Understanding Business Branding – Part 2

In the first article in this series, we defined branding as “the process of promoting a promise of quality AND encouraging experiences that validate that promise”. We also looked at a number of benefits of branding your business.

Here’s another insightful definition of branding by Bob Lytle of Foster Marketing.

In this article, we will answer the following questions:

• What are the goals of branding?
• What are the elements of branding?

In his article, “If You Think Your Brand is Just Your Logo, Think Again!”, Lytle states that the ultimate goals of branding are to...

• establish a powerful, relevant identity in the minds of customers;
• encourage customers’ initial consideration;
• ease their purchasing decision;
• nurture an ongoing relationship between seller and buyer;
• and build pride among employees.

To better achieve these goals, we need to first answer the question…

To answer this question, we need to consider the elements that make up a brand as summarized by Tony Eades of Brand Manager in his video, “The Seven Elements of Branding”.

Now, let’s take a closer look at each of these elements.

A brand promise is the statement that you [business owner] make to customers that identifies what they should expect for all interactions with your people, products, services and company. ~ Jean Wilcox, co-author of Abullards ABC’s of Branding

For guidelines on developing your brand promise, see “How to Write a Killer Brand Promise that Helps You Stand Out from the Crowd” by Sue Kirchner.

Brand identity is the visual and verbal expression of a brand. ~ Philip Kotler et al, B2B Brand Management, p.315 (slide #328).

“It is how the brand looks and feels”, says brand strategist and author of Brand Real, Laurence Vincent who also provides the following analogy to emphasize the distinction between brand identity and the brand itself…

He further points out that

It is a set of beliefs held about a specific brand. In short, it is nothing but the consumers’ perception about the product. ~ MSG Experts

courtesy Supreme Marketing Solutions

A “brand strategy” is a deliberate plan for how an organization hopes to shape consumer perceptions — what kind of reputation the organization wants to have. ~ The Financial Brand

Brand Positioning can be defined as an activity of creating a brand offer in such a manner that it occupies a distinctive place and value in the target customer’s mind. ~ MSG Experts

Brand management is the process of maintaining, improving, and upholding a brand so that the name is associated with positive results. ~ BusinessDictionary.com

Personal branding describes the process by which individuals and entrepreneurs differentiate themselves and stand out from a crowd by identifying and articulating their unique value proposition, whether professional or personal, and then leveraging it across platforms with a consistent message and image to achieve a specific goal.

In this way, individuals can enhance their recognition as experts in their field, establish reputation and credibility, advance their careers, and build self-confidence. ~ Personal Branding Wiki

The next article in this series will shed some light on the battle between business branding and personal branding for the business owner. Is one more important than the other? Which one should you focus on?

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