Creating a Brand: Components
FastTrac, Kauffman Foundation
A number of things go into creating a brand. Most people think of branding as visual components such as logos and stationery. Marketing collateral, a general term for marketing materials, refers to brochures, business cards, and Web sites. Although branding often results in marketing collateral, branding encompasses more than what customers see. You can create branding for your company by thinking through the many points of contact you have with your customer.
Whether starting a business or redefining marketing strategies, successful entrepreneurs work on every aspect of the branding process. They develop a name, logo, and tag line that define their mission at first glance. They carefully position both their bricks and mortar location and their Web presence for maximum impact. They choose a well-defined target market and work to fulfill that market's needs. They network in their industry to establish partnerships with other businesses to increase their visibility and image among consumers. All of these activities enhance their image and reap many of the benefits of branding for their company.
A brand can represent you, your product or service, and your business. A brand conveys what types of customers you want to attract. Businesses with strong brands often see these benefits:
- Enjoy a higher perceived value for their products or services.
- Maintain higher margins over their competitors.
- Create loyal customers who don't switch to competitors easily.
- Cross-sell other products and services more easily.
- Develop new products/services quicker and more cost-effectively.
© 2007 Ewing Marion Kauffman Foundation. All rights reserved.