Brand building is essential for any type of business, as it is the most powerful strategic business tool for achieving business growth. According to a recent report from Interbrand:
To help you start the brand building process, you need to define and understand the following:
Define your brand’s purpose / core idea:
- Who are you?
- What does your business do?
- Why does your business exist and why does that matter?
- How does your customer experience offer value?
Your brand's purpose should be the blueprint for everything you do including what your promise is to your customers and the customer experience that you deliver.
Define your target customers and conduct research to gain insights that can help you to understand your customers' needs and behaviour.
Conduct competitor research to understand your market, which can help you to define your brand positioning strategy.
Define your brand strategy as part of your overall business strategy, to meet your business objectives. Define your brand experience strategy to deliver a customer experience that is aligned with your brand’s purpose and meets your customers’ needs.
To grow your business, you need to invest in building and managing your brand effectively over time, in order to remain relevant. Your brand’s purpose and core values should remain consistent while meeting the changing customers’ expectations due to the influence of the macro environmental factors including the rapid technological advancements.