Why branding is important
Branding is foundational to any business because the brand is what a customer associates your product or service with. Your brand tells customers a story about what your business is and the problem it solves in the world. It’s what differentiates you from your competition.
What are the elements of branding?
Brand strategy is the DNA of your brand. It serves as a blueprint for how your business will reach its goals. Brand strategy should always be completed prior to any work on visuals or marketing materials. There are nine components of brand strategy:
1. Business goals
Identify specific goals for the business, both short and long term. These goals should be specific and measurable over time. For example, if the business goal is to earn $5M in revenue in the next year, the revenue will determine if that goal was successful.
2. Business purpose
Your business’ purpose is the change you wish to see or the contribution you wish to bring to society. It should be what drives the company forward, day-in, and day-out.
3. Competitor analysis
This is a review of the competitive landscape where your brand will live. It includes identifying key competitors, their offerings, and differentiators. This information helps you determine how your brand will set itself apart and win in that market.
4. Target audience
Your target audience is the specific segment of people that would be your ideal customer. For example, a B2B SaaS company’s target audience might be enterprise companies looking for a better software solution for their sales team.