You must properly determine your company's position within your industry before you plan your brand strategy.
When it comes to branding your company, what may seem like the most pressing issues may actually be not as urgent as you think. Is there an important meeting with a potential investor coming up? Maybe there is an upcoming trade show where your company will get some much-needed exposure. Or perhaps you've got a potential trademark conflict on your hands. Whatever these pressing matters might be and however urgent they may seem, they may actually be overshadowing one of your top priorities: properly establishing the position of your company in your industry.
So what does all of this mean? Well, in your rush to brand your company or build your own personal brand, you may not have considered your prime position within the industry you're trying to market to. Sure, you may have come up with a cool and seemingly effective brand and name that you can use at those trade shows, pass through trademark and present to potential investors. But that branding might not actually reflect the core values and service your company puts forward and provides. It may not strike potential investors and customers as unique or compelling. So instead of standing out as a brand, your company may just blend in with mediocre brands that offer the same products and services.
Aligning your brand with your company's core strength
Before you can properly brand and market your company, it's important to identify and capitalize on its core strength. What is it that you want to convey about your company? What makes your company stand out amongst others that offer the same or similar services? What core strength will you be relying on to put your company's name out there as a leading brand in the competitive market? These are a few questions you need to ask yourself before deciding on a branding strategy.
Your company's core strength should reflect your main focus. For example, will your company be a frontrunner in new, cutting-edge products? Or will your focus be on excellent service that your customers can always count on? Your company's core strength should reflect something that you're not only good at, but that you enjoy doing and passing along to customers to enjoy or benefit from.
Why should customers choose you over the competition?
In discovering your core strength as a company, you must also ask yourself what keeps your best customers coming back. What makes them want to keep coming to you for your products and services? And what gives them the initiative to recommend you to other potential customers? By digging deeper and finding that core strength or pivot point your products and services revolve around, you'll have a better understanding of how to market yourself to your current and potential customers. Focus on what you do best as a company. Whether it be experience in services, innovation, reputation or dependability, find what attributes stand out and build your brand upon those key elements.
Thinking ahead to the long term
When you identify first what it is that makes your company stand out, its core strength, then you'll be better equipped to find a company name and brand that will set you up for long-term success. When you know exactly what you're aiming for as a company, then you'll definitely be able to put that in your branding. When thinking long-term, keep in mind how your company will evolve and innovate. Will your branding still be consistent with your company's core strength in the future? That's an important question to ask yourself in terms of branding. You should plan for the long term, and also make sure to plan for future innovations and product evolution along the way.
Another question to ask yourself about the long-term branding of your company is if your current and future clients will be able to sum you up in one word. Even in the current process of coming up with your brand, do you think it's straightforward enough to sum up in one word? Also, it doesn't make much sense to call your company something it's not. For example, don't say you're advanced if you don’t plan on using the latest technology or innovation. Think long and hard about what you want your company to convey to the public – your true strength or pivot point. Then you can begin to build your company brand successfully.
Branding your company doesn't have to be a tiresome and stressful task. Keep the focus on what you want to convey to your customers and how you want your company to stand out amongst your competitors. Maybe even consider hiring outside help, using a trusted branding and marketing agency directory to find local experts. In doing so, you'll be well on your way to coming up with a brand that not only portrays your core strength, but lives up to that core strength for years to come.