Brand development is a critical long-term investment as it aids your target customer in easily identifying who you are and what you do. It also makes it easier for them to promote you organically in person or via the web. It is basically an attempt to make a brand more successful by changing it overtime so that it remains popular and fashionable. Brand management aims to create an emotional connection between products, companies and their customers.
Many small to medium businesses think brand development is creating a great logo then displaying it in as many places as they can afford, creating a successful brand is actually much more. Although it is important to have a great logo after all, it visually defines who you are and provides a symbol for recognition of your brand; it is simply one component of brand development.
Successful brand development is defined by the customer’s positive response. It’s about what customers feel when they buy your product or service and what they think about when they hear your name or see your logo. A strong brand influences its audience and engages those who may not have been targeted at all. A successful brand consists of self-promotion, stimulation of a unique experience, loyalty, and consistency. A firm's brand is critical to its success. Think of your brand as the product of your firm's reputation and its visibility. If you can control both of these factors your firm will have tremendous advantages over all those competitors who don't actively build their brands. People tend to do business with companies they are familiar with. If your branding is consistent and easy to recognize, it can help people feel more at ease purchasing your products or services. In short, your brand is the way your customer grasps you. Brand development is the first and must step for any firm or organization to take otherwise it simply comes down to what they say you are – not what you say you are. And, consider it, if you don’t brand yourself, someone else will, and the result might not be in your favor.
Five basic compensation of brand development are:
• Improve Recognition
• Create Trust
• Support Advertising
• Build Financial Value
• Inspire Employees
• Generate New Customers
It is very well said that if your business is not a brand, it is not a commodity. (Donald Trump)