Human beings evaluate information quickly and make judgments in a snap. This habit automatically transfers over to the consumer marketplace as well. Consumers want to feel comfortable with the brands they buy from, invest in, and spend time with. Therefore, as an entrepreneur, it’s important to spend a considerable amount of time and effort developing the identity of a brand.
What makes a good brand identity? Not every brand identity has all these attributes, but the best ones have most, if not all.\
1. A brand must always have a purpose- Consumers are always looking for a company’s story or a purpose. They may not be aware of it, but they are looking for some motivating factor that they have in common with the brand. They need something to connect with. Hence, the brand’s purpose needs to be expressed whenever and wherever it can be expressed. For example, Dove is one of the greatest examples of a purposeful brand. Their mission is about something far more profound than just selling soap and hygiene products. Dove recognized that low self esteem is a huge problem for females and is using its brand to help improve the self esteem of girls worldwide.
2. A brand must deliver benefits that customer’s desire- Every brand must listen to their target audience and should be able to define their expectation and desires. History shows that when companies listen to their customers, collaborate with them and innovate together, they thrive. Knowing the exact target audience will make branding initiatives more strategic. For example- Amazon, once an online book seller, is now not only a marketplace for nearly any product available, and has recently become a cell phone manufacturer with Amazon Fire mobile device as well.
3. The pricing of a brand must be aligned with the perception of its value- A business with products and services that aren’t aligned with the customer’s perceived brand value will quickly fail. The message, design and positioning of the brand are key to establishing a connection between price and the perceived value for products. For example- The spectacular success of Patanjali Ayurved offering products that are positioned as being pure by Baba Ramdev, the yoga guru seems to be a dexterous mix of savvy marketing and smart pricing.
4. A brand must be unique and distinctive- A brand simply needs to have one special thing that separates it from its competitors. Brands must establish distinct brand elements in order to win in the marketplace. For example- Domino’s Pizza used to guarantee that their pizza would arrive in 30 minutes or it’d be free.
5. A brand must always be consistent- Consistency is a part of building trust and making a brand feel more dependable. A part of engaging the right emotions with consumers is making them feel like they know a brand and that the brand can be trusted. Interacting with consumers through a consistent brand voice and aesthetic lets consumers get to know the brand as an organization. For example- Coca Cola since its inception is selling happiness. The world's largest beverage-maker has promised to delight consumers ever since it launched itself. Everything they do is inspired by this idea of promoting, developing and creating happiness which automatically resonates with consumers.
Branding is fundamental. Branding is basic. Branding is essential. The main idea is to keep in mind that people look forward to relating with a company before buying their product or services. Hence entrepreneurs must develop a brand’s identity and show the consumers the attributes that they are looking for.