Offering an exceptional product or service is only half of the formula for a successful business. The other half of that formula is marketing. In order to make sure you have an effective marketing strategy, it is essential to make sure you have a clearly defined brand that people find exciting and engaging. It's also important to make sure your product messaging communicates the nature of your brand to your audience in a way that they can understand and engage.
The following is a brief look at what makes good branding and why it and product messaging matters so much:
What Makes a Good Brand
In short, your brand is what distinguishes your company from your competitors. It sums up the core of who you are, what you do what you do, and why. A brand distills the vast behind-the-scenes work and thought that goes into developing a product, company, or service and presents it to the public in a way they can grasp.
In order to ensure your brand is effective, make sure it answers these questions:
Whom is your product geared toward?
What problem does it solve?
What need does it fulfill?
What sets you apart from others in your market?
Why would someone want to be associated with it?
The benefits of good branding start with cohesion and understand within your organization. Successful branding is built on understanding the core nature of what it is you are offering to the public. It's based on the essential elements that make your product or service unique and exceptional.
Is your product or business geared toward young adults or well-to-do-business men? Is it vintage-inspired or futuristic? What need does it fulfill? The answers to these questions will not only provide the basis for the development of your brand, but they will also help everyone within your organization to operate with the same mindset. This will result in a similar approach when people are working on marketing, research, brainstorming, and communicating.
If your organization correctly understands your brand, then it will be easier for those in your organization to promote and communicate the nature of your brand in every aspect of what they do. This will result in better brand promotion, smoother internal communication, and a more cohesive and productive work environment.
Building a Customer Base
Effective messaging that can communicate your brand to the public is essential to promoting your product or service. If you can adequately communicate with your target audience, they will be drawn in by who you are and what your brand represents.
For example, there are numerous possibilities and options for people looking to buy coffee, but Starbucks is so popular because of their brand recognition and the familiarity that comes with it. When people buy Starbucks coffee, they aren't just buying a drink, and they are buying inclusion into the culture of Starbucks. The same thing happens with Apple products; people don't buy them just for what they are, people buy them because of the brand familiarity and the culture that is built by the brand through effective advertising.
Building an effective brand and maintaining the popularity of your brand through advertisement and communication with your customer base will allow you to create repeat customers. This is the holy grail of business. Repeat customers will continue to buy a product or use a service out of habit, convenience, or enjoyment of the familiar. They are also more likely to recommend your business to friends, family members, and coworkers. This creates free advertising and helps develop the cultural impact of your brand which can increase the overall value of your brand and, by extension, the value of your commodities.
Higher Price Point
Brand recognition goes a long way in determining what price point your products or services will sell for. We can see this example in earlier examples of Starbucks and Apple. There is an inherent value in a brand that goes beyond the core value of the product itself. If you can build your brand into something that people will recognize and want to be a part of, then you can charge much higher prices. This is because people are buying more than a product - they are buying inclusion into a brand and a specific cultural concept which comes with a price of its own.
Have you ever heard of “content fragmentation”? If you have not that is ok. The fact is that any organization that has more than one person developing content that aligns with the companies buyers journey, your business has content fragmentation. When content encountered during a buying journey is fragmented, its ability to impact revenue generation is diminished by 11% according to a study by DemandMetrics.
Are you willing to leave 11% of the revenue on the table because your content consistency is poor? Most organizations would say “no” and opt to fix the content fragmentation problem in order to gain the revenue. How about you? If you are interested in learning how you can improve your content consistency and reduce “Fragmented Content” in your business, schedule a free content assessment below.