Branding Development: Marketing Tips for Growth and Profit
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Branding development is an important tool for a business to grow. It can help a business owner differentiate their products and services from competitors in the same market. Understanding how to develop a brand can help you expand your reach to potential consumers and determine what makes your product or service unique in your target market. In this article, we define brand development, share reflective questions to make developing a brand easier, and review the steps to make your brand successful.
What is branding development?
Branding development is an ongoing process to create and execute the right strategy to advertise the quality of your product or service. Brands that advertise consistently and accurately about the quality of their product or service are more likely to build consumer trust because they're meeting their consumers' expectations. Accomplishing this can be a significant step in ensuring your brand is distinguishable from competitors who might be trying to sell similar products or services to the same target audience.
Reflective questions to make developing a brand easier
You may want to develop your brand immediately, but it's helpful to start by making sure that you understand the key elements of your brand. Here is a list of questions you can ask yourself to help with producing a finished and definitive brand, determining a target audience, and taking advantage of beneficial marketing strategies:
What makes your brand distinctive?
Businesses that determine the unique elements of their product or service are more likely to develop a successful brand. Determining how a brand differs from or is better than competitors gives it a higher chance of being distinctive in a competitive market. It's important to be distinctive because similar brands usually offer products or services that may also appeal to your target audience. Achieving this can allow businesses to highlight their product or service's special features and expand their reach to a larger audience.
In what category does your brand belong?
Identifying your brand's category can help you narrow and define your target audience. Personal brands are, including but not limited to, a combination of your experiences, goals, and core values, and developing one can ensure you have a positive outlook in both professional and social situations. Lifestyle brands, for example, may refer to products or services that are a part of a health or exercise regime. Consumers of lifestyle brands are more likely to use the advertised product or service on a regular and recurring basis.
Why does your brand exist?
Many products or services exist to solve consumers' problems or aid consumers in completing specific tasks. Branding that focuses on how the product or service is helpful for consumers is more likely to reach a targeted audience who needs that product or service. Consumers are also more likely to have a positive experience if the product or service suits what the brand claims to offer.
What types of marketing are most suitable for your brand?
Depending on factors such as target audience and location, there're certain modes of marketing that may work better for a business than others. For example, younger audiences may be more likely to see brands that take advantage of social media, whereas television commercials may have a higher probability of reaching a senior audience. Understanding these factors before developing a brand for a business can increase its success rate.
Does your brand have a story?
Reflect on your initial days of developing a brand. If you're able to tell a story about how your brand started, then it creates a timeline of how your brand has grown to offer an updated product or service or adapted according to consumers' best interests. The potential to adapt based on consumers' needs may appeal to new consumers.
How does your brand make consumers feel?
Paying attention to what satisfied consumers have to say about a brand provides access to valuable information about how a business's products or services make them feel. The most frequent positive emotion that a brand's consumers are experiencing may prove useful for building a brand identity. For example, selecting particular fonts or colours for an advertisement can help to reflect the positive emotion that the brand is trying to make consumers feel.
How to create a brand development strategy
Here's a list of steps you can take if you're interested in developing a brand that maximizes growth and profitability:
1. Determine the kind of business you want
A brand is essential for growing a business, but it's important to decide first on its foundation and principles. Think about the business's short-term and long-term goals. Once a business owner knows the aims of their business, it's often easier to develop a brand that helps the business accomplish them.
Related: Setting Goals to Improve Your Career
2. Identify your target audience
Businesses that target everyone instead of identifying a specific target audience often use multiple marketing strategies simultaneously to appeal to a wide variety of consumers. A more diverse target audience usually requires more diverse marketing strategies that have the potential to compete with each other. Instead, businesses that identify specific and well-defined target audiences are more likely to attract consumers and experience fast growth.
3. Research your target audience
A business that researches its target audience can better understand and then manage its target audience's expectations for its product or service. Continuous research can also provide valuable insight into how a target audience experiences a business's current brand. Businesses can improve their brand depending on feedback to create more success.
4. Develop your marketing position
This is how a business can distinguish itself from competitors. Determine how your brand is different, and why consumers may want to use your business over other options available in the market. A successful marketing position focuses on realistic outcomes for the business because it's crucial for a brand to provide what it promises to consumers.
5. Develop your communication strategies with your target audience
Communication is crucial for attracting consumers and then convincing them to buy. The main brand message remains the same, but focus on specific points may shift between target audiences depending on their concerns about the product or service. Successful brands usually belong to businesses that clearly communicate with each target audience, addressing their specific concerns and needs.
6. Determine your brand identity
The brand identity includes a business's name, logo, and tagline. Brand identity is the mode of communicating and symbolizing a brand to target consumers' emotional responses to its products or services. Branding development refers to the overall process of determining the most optimal strategies to represent a product or service's quality in the market. A distinctive name or logo may help a business stay relevant to its consumers.
7. Develop your content marketing strategy
A content marketing strategy is a plan in which you use audio, visual, or written content to achieve business goals. A successful content marketing strategy often attracts the target audience and keeps them engaged even after a purchase. Social media managers or marketing associates often look into trending topics online, which provides opportunities for increased visibility and awareness. Following trending topics to create a strong online platform is essential for a business to promote its brand and appeal to consumers without directly advertising it.
8. Develop your website
A website is an essential tool for a business to use. It typically provides potential new consumers with everything they want to know about a business. A successful website is usually clear about what consumers can expect from the business and its products or services. Organizing a website's content while using search engine optimization (SEO) is important to increase findability and relevance, ensuring individuals who click on the website are more likely to benefit from it.
9. Build additional marketing services
Depending on the business, additional marketing services can include anything from e-brochures to case studies. Consider in-person variables that might benefit consumers who visit the business, like free and informative pamphlets. The more ways a business provides information about its products or services while making them the most accessible to its consumers, the more likely it is to succeed.
10. Apply, track, and modify your brand
Testing brands in the market is essential to discover whether they can succeed. Track the application of your brand and its results, such as feedback on product or service quality and consumers' emotional responses, to manage if it's progressing according to plan and meeting initial objectives. It's often easier to modify a brand when businesses have easy access to that type of information.
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