So, you have an idea. Now what?
How does an idea for a new product become a brand?
In today’s world it’s become easier for entrepreneurs who have a great new product idea to start selling online or in store, but you might be struggling with where to start or whether it’s worth taking the time to build a brand. Or you might have ventured forth and had some early success, but now you are struggling with how to effectively stand out from the competition and resonate with your target audience.
Speaking from experience, doing the work upfront, will help you create differentiation between your brand and its key competitors, help your brand foster and build customer loyalty, allow your brand to charge a premium price, and ultimately provide brand resilience in a highly competitive market.
Below we’ve captured the key elements involved to help serve as a guide as you start your journey.
Brand Mission: The brand mission represents the overall purpose and reason for your brand's existence. It defines what your brand aims to achieve and the primary goals it seeks to fulfill. When creating the brand vision, promise, purpose, and positioning, it is beneficial to consider and align them with the brand mission. The mission provides a guiding framework and helps ensure that all elements are consistent and support your brand's objectives.
Brand Vision: Once the mission is defined, articulate your brand's vision. This represents the desired future state or aspirations of your brand and helps guide its long-term objectives and it also provides a sense of direction and inspiration.
Brand Purpose: The brand purpose refers to the higher-level reason your brand exists beyond making a profit. The goal is to capture an articulation of how your brand is going to make a positive impact in the world. It goes beyond your product and services and reflects your brand’s values, beliefs, and aspirations. It helps shape your brand strategy, messaging, and interactions with your customers and society.
Brand Promise: The Brand Promise is a statement, or a commitment made by a brand to its customers. It represents the value and benefits that your customers can expect to receive when they interact with your brand. It is a pledge or assurance of what the brand consistently delivers. It plays an important role in building trust and creating customer loyalty. It also sets the expectations for the brand experience and guides your brand's actions and behaviors.
Brand Positioning: Brand Positioning refers to the unique space that a brand occupies in the minds of its target audience. It is the way a brand is perceived and differentiated from its competitors in the marketplace. Brand Positioning is determined by the brand's distinctive attributes, benefits, and value proposition that resonate with the target customers. It involves identifying and communicating the brand's competitive advantage and relevance to the target audience in a compelling and distinctive manner.
Brand Essence: Brand Essence refers to the core identity and fundamental nature of a brand. It captures the intrinsic qualities and attributes that define what a brand stands for. It represents the essence of the brand's personality, values, and unique characteristics that set it apart from its competitors. Brand Essence is often expressed through a concise statement or a few words that encapsulate the brand's true nature.
Once you have taken the time to craft each of these, it’s important to refine them by seeking feedback from potential or current customers and key stakeholders. Revise and iterate as necessary until you have a set of statements that you feel truly represents your brand. Most importantly, be sure to incorporate them into your marketing materials, website, and internal communications.
Remember, it is an iterative process. Revisit and refine these periodically to ensure they remain relevant and are aligned with your brand's growth and evolution.
At CMO + Co, we can help you and your team with crafting your brand strategy in addition to helping you implement your marketing plans.