Brand Building in Saturated Marketplaces: Where to Start?
When you establish a new business, you’re likely to be competing against tens, if not hundreds of competitors. A majority of these competitor brands already have a devoted customer base, a successful brand image, and a set budget for marketing.
Finding your way in such a competitive environment can be overwhelming, and not to mention, costly and time-consuming. To be successful, you need to make your brand recognizable enough that it stands out; and for that, you need a solid brand building strategy.
So today, we’ll take a look at what this entails and how you can use a brand building strategy to reach your target audience more efficiently, without going over budget!
Elements of Successful Brand Building
You can’t build a streamlined brand image if you don’t know what the business’s main selling point is. Your brand must have a USP (unique selling point) that differentiates you from the competition, and makes you relevant to the target audience.
So this is what you need to do!
- The first step is to align your business objectives with the brand strategy
- Once you’ve streamlined strategy and business objectives, you need to work on the tools that communicate this strategy to your audience. This will include logo building, website development, taglines, and visuals that will be distributed across multiple digital and social platforms.
- With the tools and content, you’re now ready to build a brand development strategy
Brand development is a multi-step process and stretches across multiple platforms; including, but not limited to, social media, website marketing, online advertising, print and electronic marketing, product development and packaging, and customer service.
The process involves:
Identifying a Target Audience: Look into the needs and demands of the audience that your products and services are directed at.
Studying the Competition: What is your main competitor’s business model and why are they successful?
SWOT Analysis: What are your brand’s strengths and weaknesses and what external opportunities and threats do you need to be aware of?
Determining Market Positioning: How will you capture and hold the attention of your target audience and what makes your brand desirable in the saturated market?
Reaching the Audience: Which channels will you use to market yourself? Will the strategy be integrated across multiple platforms? How will you ensure a homogeneous brand image across varying platforms, while staying true to the essence of your message?
Brand building is so much more than these five steps; not to mention, it’s an ongoing process. For a successful brand image, you constantly have to change, adapt, and adjust to new trends, market behavior, and customer demands.
What works today may not work tomorrow, so even if you have already executed a successful brand building strategy, you constantly need to be on your toes. You need to sustain your brand’s visibility and reputation, and most new businesses fail to do so.
To make sure that your brand image is effectively implemented and tracked, talk to us about its execution. We offer digital marketing services to new and established businesses based in Edmonton and surrounding areas.
Whether you need guidance with SEO or website development, just get in touch with us at 1-780-445-4359.