Written by As an entrepreneur, you must be able to do whatever it takes to achieve your goals.
It all starts with branding – and with time – rebranding. We’ll talk about rebranding later. First, we want you to understand the fundamental aspects of being an entrepreneur. One aspect is branding, as we mentioned earlier. It’s the act of giving your product or service a particular image. In short, it’s your company’s brand identification, something only you can relate to and aspire your audience to relate to.
These days, entrepreneurs feel a degree of reluctance in branding. A study by Harvard Business Review found that fear of failure is a grave concern for entrepreneurs. What’s shocking is that 75% of entrepreneurs couldn’t take their ventures forward due to this fear.
It’s not a joke to gain people’s trust, especially if you’re starting an expedition to launch your brand in a saturated market. We need you to know it’s possible to kick-start your brand and reach new heights. You have to navigate your way well, which is why we’re here.
Why is Branding Important?
Even though the importance of branding is as weighty as it gets, the question persists. It’s highly relevant to novice entrepreneurs since they’re not versed in the hassles of emerging markets.
Here are three reasons why branding is important:
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Differentiation from Other Players
Your brand is your own; nobody is entitled to your brand except you. Keeping that in mind, the brand you make is likely to extend. Remember that your identity is supposed to be unique as it can make you noticeable among others.
Fostering a different brand is not a child’s play. Industries are emulous, thereby calling for tireless struggles and relentless dedication. A brand like chalk and cheese gives you a competitive edge to surpass your rivals. It’ll divert you from them and allow you to establish a distinct presence that’ll be harder to replicate.
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Credibility and Trust
A good brand conveys professionalism and reliability. Focus on crafting a visual that is easy on the eye. That way, grabbing your customers’ attention becomes uncomplicated. By visual we mean logo, a pictorial representation of your brand.
Branding and logos that stand the test of time are a fruitful approach to achieving your business objectives. Studies show that memorable logos help enhance brand recognition and customer retention rate, primarily increasing it by 30%. If a brand is recognized, it’ll draw credibility and trust spontaneously.
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Long-Term Success
According to successful entrepreneurs, branding is an investment in the future of the business. It enables you to build a strong reputation and a loyal customer pool. Without clientele, it’s tough to hit the jackpot.
Imagine a scenario where you’ve built a great brand and initially arose victorious in your projects. However, as you intentionally or unintentionally stopped progressing, there was no positive word-of-mouth. Maybe some of your customers grew unhappy and decided to interact with another brand. To dodge such a situation, remain steady with your brand recognition.
Step-by-Step Guide to Building a Strong Brand Identity
Realizing the importance of branding was essentially the first step.
Now, we’ll walk you through a comprehensive guide to setting on your feet and building a solid brand identity.
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Stay Conscious of Your Roots
The roots of your company are its mission, vision, and values. They derive from your brand’s core and hold the potential of turning into a free enterprise.
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Mission
Mission refers to your brand’s mission statement. Below is an example of Apple’s mission statement:
“Bringing the best user experience to customers through innovative hardware, software, and services.”
A mission statement reflects the purpose of your business. It provides a crystal-clear orientation and aligns your branding prominence with your ambitions. A simple yet compelling mission statement communicates your services to your customers. In the end, you’ll either manifest your commitment or overlook the essence of your brand.
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Vision
Vision relates to the vision statement of your brand. Here’s an example of Nestlé’s vision statement:
“To be a leading, competitive nutrition, health, and wellness company delivering improved shareholder and societal value.”
Unlike a mission statement, a vision statement concentrates on end goals. It paints a picture of your brand’s destiny. It’s a future-oriented perspective that inspires your workforce and customers and motivates your investors to support your journey.
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Values
The principles and beliefs are the values of your brand. Values contribute to your decision-making process and don’t let you walk on the wrong side of the road. Your company’s culture is determined by your values, helping you form authenticity in the long run.
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Assess Your Current Identity
It’s a crucial step towards understanding the strengths and weaknesses of your present brand. Familiarizing yourself with your brand’s areas for improvement assures grounds for grasping your position in the marketplace.
When you assess your current brand identity, you fathom your customers’ perceptions. How they perceive your brand is noteworthy, giving you an opportunity to bridge any gap between your intended brand identity and perceived brand identity.
If you plug into customers’ perceptions, you can make the necessary adjustments to align your brand identity with their expectations. In other words, you can develop a roadmap to build your brand productively.
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Audit Your Competition
Maintaining pace with trends is a decisive measure for taking your brand to the next level. To do so, consider auditing your competition. It’s a bit different from assessing your brand identity. Auditing involves verifying the accuracy and ensuring your brand voice chords with your target audience.
Auditing your competition is similar to competitor analysis. Research submits proof that 55% of entrepreneurs who were confident in their marketing efforts attribute their success to extensive competitor analysis.
On the strength of auditing your competition, you’ll have room for refining your brand messaging. Watch your competitors closely and their communication strategies. Learn from their tactics and outperform them in the market.
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Design Your Logo
Logos are symbols representing your brand, as mentioned earlier. We’ll spill the beans and orient you to the major logo features for a strong brand identity.
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First Impression
The first thing people see is your brand’s logo – an unforgettable logo creates a lasting first glimpse. People are likely to avoid unappealing logos, regardless of having decent reviews.
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Versatility
You should craft a logo usable across various mediums, from business cards to social media. A versatile logo is a consistent logo. When people encounter your logo, they should bond with it without thinking twice.
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Rebranding
We said we would talk about rebranding later, didn’t we? An appealing logo is suitable for rebranding because it boosts brand equity or worth.
Conclusion
Branding has shaped the ventures of thousands of entrepreneurs worldwide. Once you establish meaningful goals as an entrepreneur, it’s pivotal that you go the distance and maximize your branding endeavors. Follow the guide and embark on your journey to building a robust brand identity!