Building a Brand That Will Build Your Business

Unless you’ve been doing business on Mars (or Venus), you’re aware of all the buzz out there about brands and branding. But to grow your brand, you have to move beyond the buzz and adopt a practical plan of action. As always, it starts with some fundamentals.
What is a brand?
A brand is a relationship — the connection between your customers and your company or product. Like all human relationships, this connection is based on experience, attitudes and expectations. “Branding” is about shaping and deepening that relationship.
Think about your own choices as a consumer. Why will you pay more for a suit with an Armani label? What makes New Yorkers go out of their way for an H&H bagel? Why have you bookmarked Google, but not Ask Jeeves? In each case, the answer has to do with how you think and feel about these brands.
Clients sometimes say to me, “I can’t spend time and money building my brand — I’m too busy building my business.” But that’s a false choice. A strong brand makes your business more visible and more credible. So instead of your constantly seeking customers, they may find you. Also, at a time when it’s tough to find a real, lasting competitive edge in the marketplace, a strong brand can give you that edge. It increases the perceived value of your product or service, which can translate into higher prices and profits. And a strong brand commands loyalty, which means better customer retention.
So although you many not find any line item on your balance sheet called “Brand Value,” a strong brand is one of your company’s greatest business assets.
Another misconception I often hear: “I’m no Coke or Nike — branding is just for the big guys.” Wrong. Whether you’re a global powerhouse or a local start-up, branding is crucial to your business. And starting small actually has its advantages: You’ve got a clean slate to work with. Nothing to undo or un-brand. And small investments yield bigger returns. Besides, nobody wants to stay small forever. Think like a big brand and you’ll find it easier to become one. Let’s get started.

Understand what a brand is — and is not

A brand is a bond — meaning both a connection and a promise. Therefore, branding is bonding. When you consistently deliver on your brand promise, you strengthen the bond between you and your customers. There are both rational and emotional aspects to the brand bond; but, if anything, how your customers feel about you is more important than what they think about you.
Take the Apple brand. Mac users will intellectualize (at great length!) about crash-free operating systems and elegant interfaces, but what really comes through is their passion. That brand loyalty and devotion has helped Apple defy the conventional wisdom of the PC-dominated marketplace. It has also helped them charge a premium for their products. Emotion is where great brands live.
Don’t confuse “brand” with “corporate identity.” Sure, you need a good logo and consistent graphic standards (see #7 below). But these are just visual expressions of your brand. Before you develop a corporate identity, get a handle on your brand identity.
Also, your brand is not you. Especially for entrepreneurs just getting started, it’s natural to blur the distinction. But long-term, it can be a trap. Think of the day when you want to sell your business; what will the buyers be paying for? Not you — you’ll be off playing golf in Arizona. They’ll be buying your brand.

Scope out the competitive “brand-scape”

Step back and assess your competitors with a critical, objective eye. Which ones do you think have well-defined brands? What do they stand for? What kind of customer — or customer need — do they appeal to?
What you’re looking for is a gap in the brand-scape where you can build your brand, a strategic opportunity that plays to your brand’s strengths. Or its potential.
We’re not looking for a niche. Ideally, you want to occupy the “high ground.” That’s the place in your category that has the most basic, powerful consumer promise, and the greatest source of business.
In the heyday of “reach out and touch someone,” the AT&T brand owned the high ground of long distance — human connection.
Do any of your competitors yet occupy the high ground? Could you?

Define your “brand space”

This is the more rational component of your brand — the space you want to occupy in customers’ minds. Think about the functional benefits you deliver to them. Identify the one or two that are most critical to your business. What promise is solid enough to build your brand on? Speed? Innovation? Customer service? Value?
Just as important, this exercise also helps you identify what you’re not. Because a brand that tries to be all things to all people may not be much of anything to anyone. Focus! It’s demanding, but for brand-builders it’s vital.
Example: Did Manhattan really need yet another me-too dry cleaning establishment?  No, but it needed someplace that knows how to care for upscale finery — and the fussy fashionistas who own it. Enter Meurice Garment Care. Quality and service (at a hefty premium) is what Meurice delivers. They’ve built a thriving business, a fleet of delivery vehicles and a tony brand on that platform.

Define your brand “personality”