Build a Brand Identity – 5 Key Elements
Often small or medium-sized businesses that create a new product or service tend to go directly to the market, skipping the all-important task of designing a brand identity. This is a huge mistake and can easily be avoided.
The brand identity of your product or service is the touchstone of your overall brand campaign. Your brand identity will ensure high levels of consistency in all aspects of your brand campaign, including: the message you choose for your advertising campaigns, the logo you create, and even the way you decorate your office.
Considering the following 5 key elements will ensure you have a winning and airtight brand identity:
Determine Your Competitive Set: Your Competitive Set is the specific industry and niche in which you will compete. To clearly define your brand, you need to take a careful look at who you will compete with and define the arena in which they operate.
Create a well-defined value proposition: Your value proposition consists of 1 or 2 sentences that clearly describe why customers should buy from you. In other words: what value do you offer them? Why should they choose you over your closest competitor? A good value statement shows that you really know your business and customer base.
Identity Your main differentiators: Your product or service must stand out in some way from the packaging to be successful in the market. How does your offering stand out? Put together 4-5 traits that differentiate your product or service from those of the competition.
Articulate a clear customer promise: What is the one thing customers can expect every time they interact with your company? Is it a friendly smile? Guaranteed lowest rates? Do you have someone available to talk to 24/7, 365 days a year? If so, be sure to articulate this promise. And absolutely make sure you keep it, every time.
Outline Key Value Dimension Rankings: Finally, you need to be realistic about where you will rank in relation to your overall market niche in what I call key value dimension rankings. Not all hotels offer 5-star quality service, but again not all hotels charge 5-star hotel prices: quality of service and prices are classic compromises. Your business will be able to more accurately define your brand when you can accurately assess where your luxury brand identity design brand will rank against the overall competitive set in your market niche in terms of these dimensions: low price, prime market prestige, durability, luxury appeal, ergonomics / ease of use, cool factor, pre-sales service, quality of the shopping experience, after-sales support and functionality / features. Rank your company based on each of these value dimensions as follows: Top 1%, Top 10%, Top 50%, Last 10%, Last 1%.