6 Principles of a Great Business Brand

Building brand recognition and trust is an important task for any new business. It can make all the difference when it comes to creating interest in your product or service that drives customers to your website and helps you build your business vs. your business fading into the background with other businesses in your industry. Here is what you need to get started.

What is a brand?

A brand is essentially your business's identity. It guides the development of your values and tone, helps you clearly define your target audience, and allows your audience to better recognize and identify with you. This can be achieved through consistent messaging, a catchy business slogan, a brand logo and specific colors, and other business features.

Tips for developing your brand

Define your purpose

Simen Sinek, author of Start With Why, gave a Ted Talk called How Great Leaders Inspire Action where he said, “People don’t buy what you do; they buy why you do it.”

If you don’t have a compelling reason for being in business, it will be difficult to convince people they should hire you. Think beyond the obvious choices like you want to work for yourself, you like earning money, and other finance-related objectives. Of course, those are considerations and may even be a driving factor behind your decision to open your own business, but why did you choose this particular business? Did you learn your trade as part of a family tradition, from a respected mentor, or for the sheer love of what you do?

You need to be able to clearly identify why your business exists, why it is different from your competitors, and why your audience should care. Once you have a firm understanding of your why, the rest of the branding process becomes easier.

Identify your competitors

It’s never a good idea to copy someone else’s branding and messaging, but you should be aware of what else is out there. This will help you stay away from anything that might confuse customers and give you an opportunity to discover what is and isn’t working in your field.

A few things to look for include their visual branding, messaging and taglines, the services they offer, their marketing strategies, and their customer reviews.

Try to look for a few examples in your service area. If there aren’t enough in your niche, consider broadening the search or including related niches in your market research. Once you have data collected from three or four other businesses, you’ll have a much better idea of what you’ll need to do to stand out.

Determine your target audience

Your audience is an important part of your brand, as they’re the reason you’re in business. When developing your brand, you’ll want to understand who exactly they are (which can be achieved by building buyer personas) and how you want them to know you.

For example, if you run a local bakery, your target customer might be a resident in your town who has children with sweet teeth. You can then build a family-friendly brand that caters to this demographic. You’ll want to consider your prospective customers at every step of your brand-building journey.

6 principles of a great business brand

Now that you have a better idea of your purpose and who you will be competing against, it’s time to dive into creating your company’s brand. Here are six principles to consider:

1. Uniqueness

As a leader in your industry, it's important to research and understand your competition. Armed with this knowledge, you’ll be able to stand out despite a saturated market. Even if you have a distinctive product or service, it’s crucial to have a clear branding strategy to target your market audience in a fresh and unique way.

2. Authenticity

Authenticity and trustworthiness is vital in any brand’s success. Being true to your brand and customers looks like operating with consistent values and establishing a clear mission you share with your followers and consumers. When you express your “human” side, you gain more loyal customers and build more genuine connections, proving you’re interested in more than just earning a profit.

3. Transparency

In addition to authenticity, clearly and openly communicating with your audience is key to earning their trust and loyalty. When your brand is transparent about its values, processes, operations, missions, and any updates, you have greater brand ownership and a smaller chance of others speaking on your brand’s behalf.

4. Consistency

Each part of your brand, including its voice, colors, logo, etc., must be consistent so you can be easily identified. The more consistent you are, the more trust and loyalty you’ll build from your audience. This will improve the efficiency of your marketing efforts and, in turn, increase your revenue.

5. Empathy

Consumers are the foundation of your brand, and it’s important to truly understand your customer base. You can do this by responding to comments or answering constructive criticism on social media platforms and through other means of communication. Taking consumer feedback into account also helps your brand put itself in the customer’s shoes and work towards creating better offerings.

6. Community

Depending on the products and/or services your brand offers, you may benefit from creating a community around them. A community-based brand could be as simple as personalized emails, friendly customer support, and an active social media presence. This will help customers feel more involved and embrace a sense of belonging.

Building a brand is an important part of your startup process and can determine your overall success as a company. If you’re looking for guidance, MyDreamBridge is here to help. We offer all the resources and support you need in our 6-Weeks-to-Launch Accelerator Program. Contact us here to learn more information about how we can help.

For more information and resources for aspiring solopreneurs and small business owners, head on over to www.mydreambridge.com.

1 view0 comments