Building an effective and powerful brand is a valuable part of any business strategy. In today's world, you need your brand to be both trustworthy and memorable. Still, building brand power is no easy task. Striking a balance between having a reliable brand while keeping up with trends can be complicated.
A successful brand is able to convince people to loyally pay more for something simply because it is from that brand. This is why household names such as Google and Bounty have immense control over their consumers, and why they heavily invest in and prioritize their brand assets.
Ultimately, brand power comes from having a high-quality product and building the brand as an essential part of people's days. If you spot an opportunity to fit yourself into someone's life you are then able to constantly interact with them and convert them into a long-term customer. There is a long road from a startup company to a massive brand empire, but these seven tips can guide your journey to building a trendy yet durable brand.
1. Know your audience.
One of the initial first steps for a venture is to pinpoint your exact audience. You should be able to describe their tastes and preferences. What does their average day look like? What's their favorite clothing store? What kinds of marketing media do they see?
This can help you gauge what is important to them and how you can appeal to them. It's crucial that you understand your audience so that you can keep them into consideration every step of the way. For over 20 years Amazon has relentlessly prioritized their audience. Their dedication is, in part, what has kept them at the forefront of the tech and e-commerce industry.
2. Get it right once.
Lukas Kurzmann, founder of Women's Best says, "you only have to get it right once." This means that you need to constantly experiment with new things until it finally works. Like most things in entrepreneurship precision and accuracy comes from the efforts of trial and error. Branding is no different.
As you try to build your brand, focus on approaching it through the lenses of experimentation and innovation. This could include trying new marketing techniques and potentially hiring consultants to offer a new brand perspective. Building a branding empire starts with pivoting until you finally get it right.
3. Build influencer relationships.
You can't talk about branding without discussing your companies social media strategy. An incredibly effective way to build your brand on social media is by collaborating with influencers. One of the things that have best helped Kurzmann, has been influencer marketing. He spends over 60 percent of his ad budget on influencer and has built a massive number of influencer relationships. The best approach here is to start with a small project and grow the opportunities as the relationship grows.
4. Interact with consumers.
When making decisions that matter to your consumers, you should consult with them for input. Keep them involved as much as possible. A great example of this is the way that Ben & Jerry's encourages their audience to create and submit flavor names.
Another productive way to do this is to base decisions off of data obtained from your consumers. Use the information you already know about their habits and preferences, in order to maximize impact and return. For example, when choosing an influencer, work with one who your audience already aligns with. Whether you use a survey, social media poll, or a suggestion card included with purchases, you should be interacting with your consumers--and utilizing their feedback.
5. Continuously develop your story.
Whether you are a company that has just started or one that's been around for decades you need to continuously develop your brand story. This includes mixing up the type of marketing material you are putting out and introducing new elements to your brand for consumers.
Developing your story cultivates a relationship with your consumers. When you neglect to do that your audience will grow bored with your brand and give their attention to the next best thing. Developing your story is a huge part of staying relevant and building a loyal relationship with your audience.
6. Optimize your funnels.
Kurzmann states that the most important metric for him is Return on Ad Spend. He works through every marketing campaign to optimize its performance and boost his returns. Additionally, he notes that he is always eager to experiment and find new marketing channels to improve his ROAS.
A great way to optimize your funnels is to ensure you are not only being seen, but you are providing a call to action. If you're a shoe brand and you are running a summer campaign for sandals be sure you provide verbiage that encourages your audience to buy the newest pair of sandals.
7. Attend in-person events.
There are a variety of in-person events that offer valuable growth opportunities for your brand. If you have a consumer product, you can attend trade shows and get your brand in front of top buyers. If you have a tech product, you can attend pitch competitions to mingle with venture capitalists. These opportunities will have a slower return, but they will convert higher-impact individuals to your brand.
Building a brand is an incredibly intense process. It requires time, dedication, and innovation. These seven tactics are a great start to building a long-lasting brand for your company.