Your goal is to launch a new business in 2021. You've made your research, thought of several campaign and now you think if there's something that you have missed. How about branding?
Branding is a series of activities that will help a name leave a mark in the minds of the consumer. The process involves creating a unique name and image that will help you orchestrate your credibility so that your name or your business name will be the top of mind in your category. You need to focus on a core message, your core audience and distribution channels or media.
Furthermore, to succeed in branding it’s crucial to do your homework to understand your market and your customers' needs. It consists of brand perceptions, customer experience that can influence the decision to buy your product or service. I will share with you some free tools to help you with branding in a different article.
When your brand is strong, it becomes resilient despite of the economic challenges that come its way. You become confident as an entrepreneur that your brand may slow down or come to a plateau but it will still pick up eventually instead of folding up. Here are three key branding essentials from the article 8 P's of Luxury Brand Marketing by Rohit Arora to get you started.
1. The emotional value of the brand is critical. Product excellence by itself in not enough, the brand must perform at an experiential level as well. As consumers evolve, not only these act as points of differentiation, but also as ‘substance’ to justify value and pricing. For example, Rolex stands for heroic victory, while Tiffany stands for romantic love.
2. While pedigree factor is important to exuberate the years of mastery or lineage, it is crucial to generate ongoing relevance and dynamism through the persona, PR & public-figure factor.
3. Brands must continue to maintain a certain degree of exclusivity and/or stature with the paucity factor and the placement factor – from the retail experience to the touch-points it associates itself with. According to Arora, paucity is to instill in the mind of the consumers that the goods/services you are selling is scarce. Placement is where the brand opts to associate itself in terms of store location and other consumer touch points.
Whether you are in the business of basic fast moving goods or luxury items, these key points in branding apply to instantly grasp what area in your product or service that you would like to strengthen to get ahead in your game.