Wednesday, 29/6/2016 | 2:57 UTC+0
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  •   The Concepts of Branding In the Business World

    brandBusiness industries, large or small, compete for attention from consumers. If you are not prepared to handle such fierce competition, your company will be buried and forgotten. To withstand competition and gain attention from consumers, branding is an important strategy in internet marketing. We do it all the time. The process of branding is a continuous and an uphill battle. One wrong move and your efforts are down the gutter of forgotten businesses.

    So, what is our secret? Below are the concepts we adopt, both in the online and offline scenario.

    First, establish a unique identity.

    Your identity does not have to be world-shattering kind of idea. It just needs to be special that separates it from the rest of the competition. Let us take TOMS as an example. For every pair of shoes bought, the company donates a free pair of shoes to a child who is in need of a pair. Their target market is people who have socio-civic causes or who just love helping those who are in need.

    How do you establish your own business identity? Start with thinking like a consumer. Then, try to conceptualize if you can deliver the quality you are aiming for. Most of the times, you can convert your passion into an identity for your business. Lastly, do the second strategy. Learn how your target market behaves.

    Second, understand your target market.

    You can never construct an effective marketing plan and strategies if you do not know how your consumers behave. For businesses that are operating in their respective industries for years, they can easily formulate and continue to improve these plans. However, many businesses seem to forget the importance of target marketing. A lot of them begin to charm all consumers. A few businesses prosper in using the “charm all” target marketing but a lot suffers the consequences of closing down or a merger with other businesses in the same industry.

    To businesses that are starting up, like you, creating a marketing that works is a challenge. How do you even know the behavior of your target market if you have not made any sales yet? That is easy. The concept of forecasting your target market’s behavior is a tool you may use. Combine this forecast with benchmarking your future competitors.

    Third, consistency is necessary.

    Consumers return to a business establishment because they are happy with the first buy. When they revisit, they expect the same quality that they have received with their previous visit. If their expectations fall below their standards, they tend to find other suppliers. Therefore, consistent quality of services or products delivered to consumers is essential in maintaining the brand you have started.

    You might have thought about diversification. When does diversification hurt your business?

    Diversification is a strategy of widening your target market. We did not include diversification during the early years of our business because we know that it is a bigger responsibility. You should be ready as well when you diversify. This strategy is somewhat tempting to implement, especially if you are selling like hotcakes. However, sometimes, when a business diversifies, the quality of services saturates. Most especially if expertise has not yet reached its mature stage. That is when diversification hurts your business.

    The question is “are you ready to cater to a wider target market?” if the answer is yes, ascertain if you can sustain and be consistent in providing the same quality throughout the diversification stage. If you are in doubt, postpone the implementation until your business is mature enough to handle conflicts that may arise during diversification.

    Fourth, expose your brand through digital marketing.

    You have the identity to attract consumers and the quality that they are looking for. However, you are not selling that much. The problem might be a lack of exposure. The answer is to expose your brand through digital marketing. This type of marketing strategy has helped a lot of businesses gain the attention they need. The key factors that make digital marketing a great tool in exposing your brand are affordability, coverage, and availability.

    Business branding takes time. We have been witness to that. It takes a lot of effort and time. To make it successful, be consistent and innovate at the same time.