There are a lot of terms that get thrown around when people are discussing business. One of these terms is the word “brand” or “branding”. You hear people say it so much that it becomes ubiquitous in everyday conversation. Most people know the term but these very same people do not know what it really means or how you go about doing it. Hopefully this article will help clear up some of the questions that you may have on what it is to brand something.
We are all brands
When you say “to brand something”, what you are really saying is “the identity of a product”. We shall use an example of how a normal person is a brand in their everyday life. To a normal person their personal brand is their first and last name. That is what everybody knows them as. That brand of the person’s name also carries along with it what type of person they are. A person creates a good brand or a bad brand behind their names due to the actions and behaviours of that person. The brand can be good or bad depending on if that person is a good person with a good attitude or a bad person with a bad attitude. The power of a good strong brand allows you to hold sway on a person’s opinion, allowing you the power of recommendation or trust when you speak to them. If you have a strong brand then you can recommend an item or recommend a person to be friends with, simply on your say so. This is because you have built up a level trust of your personal brand over the years, which is very important.
Now that we see what a brand is and how a brand relates to people, we can now get a good understanding on how a brand can relate to a business as well. When you start a company, especially a company that has a product or service that is similar to another product or service; you have no trust behind your brand at all. From day one the thing that is most important to your business is building that brand up. You do that by being an honest person to deal with and making sure that if you have employees that they are the same. Your employees, especially early on, can affect your brand just as much as you do. This is why you must have a good business culture that reflects in all parts of your business. You must also have an excellent product that people feel comfortable in recommending. It doesn’t necessarily have to be the very best but it has to be very good. Slowly but surely this starts to help build your brand into a powerful component of your business, a lot of the time it can become the most important part of your business. The stronger your brand, the more you can charge because your customers know that they are getting a sense of reliability with that service. People are willing to pay premium for that reliability.
There are no shortcuts in building your brand up in the eyes of the consumer. The only way to build your brand is to have an excellent product or at the very least an excellent service. Sometimes your product might be only just as good as your competitors. In cases such as these you can still make your brand a stronger brand by having better customer service or being more reliable and on time. Its little things like this that helps build a brand and you must remember to always take advantage of that. Remember your brand can lose favourability twice as fast as it took to gain it.