Just like the real world, the digital space has its own marketplace and the fact that you have a business online shows you are aware of this space. The question now is; how do you effectively utilize the online marketplace to your advantage?
In the following weeks, we will be sharing a few tips on how to make the most of the digital marketplace.
Our focus for this week and first-in-line tip for businesses in the digital marketplace is Branding and we would be looking at different factors that should be considered when branding.
BRAND NAME: When branding your business, one important factor you must consider is your brand name. It is important that you come up with a name that communicates what your business is about and can be easily remembered. The business name can be initials, descriptive or even invented but whatever you decide, make sure it’s relatable.
BRAND IDENTITY: This refers to the look and feel of your brand. It consists of the logo, colours, and lettering you use to express the personality of your brand. Some letterings pass across the message of being formal, playful, or artistic and these interpretations also apply to colours as well. Make sure your brand’s essence is well represented visually and whatever you choose has to be unique and memorable.
BRAND POSITIONING: Your brand positioning is the space you want to occupy in the minds of your customers. This can be achieved via your brand’s communications techniques and doing it right requires a unique tone of communication (Brand speak) such that even without seeing your logo, one can still tell that the message is from your brand.
BRAND PROMISE: This is your brand’s core values and ethos. It encapsulates what you stand for and won’t compromise on. If you say your delivery is prompt, make sure it is and if at any point you are running late, make sure to contact the customer to inform them. Make your business what you say it is.
TARGET AUDIENCE: Your brand offering is not for everyone, the people who use, buy and can influence the purchase of your brand’s offering are your target audience. A good understanding of their behavioural patterns can help you connect with them and understand their needs.
BRAND AWARENESS: No business starts off being popular, try to put your business in the faces of consumers by utilising paid advertising or influencer marketing while keeping your budget in mind.
Your brand is what your consumer say it is! Their perception of your offerings is what would convert to sales so, you should be very deliberate about your branding in order to control your brand’s narrative. Check all the boxes above and watch your brand grow.
Does your business have a unique identity? If yes, tell us how you came about it in the comments section.