The goal of a brand name is to attract more business, more customers towards it. The goal of branding is to influence the marketplace positively to drive more revenues.
Whether you are just starting out as an entrepreneur, or you have some business background, you know that we all are a brand name. Depending on how small or big our circle of influence is, we all have a brand value. We all influence people around us.
For a brand to be truly magnetic, to attract more people towards it, here are 9 most important rules of branding engagement. The more you are aware of these rules and the more you practice being sincere about your branding activities, the more magnetic your brand value is going to be with time. So, here you go:
1. You Are The Brand, Not Your Product Or Company
It’s amazing to see that so many people so little understand the meaning of branding. People often get a business idea or an idea to write a book. Next thing they do is – ask somebody sitting in one of the oriental countries to design a logo. They place the logo on a website and say, “That's my brand.”
It's a major mistake. As an entrepreneur, you need to realize that YOU ARE THE BRAND! Your brand name is the most important thing, much beyond your product or your opportunity.
2. Define Your Vision For Your Brand
Simply stated, a vision is a clear picture of what you want to do and where you want to be. For you as an entrepreneur, it is important that you know your vision. You need to be clear about your mission and how you plan to achieve it.
The things we do in life are done for a purpose. When we don’t know the purpose behind what we are doing, achievement doesn’t bring joy and challenges bring frustration. As a brand, when you want to influence the marketplace, your brand’s mission should be your top priority.
3. Focus On Branding From The Outset
Growing up, I was taught that you should first become successful at what you do and then speak about it. In other words, become successful silently and then speak about it if you want to avoid being laughed at.
Well, that idea doesn’t seem to yield good results in the real world. You can’t build a product and launch it secretly hoping that someday people will understand your value because of its great quality.
Today, you have media at your fingertips. You’ve got to begin working aggressively on your brand building right from the beginning and leverage your brand value to launch your product. Those who follow this path, have accumulated great wealth.
4. Choose Your Partners Carefully
Every business needs a team, you need it too. We all need partnerships as our businesses grow and we expand our horizons.
Well, it is very important that you choose the right people to work with. If the people you partner with, the people you hire to work for you do not share your vision, your value system – such partnerships will do more bad than good for your brand name.
On the other hand, if you choose your partners carefully in harmony with your vision, such partnerships can help your brand name become a magnet of attraction.
5. Stay True To Your Brand’s Vision
There are many examples of brands starting small with a vision, a cause. But as soon as the company becomes big, the company’s management begins to distance itself from the true vision with which the whole thing started in the first place.
This causes the company to lose its brand value. It is hard to stay true to your vision when you are big because there are many distractions. This is why it is important that you learn from the mistakes other businesses have made and not repeat them.
You must make sure that your company's fundamental beliefs are intact. Yes, there may be a need for some adjustments to the approach depending upon the market conditions. The only way to keep the magnetism of your brand name intact is to stay authentic by staying true to your original value system.
6. Know Your Target Market
Just because your product or service is generic, doesn’t mean that you make the whole world your prospect. When Sam Walton started Wal-Mart, he targeted the American Working Class as his target market. With that vision and focus on his target market he created a corporation that changed the way the retail industry operates.
When you are branding yourself, you need to know your target market and get focused to provide incredible value to your audience. It’s your focus on your target market that will help you establish your influence in the marketplace.
7. Know Your Strengths
Being average is not success. A brand needs to know why it is better than its competition. What is that your company does which you competitors can’t? What are the strengths of your team, your product and your services?
Your branding efforts will need your focus on strengths. When you know why you are better that the rest, you don’t have any competition. That is when the magnetism of your brand name begins to show its magic.
8. Study Your Competition
The best example is again Mr. Sam Walton. He was somebody who studied all the big players in the retail industry before he started his first Wal-Mart. He knew strengths and weaknesses of his competition and that is why he was able to use such a targeted and precise plan for Wal-Mart which couldn’t fail.
When you know your competition, when you know what they are good at and where you can fill the gap, you can build an incredible value proposition for your brand name and your target market will love it.
9. Keep It Simple
The most beautiful things are simple. This applies to your business and your brand name as well. Keep things simple for your consumers to understand. If your brand’s mission statement, product advertisements, communication with your target market etc. are complex, know that you are helping your competition.
Keep it absolutely simple. The more easily people remember your product name, its benefits, your mission and your communication, the better influence your brand name will have. Simple is powerful.
Over To You – Share Your Thoughts
Do you take care of these 9 elements in your branding efforts? Would you like to add some additional points to take care of while working towards branding as an entrepreneur?
Please share your thoughts in the comments or click here. Thank you kindly!
I would like to add that keeping the vision alway in front of your eyes is very important. The reminders should be on your office walls, on your desk and wherever your business activity goes on so you can easily get reminded of your true vision.
I needed to see this today. Thank you Kumar!
All the 9 points are very valuable to me because I am working with my team to define the vision for my enterprise these days. You are very helpful Kumar. Thank you again!
Thanks,Kumar Sir for sharing valuable, fruitful & meaningful points. Your are simply great Friend & Philosopher for every Entrepreneur.
I am just very much challenged these days to take care of these bullet points and implement them while building my expertise! Great reminder, just in time. Sorry, yet no thoughts to offer –
No worries Rita. I am glad you enjoyed this post. 🙂
I might add: “Under promise, over deliver”.
Great addition Aistis. Thank you!
Branding is about knowing who you are and what your values are. From there, you will learn how to create products that will stand out from the rest. Be consistent with what you what your brand to be.