Most businesses have an opinion on what branding constitutes, though how do you go about standing-out apart from similar product or service categories? Let us begin the thought process on this issue by first looking at what the word “Branding” is defined as in the Cambridge English dictionary. “Branding” is “the act of giving a company a particular design or symbol in order to advertise its products and services.” Sounds very simplistic. However, we know that it takes plenty of thought, creativity and flawless execution to truly define a brand which radiates externally to produce notable customer experiences. A brand is essentially an intangible asset which is injected with personality – values that consumers like and can relate to. Moreover, a cleverly created and executed branding strategy develops an intangible association with consumers
Defining the Brand
We start with the idea of what we want the product, service and its respective company to be perceived as. What do you want it to represent? Specifically what category does it belong to that will be in the consumers’ mind? Defining your target market too will help to strengthen the brand’s effectiveness. Explain what your brand stands for and why it is better than the competition. This is where you execute your brand communications. Commonly used methods of brand communications include advertising, events, sponsorships, promotions, direct marketing, customer relationship management programs and public relations. In defining who your brand and your audience is, you create the foundation for all other components to build on. This requires a distinctive brand vision, positioning, personality and affiliation for the product/service. Those are crucial factors that will make it truly unique. Proper branding can also get you out of the commodity trap and attract value in terms of higher pricing.
This is what truly creates differentiation from mass and from competing brands. The key objective is to create a relationship of trust. The world’s powerful brands establish trust and friendship with their customers. They develop emotional capital, and gain passion. This is what makes them great. A brand’s image is how consumers perceive it and this may not be the same as how the owner wants it to be seen. It is important to note that without a premium product or service quality, a strong brand image is difficult to create.
Every customer contact (“touch points”) should be handled with the utmost care to ensure that the total brand experience a person has is consistent. This involves properly training and occasionally evaluating employee performance and when necessary, changing strategy, systems, technology, methods, services, products and even physical premises to produce a positive customer experience. Complacency should be replaced with continuous improvement.
Standing-out from the Crowd
Brands can’t stand out by blending in. They need to be distinctive, compelling, create buzz and call for action. Advertising in almost every industry appears to look the same. Visually distinctive brand features enhance customer recall and positively influence intent to purchase. “Advertising” creates attention and promotes an image and the brand. On the other hand, “Marketing” compels someone to buy. Since we’re constantly bombarded with advertising, it’s important to cut through the clutter. You only have one or two seconds to grab the attention of your intended audience. Compared to your competition, take an unusual approach by being first, different and bold in the way you create and deliver your message.
Marketing campaigns should have elements of:
Whether a product or service is a luxury brand or falls into another category, it is how you stand out from the crowd that distinguishes you. Know your target audience, get inside their heads and understand how they think and feel. What are their fears, emotions and anxieties? It’s not just about demographics, it’s about neuro-psychology. Once you have this down pat, you then manage the brand consistently.
James D. Roumeliotis is no stranger to the luxury lifestyle domain and is equally skilled in sales, marketing & negotiating. As the founder and former managing director of a successful large yacht charter & brokerage firm in the Mediterranean, James has dealt with significant and discerning clientele worldwide. Offering impeccable service was and still remains his forte. Previously he was involved in the financial services industry for 10 years, initially in sales and subsequently as a sales director in Canada and in the United States. Born, raised and educated in Montreal, Canada, he is multilingual and possesses a receptive & international mindset.