This section represents the continuation of our article series on branding basics. We recommend reading part one, where we delve into the fundamental concepts of brand definition and the significance of establishing a robust brand identity.
Knowing what a brand is and understanding the significance of a strong brand are crucial aspects for any entrepreneur. However, to truly thrive as an entrepreneur, one must possess the knowledge and skills to develop a distinctive brand identity and establish a unique value proposition.
These tasks are not mere undertakings; they demand dedicated time and effort in order to produce significant results for your brand.
How to develop a brand identity
Achieving your desired level of brand recognition can be a time-consuming process. It may take a while to reach the point where you want to be, but there are several steps you can take to expedite the development of your ideal brand identity, such as:
Research – Doing vigorous research on your customers and target audience to get a deeper understanding of what they are looking for in your business. You can never do enough research.
Experimentation – go through a period where you look at what fits your business best, this could be a new logo or a new type of advertisement, see which changes are the most well received among your customers.
Define your brand – once you are done experimenting it’s time to finally define your brand, such as its goals, what it believes in, its morals and more. This way you can have a clear image of your brand to work towards going forward.
Establishing a unique brand proposition
A unique brand proposition shouldn’t be generic; it must be something that will hook new customers and make them choose you over your competition. The perfect representation of your business should be summarised in just a single sentence.
A brand proposition is composed of multiple components, all of which are vital. In today’s competitive market, excelling in all three key areas is imperative. These areas encompass:
Memorability – Your brand must be memorable to stand out and be etched in customers’ minds, prompting them to share and discuss it, thereby generating word-of-mouth awareness.
Honesty – Your brand should accurately mirror your company’s identity and should never mislead customers with false claims.
Originality – Your brand must be distinct from competitors; if brand propositions resemble each other too closely, it could result in customer confusion and misguided sales.
In conclusion, crafting a unique brand proposition is paramount. It’s a dynamic process that involves strategic consideration of memorability, honesty, and originality to effectively capture your business’s essence and attract customer attention in a competitive market.