What is branding?
We start by looking at the definition of branding. It is a hugely complex concept and can be practised very differently from one company to another. For a deeper understanding, we will instead show you some examples of brands below:
When you read the word Nike, you probably already think smart sportswear, because that's the way Nike has branded itself. Netto, on the other hand, might make you think of cheap shopping, while MASH has branded itself as a restaurant with delicious food.
None of the above companies' brand impact on you is random, it all boils down to a branding strategy for them each, how you want to plant their corporate identity in your head.
The branding definition is about creating a strong association with a company, person or product with a specific identity, so when you need running shoes, Nike automatically comes to mind.
Building a brand takes time and costs money, but with a strong position in the market, it will be cheaper to attract new customers and the customers you already have will become more loyal. That's why it's a good idea to develop a branding strategy.
What is a branding strategy?
If you want to focus more on branding your business so that you can plant your company's identity in the minds of your customers and potential customers, a branding strategy is a good idea.
As described earlier, a brand is what your customers and potential customers think of when they see or hear a company name. This means that if you want to develop a brand, start by focusing on how you want your customers to think - what is your vision and what is the goal?
Once you have the overall strategic framework in place, create a branding strategy plan that breaks down your strategy into smaller plans that you and your employees can more easily act on to ultimately achieve the goal.