You are in business to be successful and, of course, to make money. But it is highly unlikely that you will achieve these ends by being mediocre or run-of-the-mill. If your business is to be truly successful, it needs a competitive edge – an edge that illuminates your business as the clear front runner and the leader ahead of all competitors.
So how do you give your business this edge?
1. A Clearly Defined Brand
Don’t invest in a new sales strategy or marketing plan before you focus on your business’ brand. Professionals at organisations such as The Print Group know that a clear, defined brand can translate into increased sales.
Your brand should clearly express who your company is and what you do for your customers. With a strong brand and clear brand message, sales and marketing plans tend to more readily fall into place, and this extends to your website, communications via social media and your advertising efforts.
2. Strong Brand Strategy
How, what, where, when and to whom you communicate and deliver on your brand messages should be part of your brand strategy. Your brand strategy should also address the distribution channels that you use.
When your branding is consistent and strategic, your brand equity increases. This is important because brand equity adds value to the products or services of your company, so you are able to charge more for your products than the prices paid for the same, unbranded products. Think here of Coca-Cola and generic brand soft drinks. Due to the strong brand equity of Coca-Cola, the company is in a position to charge more for its drinks, knowing that customers will pay the price charged.
3. Take the Journey of Company Self-Discovery
The process of defining your brand is rarely straightforward or quick. At a minimum, you need to grapple with, and answer, questions relating to:
- The mission of your company;
- The features and benefits of your products or services;
- Existing ideas of your company held by customers and prospects; and
- The qualities that you aspire to have associated with your company.
Above all else, you need to do your research. You need to learn and understand the needs, desires and habits of the customers you already have, and your future prospects. Don’t assume that you know what they think. You need to make the effort required to be sure of what they think.
4. With Your Brand Defined, Let People Know about It
After taking action to define your brand, be sure to do the following:
- Invest in a great logo.
- Be precise about your brand messaging and ensure that employees know and understand the attributes of your brand.
- Integrate your brand across every aspect of your business.
- Develop a voice for your business that is reflective of your brand. For example, is your brand high-end? Casual? Conversational? Friendly?
- Create a memorable and meaningful tagline.
- Develop templates and brand standards to ensure the consistency of your marketing materials.
- Be consistent and true to your brand. You must deliver on your brand promise.
To give your business a competitive edge, careful analysis, development and modification of your brand is needed. The benefits of dedicating time and attention to your brand are definitely worth the investment. With a highly effective brand, your business will have a competitive edge over its competitors and you can expect to see this edge translate into increased sales.