The 5 W's of Brand Building
Having a business is so much more than just offering a product or service, it is also being able to provide a reliable brand image for it too. We will be exploring the 5 key areas needed to understand the importance of building a brand successfully.
Who will want to buy your product or service? Who is your target market? This is something you need to look into so you know how you will address your consumer as well as how you will communicate your product/service. Your consumer is also known as your target consumer. Being able to find who your product is aimed towards makes it so much easier to build a successful brand because you are focusing simply on one audience type. Demographics is a great starting point. You can pick an age group, a lifestyle or anything else. It's the psychographics* within the demographic that count! Psychographics are what pave the real foundation for creating an emotional connection between your brand and your customers. The target consumer is only ONE of the audiences you'll have to build relationships with. Every brand is influenced by 3-4 groups who often have different priorities or agendas. Who are they? What impact will they have on your ability to grow your brand? What can you do to help them find a place of agreement so you can focus your brand strategy and start growing?
What exactly are you offering? What is so special about what YOU are providing - what is your USP**? What will you offer that your target consumer that can't get any where else? However, the key thing to remember to consider is brand experience! That lasts a lot longer than offering just a tangible product, so why not just provide both? Focusing on customer service as well increases the quality of the product and something which can play a major role in building your brand. This had an impact every aspect of your business whether you chose to believe this or not; from marketing, sales, operations, staffing, product development & providing the service itself. Without outstanding and memorable customer service, your product or service quality automatically decreases.
Where will your customer be able to get hold of your product or service? What's your distribution strategy? How will you bring this all together? If you're selling a product, you have two choices: 1) sell direct to your consumer or 2) sell through a retailer as the intermediary. Many new brands choose to sell direct because they have a lot more control over the product, message and distribution as well as the fact that there will be a higher margin (less commission money to pay out).
When will the consumer have access to the product/service? Will it be available to your audience 24/7? We are now living in an e-world where everything is pretty much digitally accessible, so you need to make purchasing available as quick and easy as possible - this means simply when the customer wants to purchase and not when you want to be available to your customer. If you are a business which focuses on a service which is less tangible such as an agency or consultancy, your point of purchase (website) should at least have a contact form page with a fast enquiry turn over. If you are a traditional retailer, we are in fact sorry (not sorry) to say you do need to get with the times and create an e-commerce website. Furthermore, If you're a brand with in a few stores, you will also need an e-commerce website to keep on top of things.
Why are you providing this product/service? Why do you want others to believe in your brand the way you do? Whether you are an emerging entrepreneur/brand or even an established one these 'why?' questions tend to be over looked but they are just as important because they also play a major role in creating your brands' ethics. Why you provide the service in the way you do is important to understand because this is a question your customer will always ask you.
This is the part which really sells your business and its USP so don't forget to make this a priority to think about when putting together your business plan - it's the personality of your new business!
Get a pen and note pad and start jotting down those ideas!
*Psychographics: The study and classification of people according to their attitudes, aspirations and other psychological criteria, especially in market research.
**USP: Unique Selling Point
Written by Brenda Nabanja