For Your Success
Basics of branding

Business is becoming more and more competitive. And because we are truly operating in a virtual world, your competitors are no longer just the businesses down the street. They are the businesses in the next city, the next state and even on the next continent. Though brand development is not a new concept, today consumers have more choices than ever before. The result is higher expectations.

So why is brand identification important? Customers want to buy brands because it makes their purchase decision easier. Building a brand helps customers in their decision-making, creating a perceived knowledge of what they are going to buy. In essence, building an effective brand increases customer loyalty and helps push you ahead of your competition ö whether across the street or across the globe.

What is a brand?
A band is an identification that distinguishes one business from another and how the public perceives a business. Brands are designed to tell the consumer who you are and what you do, while at the same time establishing your credibility with your prospective customers.

Your brand is intangible. It refers to the reputation behind your company's name and logo. Therefore, the first thing to do is decide how you want people to perceive your business, and then figure out what you have to do to get there.

What are you about? How do you want to be perceived?
Before you invest a dollar in marketing, you must be able to communicate your brand - your promise to customers - in 10 words or less. Your customers (and potential customers) already have a perception of what your business means to them. Building a brand just means communicating your message to them more effectively so they immediately associate your business with their requirements.

Before you develop your brand identity, you have to assess your business, how it operates and the messages that you want to - and are able to - deliver consistently to your customers·the core values.

Though these values are usually not revealed to the public, they are evident in every aspect of the organizationsâ business routine, from customer service, to direct marketing, to Web site design. This conveys a consistent perception to the target audience in every medium of communication that is used ö from your logos, taglines, letterhead, brochures and business cards to Web sites, posters, direct mail and press releases - the entire range of advertising and promotional options.

Understanding your target audience
Understanding your target audience, in addition to having a realistic assessment of what your product or service offers, is imperative to successful brand development. This information also provides insight into how to convey this message in a powerful and consistent manner.

PowerHomeBiz.com suggests the following points and questions to consider:

1. Who is your target audience?
2. What does the target audience currently need and desire?
3. What does your competitor currently offer?
4. How do your products/services fulfill this need better?
5. What needs or want may be fulfilled by your product or service that isn't currently being offered to them?

Once you are clear about who you are as a business and which customers are best to target, your branding efforts become more focused. Think of branding as the personality of your enterprise. Define that and the logo, image and brand follows.

In the next issue of PBFN Connections, we turn the focus to the nuts and bolts of brand creation. You understand what it is and why it is important, read next issueâs "Tips of the Trade" for the ins and outs on how to do it.