I know entrepreneurs have their hands full with cash flow forecasts, unexpected bills and a myriad other issues when they’re starting out. But please do NOT forget that at the end of the day you’re building a value proposition for your consumer i.e. a brand. I strongly believe that brands are the only way for an organisation to build long-term value. And the earlier you start thinking about your brand, the more consciously you’ll build it in the future.
Given the innumerable choices that consumers face, how do you make them pick your brand again, and again and again? A differentiated brand promise, the ability to deliver it consistently, and a knack for continually refreshing the brand are three things that help a brand to bring in more and more consumers over time.
Brands should be treated as the fulcrum of all business activity. They are a strategic tool central to a company’s long term value creation proposition. Consumers trust and show loyalty towards a brand and this makes it the most critical asset for any company. Think of it like this – when there are 10 others making the exact same product as you, your brand is the only thing that will make you stand apart.
Lastly, but perhaps most importantly, strong brands enhance a company’s ability to command a profit pool greater than its competition.
A brand’s strategy and positioning define what the brand stands for and how it stands out to differentiate itself from the crowd.
Understanding clearly where your brand stands in its current market context makes for a strong starting point for future strategy and focus.
Defining a brand proposition gives consumers reasons to integrate it into their lives by giving it a meaning. A brand promise can shape all your actions, becoming the guidepost for all communication and action.
Does your brand have a compelling story and a clearly defined purpose? Read more about branding and the thinking that went behind Maggi and Jaago Re.