Every aspect of our planet has become complex, dynamic, demanding, and opinionated. A branding strategy is no different. You want your brand to stand out, be the best, with a clear vision and identity. But with challenges such as targeting a certain audience, age groups, income levels, education levels, and interests, it is important to recognise branding challenges and overcome them.
A brand is more than a few words in a phrase and good is not “good enough”. These challenges are some of the more common and most recognised challenges in creating your brand:
Merriam-Webster Dictionary defines the “marketplace” as the economic system which different companies compete with each other to sell their products (or services). With current technologies and audiences, the marketplace encompasses the entire world, which compounds the importance of a strong brand. Your brand may appeal to one marketplace, while another marketplace may find your brand vague or even offensive.
It is imperative to stay current with trends in the marketing and advertising world. If your branding strategy is considered stagnant, lacking technology, or appears out of date, your marketplace may pass you by.
Of course, competition is fierce and unforgiving. Whether you use an in-house marketing team or outsource for your needs, be aware of the competition lurking right around the corner.
Customers are your audience and your audience is in control of your brand. An example is targeting a particular age group. A brand is not “one size fits all”. If you create a brand with short term financial goals in mind as opposed to building long term relationships with your customers, you may find yourself losing to your competition.
Building a brand for a B2B compared to a brand for a B2C are two different animals. Innovation should be the focus for a high tech brand, but a packaged good brand may require more creative and can show more personality with a different message than a corporate brand.
Recognising the challenges is the first hurdle while building the brand for a business. The next step is overcoming these challenges:
Becoming familiar with your marketplace is key. Your brand needs a purpose for that particular marketplace. The brand must be able to move ahead with a fine tuned vision and the ability to change and expand within the marketplace.
Building the strategy for the brand needs to incorporate trends such as digital marketing, programmatic advertising, and cross channel marketing. The brand strategy should be both internally and externally inspirational. For instance, inspiring employees and partners to continue to strive for excellence.
Keep your competition in your pocket, and always keep your competition guessing what is next up your sleeve. Staying ahead of trends in the industry, creativity, a strong strategy, and a professional staff will keep your brand at the top.
Using millennials as an example, this generation is 18 – 34 years old and spends up to $2.5 TRILLION annually. But with a mistrust for big businesses, emotions, the desire to share opinions, and the use of social media to make purchases, the brand targeting millennials must adhere to what the brand stands for being sure to back-up the brand with actions, not mere words.
A structured, conservative corporation will appreciate a brand with a strong backbone and a clear, concise message whereas a new, sheik restaurant will appreciate a brand that is flowing, fun, and ever-changing. Don’t confuse the brand and have the end result being a frustrated customer.
A brand must have an identity and a vision. The brand must illustrate what it stands for and capture its meaning. If a brand appears superficial or the message is absent, it is like a cloud floating by in the sky. Please contact us to discuss your branding challenges and ways to overcome them.
Is your business facing some Branding Challenges?
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