Media is becoming more accessible and influential, through outlets such as social media websites, advertising and other popular media. Therefore branding has become increasingly important in building an audience that not only recognises a company and its values but is loyal to a brand. Branding is not about getting people to choose you over other companies but instead for them to see your brand as the only solution.
Keeping existing customers is vastly more important than gaining new ones, and understanding this and keeping that as a foundation when building a brand will further help you. Understanding some of the key aspects to building a better brand will not only help sell products but also gain trust and in turn you will gain high value customers who will repeatedly keep coming to you. However, what are some of the steps in a branding strategy that not only communicates well but also helps gain new customers?
Be Yourself!
One of the common mistakes in creating a new brand is looking at existing brands and trying to fit in. When creating a brand you want to make sure to be yourself, represent your values, your views and be unique. Some of the best brands have birthed from companies who are fundamentally down to earth and transparent, however consider your reputation.
Your Reputation
Whether you are just starting to build a brand, or are involved in an existing brand your reputation as a brand is important. Never underestimate how delicate your brand is, a reputation can change quickly and will need constant care. Its recommended to be constantly aware of what people are saying about you, and to be able to react quickly. Social media monitoring tools are a great way to do this, it's widely accessible information and is often easier to find a more genuine opinion in social media than in traditional user surveys.
Be Unique
When creating a brand you shouldn’t be afraid of being different. Similarly to a USP (Unique selling proposition) in a business plan, building a brand needs to differentiate you from your competitors. This may seem obvious, however many brands don’t take this into consideration. Some of the best brands have been ones who have taken a risk in being unique. Try not to disqualify ideas when creating a brand purely because they are too different from other brands.
Build Trust
Building trust and a relationship with your customers is were branding excels. When looking at building trust try and focus not only on short term goals, but also consider long term consequences. Existing customers are always a focus and looking at why your existing customers trust you, can help you to successfully build an existing brand.
Psychology
Understanding basic psychology is not always openly considered an important aspect of building a brand, however understanding your audience is key. User experience and customer feedback can be valuable tools in understanding your audience. However understanding some of the psychological processes your customers experience when interacting with your brand can not only help you understand your audience, but can also help build trust.
An example
One good example of a well build brand is Amigo loans, a guarantor loans company. In 2004 the company founder and CEO, James Benamor, formed the company FLM Loans as part of The Richmond Group. However re-branded in 2012.
James Benamor explains ‘The product was so popular in the first year and brought in so many word of mouth referrals that we didn’t want to re-brand but eventually the number of people getting our name wrong (FLN, SLM, FML…) meant we had to.
To read the full interview please go to http://www.financialreporter.co.uk/view.asp?ID=10502
After re-branding to amigo loans, the company has clearly succeeded in building in being the most trusted brand for guarantor loans.