Why is branding important? Branding is the nuanced art of actively shaping your brand. With creativity, skill, and strategy, a brand can establish an identity that sets itself apart from the competition and sparks a connection with its audience. Even the best businesses would seem dull without good branding.
1. Clear image of the user:
Does to description provide a clear picture of the user and are the needs of that group currently not met? Make sure your positioning statement reveals the reasons why your target will be interested in you, as a brand.
2. Frame of reference:
Always keep pace with a frame of reference. Remember how iPhone has evolved from being a smartphone to being an extension of you.
3. Capitalize on shortfalls:
Make sure you leverage and capitalize on any shortfalls of your frame of reference. Big disruptors have done exactly this and they have done this well. ING Direct broke the idea of fees, commissions, application fees, loans, et cetera. Airbnb redefined what renting a room was all about including the home experience that comes with it. Uber challenged the high fees of using a car that wasn't your own.
4. Point of difference:
Identify a frame of reference that is broad enough for growth, yet narrow enough to have a distinct point of difference, except of course if you are like Coke and have the budget, the history, and the boldness to unhappiness.
5. Don't limit growth:
Don't limit your growth by the frame of reference. Always keep tabs on the impact of your source of volume. Keep thinking about the benefits from the point of view of the consumer to widen your conceptual scope and source of volume.
6. Look for unusual opportunities:
Look beyond the usual suspects for your opportunities. Axe is a deodorant spray. Sure it is. But they knew that what truly worried men were looking and smelling good when they try to date. So, Axe became the key to masculine attractiveness, played an essential role, not just in male grooming but also in the dating game.
7. Highlight the brand advantage:
Does the chosen playing field highlight the brand advantages? Is it clear to comprehend? Can consumers put their finger on what brands your brand is a substitute for?
8. Declare what makes you different:
Declare what makes your brand distinctively different. This does not mean claiming that your brand is better because it is your brand. Indeed, avoid using a benefit or attribute which is a cost of entry to the category. Your brand doesn't clean clothes better than your competitor. Have a look at how Procter & Gamble has diversified in laundry detergent. Your brand is better because not only does it clean clothes, it tackles tough stains, Tide or ensures fabric protection, Cheer.
9. Ensure relevance:
Makes sure that this point of difference is relevant in the first place and of course, that the brand truly can deliver on the point of difference.
Makes sure the three elements, your consumer, your frame of reference, and your point of difference logically support each other. You're positioning is thought for the target consumer. Your brand is fighting other brands for that consumer's attention and your point of difference is the weapon used for fighting. These are all interrelated. They do not exist or have any sense if they're not. Once you have positioned your brand, you're ready to take the next step forward and build your own brand house. There will be more in this on the next module. Thank you so much.