Whenever you are starting your business, always focus on branding. This will pay you in the long run. Let take a simple case of buying a mobile phone. And let’s take example of Apple and some other cheap mobile phone.
Now given an option and budget is not a constraint for you, which of the two brands you will choose. Hopefully you first choice will be Apple. If your choice is different than Apple, then what it is? Do remember I said budget is not a constraint. You are a rich guy, you can spend as much as you can. Hmm.. Now for sure your choice is Apple and that too the latest model available on the shelf. Great, now that you are with me, can I ask you the reason why? I suppose the answer would be its feature, looks and feel, the phone does not hang, its sleek, first of all you don’t need servicing. Even if you need one, they are quite prompt. So in a nut shell you have listed all the plus points of the phone. And maybe in simple terms, Apple has created a brand. For this brand, people are ready to pay a premium as well.
Now let’s take a case of a cheap mobile phone. A name that you have not even heard of. Suppose this phone company offers you phone that is exactly the same as that of Apple. To be competitive, they price the phone just a few dollars less than Apple.
Now as a customer, would you prefer to buy Apple or save a few dollars and buy this cheap mobile phone. Needless to say, you will buy Apple. That’s the power of brand.
Today when you start a business, you might not realise the power of branding, but you can start earning premium from day 1, provided you can establish it as a brand.
Some of the key ingredients you should always consider while you focus on branding:
- Brand Attributes:
- Provide something different to your customers that is way ahead of your competitors. For this you need to understand the voice of customers.
- Always focus on high quality and low cost.
- Remember customer is the king. Provide the best customer service.
- Don’t make false promises. You can’t bring moon on earth, then why promise that.
- Brand Identity:
- Nicely designed Logo
- Using a colour scheme that defines your organization, Do remember, each colour has a meaning. Choose colours that’s apt for your organization. And then use this colour scheme everywhere. Let’s take the example of Coca Cola and Pepsi. If you see Red, you know it’s Coke and if Blue, you know it’s Pepsi. How many times you have seen a blue colour Ad of Coke and vice versa.
- Standard typographic elements: Choose the font, the font size and stick to that.
- Consistent image style
- For all your branding needs you can hire freelancers that can do the job for you at a minimum cost and of top quality. For this we use and recommend freelancer.com
- Brand Image:
- This is what people will perceive about you. Let’s take the case of Maggi. An instant noodles from Nestle. Despite being in news for a long time, when Maggi retouched the market, it was a big hit again, as people perceived Nestle as a brand that will never do wrong for its customers. That’s the power of a brand image.
- Brand position:
- Whenever you position a product, position it in the right bracket. A bracket that it is designed for. Not too high nor too low. Like the example I took of the cheap mobile phone, it will keep doing good provided it remain in the bracket where it was designed for. But if it has to compete with Apple, then the rules of the game has to change. The company will have to change a lot and surpass the customer’s expectations.
Once you have created a brand, then you are like a real flower where bees are going to come to you and since you are a brand, people would be happy paying that premium as well.