Building brands mean building better business.
In fact, a leading marketing expert David Aaker believes that the percent of a business assigned to a brand can range from:
- Around 10% to 15% for brands like GE, Accenture, Caterpillar and Chevrolet.
- 40% to 50% for brands like Google, Nike and Disney.
- Over 60% for brands like Jack Daniel’s, Coca-Cola and Burberry.
An estimate of 15% shows that a brand can generate a huge value for a company. And even if these are only estimates, they provide proof that brands matter and that building brands can be invaluable.
So, what is brand building?
First, understand that a brand is your customer’s overall perception of your business, products and services. Building brands establishes long-term and loyal customer relationships. Those customers produce consistent and sustainable growth in sales, awareness, engagement, referrals, trust, energy and advocacy for their product or services.
Second, here are the building blocks that successful companies use to establish and build brands and business:
- Define exactly who their target audience They know and understand key specific statistics like demographics, behaviors, personality, attitudes and values, etc. of prospective and current buyers. Some like HubSpot call this the buyer’s persona.
- Have a specific brand mission statement that is a clear and concise expression of what their brand or company is most passionate about; they also are clear and confident about their purpose for being .
- Understand their product and brand differentiation and advantage from their competition.
- Know the key qualities and benefits that make their branding unique and understand how they provide value that improves their customers’ lives (e.g. outcomes and results experienced by them).
- Create a brand logo and tagline that is the identity, calling card and visual recognition of their promise.
- Develop a brand voice that makes sense, resonates with and connects with their target audience and directs the stories that use their brand voice.
- Build a brand message and pitch that allows us to communicate on a human level and makes a direct emotional connection with their customers .
- Allow their brand personality to shine and create an experience tailored to their customers’ needs backed by genuine personal interaction .
- Integrate their brand everywhere in everything that their customers see read and hear about the brand.
- Stay true and consistent to their brand (each and every content piece) and don’t change constantly .
- Document all their brand guidelines and standards and have provided to their organization for reference and guidance.
- Ensure that their organization is their brand’s greatest advocate and they encourage their loyal customers’ voices which can be called user generated content.
- Identify and empower a brand guardian who makes sure all these blocks and especially 9-12 are supported and advanced.
So that’s how you build a brand to ensure its optimal value to your organization.
What brand building blocks are you finding successful for your business?
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