A brand is used to differentiate products offered by businesses in a similar market. The goal of branding is not to discount the other products available, rather, it seeks to make potential customers see that their product is the only product available that will solve their problem or need. Being successful in branding your product or company requires extensive knowledge of the target market. The business wants their name to occur in the minds of potential customers every time they think of the problem or need.
A good brand will deliver the value proposition of its products clearly, confirm the company’s credibility for solving the customers’ problems, connect emotionally to the target market and motivates the buyer to purchase the product offered consistently. Defining a brand is a difficult process because there are many aspects that must be considered in order to make it effective. Defining a brand should include these explanations:
- Clearly define what products/services the business is offering and their feature qualities.
- Describe the core values of the company and how they relate to the product or service they are offering.
- Describe the mission of the company and what they specialize in.
- Define the target market and what the products or services will address within this market.
- Find a tagline (motto) for the company. What message does it send to potential customers and other business?
When branding, it is very important that the company concentrate specifically on its target market. Trying to satisfy more than one target market will create a product that does not benefit either market ideally and will result in decreased sales.