Branding - and the importance of having one
“A brand is a set of expectations, memories, stories & relationships that, taken together, account for a consumer’s decision to choose one service over another” – Seth Godin
As a brand marketer I am personally obsessed with branding.
A brand is not simply your name, logo, strapline or colour palette. It is a lot more than that. A brand is made up of a companies values, what it stands for, the message it communicates and the products in sells. Having worked in the branding and marketing space for most of my career, I have found to have a good brand a clear process needs to be followed.
So, I have put together my own 5 P’s list for branding (similar to the marketing 6 P’s mix).
Let me take you through this list:
1. Purpose / Passion
As Simon Sinek says it is important to start with “Your Why” or as we call if Your 10% Difference.
As company owners a lot of us tend to look at the what and how and forget WHY we started in the first place. Defining your company’s WHY is not an easy task – but will help you to stand out from the crowd. A good brand communicates a clear message about what it stands for and how it differs from competitors.
When creating your branding and brand messaging it is important to look at WHO your target customer is. Often companies feel that their target market is everyone, however this is not the case. In order to create an effective brand and messaging platform it is important to look at your consumer profile and break them down by age, income, geography, interests, likes etc.
A very good tool to help you with this is Xtensio.com where there are templates to complete persona profiles online.
3. Personality (& Packaging)
Your brand personality is who you are as a business or brand. This includes fun items such as your logo, strapline, colour palette, packaging design and website. Your tone of voice used is also very important when looking at your brand personality – are you fun, serious, intellectual etc?
4. Price Positioning
Setting the pricing of your product also affects your brands image. When looking at your price positioning it is important to look at the market trends and your competitive set. Are you cheap and cheerful or are you a high end premium brand? Where you position yourself on the pricing ladder will affect not only your branding, but also where you sell your products too.
The final of the 5 P’s I look at when creating a brand strategy is the promotional mix. In a digital age we all deviate towards social media. With an ever increasing spend on digital media it is easy to overlook the traditional promotional channels such as PR, Radio and TV. When developing a promotional plan it is important to look at the key goals of promotion – is it brand awareness, creating interest for purchase or trying to increase market share? Also, when setting your marketing budget a rule of thumb is to set between 8% to 10% of your yearly turnover as marketing spend. Also, remember areas such as PR and experiential marketing as tools which are easy to do yourself and also give a very high return on your spend.
The above list is not exhaustive. There are several other P’s you can add such as process and place. Working with clients and colleagues my 5 P’s process has never let me down. By sitting down and asking key questions about your brand it helps to clearly define who you are and what you do for clients. This makes it easier for all involved to develop a well defined brand and strategy.
If you need any help on defining your brand or marketing strategy please give us a call at Manzor Marketing for a free 1 hour consultation over a cup of coffee. You can contact us on 086 1742142 or visit our website www.manzormarketing.ie.