Anya Hawkins's blog : Tips on Developing a New Brand
You might have the perfect business idea or innovative product, but that’s not enough to get your product flying off the shelf or into someone's basket. Having a brand that appeals to the right target market is essential for any business strategy. A brand and the messaging help change how potential customers view your products and services and encourage them to buy or subscribe. When developing a brand from the ground up, you need to consider several elements. We look at some of the most critical aspects of creating a new brand.
Research your target audience
Researching your target audience is a critical step that you can’t skip when developing a new brand. You need to understand what attracts your target audience so that you can develop your brand name colours, and message with these aspects in mind. There are many different ways you can research your target audience, including desk research and field research. Use online resources such as social media to help you understand what interests your target audience. You can also talk to them directly or send out an online questionnaire to find out what will grab the attention of your target market.
Part of this research should include comprehensive research into your competitor's products and marketing strategy. You need to understand what they are doing well and what they can improve on to avoid making the same mistakes. Short-list your competitors, so you have 3-5 main competitors that are very similar to your business, targeting the same audience. This list will help you when you’re monitoring how well your brand is performing and looking for new ideas. New brands enter the market all the time; make sure you periodically do market research to assess if there are any new competitors.
Value proposition
A brand's value proposition is a statement that describes in a sentence or two exactly what your business offers and to whom. Value propositions set out why your company exists, what problem you are trying to solve and who will benefit from your product or service. Your value proposition should state everything you need to know about your business at a glance. This will be the basis of your brand.
Brand personality and tone of voice
Choosing your brand personality and tone of voice will help shape the name, colours and logo of your brand. Do you want to be a relaxed, informal, fun brand that likes to play around with colours and language? Or you could be a serious, corporate brand. Your brand could be all about quality and luxury, or your brand could be about offering a reasonably priced service to the mass market. Whatever the personality and tone of your brand, you need to clearly take the time out to decide what you are and how you are going to market your product or service.
Many companies need help deciding their brand personality and other aspects of developing a new brand. A Hong Kong branding agency can create all aspects of your brand, considering your value proposition, target market and tone of voice; developing these into a brand name, logo, colour palette and much more. Branding agencies specialise in creating brands that are successful and that customers love. Unfortunately, if your budget is limited, you may only have one chance to develop your brand. Expert outside help can ensure your brand succeeds from the start.
Your brand name
You might already have a brand name in mind or have no idea what to call your brand. Choosing a brand name is a critical decision that should be discussed and tested before launching your brand. You want your brand name to be easily recognisable, and make sure that it represents the products and services you are offering. It should be easy to say and not too hard to spell if you expect people to be able to search for your brand online. Always test your brand name out with your target audience, ask them what they think of the name and make sure it doesn’t have any negative connotations that you haven’t considered. Sometimes business owners become so involved in their brand that they miss obvious issues with things such as the brand name.