Brand equity or its value is based on how much profit a brand 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 your brand. New entrepreneurs spend so much time building their new products that the importance of branding is often forgotten. Base your brand identity on the product’s key value proposition, which is the number one reason why customers purchase your product or service. Base all subsequent communications on this image. Consider the look of the brand. Between 62 and 90 percent of the customer’s initial product assessment is based on color. Once you have your brand's value proposition and image, you can use the Internet to build awareness. Start producing content on your sites and as many external sites as possible that your target market might read. As you continue to build your business, do not change your brand.
Opinions expressed by Entrepreneur contributors are their own.
Brand equity or its value is based on how much profit a brand makes, how strong the brand is in comparison to the competitors and the role that the branding plays in the product purchase. A Nike logo matters for shoe purchases, a Keebler Elf matters a little, but not as much in cookie purchasing. The number one brand in the world, Apple, is presently worth $214 billion.
Branding is the process of creating a name, logo, symbol, and personality to represent your product or service. Brands become valuable when customers associate high value and quality products or services with your brand. Branding is vital because it creates a memorable imprint on the consumers’ brain that helps establish awareness and long-term loyalty. It provides a consistent image so consumers know what to expect. Satisfaction is based on meeting or exceeding expectations. A stable, positive image is essential. New entrepreneurs spend so much time building their new products that the importance of branding is often forgotten. The branding process can seem daunting for a new entrepreneur, but a few simple steps can start the process.
1. Establish a brand identity.
Base your brand identity on the product’s key value 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. Lyft stresses, “Rides in minutes,” whereas Uber claims to be “The smartest way to get around.” Thumbtack “helps you find experienced professionals.” While conducting sales training, I found that veteran sales reps typically struggle to state their company’s value position. The reps would usually report what product they sell, in feature-specific terms. For example, the reps would say, “We sell after-market automotive parts.” They would struggle to say why the customers buy their product in value-specific terms. Instead, the value proposition should be, “We sell auto products that cannot be found anywhere else, to repair your antique and valuable vehicles easily and quickly.” Value and quality always matter first and foremost.
2. 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. For example, red represents power and energy, or passion and love, and green…
COMMENTS