Today we’re asking a serious question about your branding…
In this blog we discuss the difference between being a brand or a commodity. You don’t want to be the latter!
If you don’t have a distinguishable brand that is both recognisable and you communicate your values you might as well be a commodity, just another sack of coal, or a bag of grain. If you fail to have differentiation between your peers and can often end up pitching for business on price alone. A rebrand could be just the tonic for your business in 2024.
Don’t be just another Commodity…
A commodity is a basic, interchangeable product that is not easily distinguishable from similar products offered by competitors. Commodities are typically characterized by standardized features and low differentiation between brands. Sacks of sugar, Sacks of salt, Plain vanilla ice cream versus your Ben & Jerry's Cherry Garcia.
Customers don't know why they should choose you. The onus should not be on the customer to figure out why you should be their go to particularly if your enhanced offering isn't necessarily the cheapest. Pricing often becomes the primary competitive factor for commodities, as consumers may choose based on price alone. Which is fatal if you become involved in a lowest price race to the bottom to secure a contract. Low margins just aren't sustainable. If your brand doesn’t have an inherent value you’ll be stuck here. Logic dictates the purchase of a commodity, a good brand on the other hand enters the realm of the subconscious and subjective something that isn’t easily replaceable.
Defining A Brand:
A brand, is more than just a product – it encompasses the overall image, identity, and reputation associated with a company and its offerings. Brands are built through marketing, advertising, quality, customer service, and other factors that create a unique and positive perception in the minds of consumers.
Brands add value to a product or service by providing intangible qualities such as trust, credibility, and emotional connection. Branding allows a company to differentiate itself from competitors, even if the core product or service is similar. Having a reputation for quality, reliability and going the extra mile when needed is a premium many customers are willing to pay
Why Your Brand is Important:
Differentiation: In a market flooded with similar products, a strong brand helps a company stand out by offering unique qualities, values, or experiences.
Customer Loyalty: A well-established brand creates a sense of trust and loyalty among consumers, leading to repeat business and positive word-of-mouth referrals. Get to know your customers
Perceived Value: Brands often command higher prices because they are associated with quality, reliability, and positive consumer experiences, contributing to a perceived higher value.
Market Positioning: Brands can position themselves in the market to appeal to specific target audiences. This allows companies to tailor their marketing messages to the preferences and values of their desired customer base.
Risk Mitigation: A strong brand can help cushion a company during challenging times or when faced with negative events, as loyal customers may be more forgiving and supportive.
While commodities focus on the product or service itself, brands extend beyond the tangible offering, creating a unique identity that adds value and distinction in the minds of consumers. Building a strong brand is crucial for long-term success in a competitive marketplace.
So, how might we build a brand?
Define Your Brand: Clearly articulate your brand's mission, values, and unique selling propositions. Understand what sets your business apart from competitors.
Understand Your Target Audience: Identify and understand your target audience. Know their needs, preferences, and behaviors. Tailor your brand message to resonate with your audience.
Create a Memorable Logo and Visual Identity: Design a distinctive and memorable logo that represents your brand. Develop a consistent visual identity, including colors, fonts, and imagery, to maintain a cohesive brand image across all channels. Inspire confidence.
Craft a Compelling Brand Story: Develop a narrative that communicates the history, values, and mission of your brand. Humanise your brand by sharing stories that connect with your audience emotionally.
Build a Consistent Brand Voice: Establish a consistent tone and voice in your communication, whether it's on your website, social media, or in marketing materials. Consistency helps reinforce your brand identity.
Develop a Strong Online Presence: Create a professional and user-friendly website. Utilise social media platforms to engage with your audience. Consistently produce valuable content that aligns with your brand. Publish blogs to share your insights and story.
Focus on Customer Experience: Provide exceptional customer service. A positive customer experience contributes significantly to building brand loyalty and positive word-of-mouth.
Differentiate Your Brand: Clearly communicate what makes your brand unique. Highlight features, benefits, or values that set your products or services apart from competitors.
Consistency Across Platforms: Ensure consistency in your branding across all touch-points, including online and offline channels. This includes marketing materials, packaging, social media, and customer interactions.
Build Relationships: Engage with your audience through social media, email, and other channels. Foster a sense of community around your brand. Respond to feedback and show appreciation for customer support.
Invest in Marketing and Advertising: Develop a comprehensive marketing strategy to increase brand visibility. Utilise both online and offline channels to reach your target audience effectively.
Monitor and Adapt: Regularly evaluate your brand's performance. Gather feedback from customers and monitor industry trends. Be prepared to adapt your brand strategy to meet changing market conditions. Ask for reviews and publish them.
Build Brand Partnerships: Collaborate with other businesses or influencers that align with your brand values. Partnerships can expand your reach and enhance your brand image.