brand, and lead to loss of consumer trust.
A brand is expected to safeguard sensitive information effectively.
Take a Stand on Social Issues
Customers are increasingly expecting brands to take a stand on social issues.
The pandemic has made people face a range of challenges other than their work-life balance.
A range of issues have come to the forefront, like Black Lives Matter, trade policies, and immigration to name a few.
Customers want brands to raise awareness of pertinent issues, and hence it is important to take a stand.