Whether you’re building a brand from the ground up or you have decided to rebrand your business, this is not always an easy task. You may be wondering what it should look like, or how do you attract the right audience?
These questions get you thinking about the stepping stones towards a successful business. All business owners want to build a strong foundation for growth. When it comes to your brand, this is your company’s most important asset.
A brand is your identity, making your business memorable and attracting more consumers.
In this article we will discuss the key aspects to creating a brand, and how a business valuation can play a key role in your future value potential.
How to Create a Brand
Target Audience
Once you have a business idea, the next step is determining how you will portray your business to consumers. Having a strong brand image will lead to recognition, trust, and revenue. It’s important that your brand resonates with your target audience, in order to build a positive relationship.
This is where target market research comes in. Ask yourself:
- Who do I want my brand to attract?
- Who will benefit from my service or product?
- What are my target market’s tastes and preferences?
- Where is my audience located?
By answering these questions you will develop a clear understanding of your target market and the type of buyers that will influence your branding decisions down the line.
Mission Statement
Why did you create your business? Defining the purpose and passion of your business is highly important for the creation of your mission statement.
Key to brand development is informing customers why your business exists and why they should care about your brand. You must be able to communicate the goal of your business through the logo, tagline, imagery, personality, and voice of your business, which will be reflected in the mission statement.
Defining the Key Principles
Depending on your industry, there may be a number of businesses that are similar to yours. Therefore, establishing clear branding that stands out from your competitors is necessary to your success.
What’s the one thing your business has that no one else can replicate? Your brand! That’s why it is important to create an image that is unique and true to your personal values or qualities.
Write down a list of what sets your business apart from the rest, focusing on how your product or service can improve the lives of your consumers, and then incorporate this into your branding.
Visual Creation
Once you have established an understanding of your target market, mission and the key principles which make up your business foundation, it’s time to design!
Visual design creation includes:
- Your business logo
- Colour scheme
- Typography
- Images and symbols
It may be beneficial to gain assistance from a graphic designer or company to ensure that your visuals are aesthetically pleasing and resonate with your branding, mission statement and audience as a whole.
Brand Voice
Finding a voice for your brand that will resonate and connect with your audience is crucial for any business. How would your brand sound if you were to have a conversation with it? Should your brand be friendly, or professional? Casual or confident?
From social media captions, advertising campaigns and your website’s “About Us” page, you need to ensure that your tone is consistent throughout all the content. Thus, people who interact often with your business will become familiar with your brand, and learn to recognise the “sound of your voice.”
Get to Work
Once you have decided upon all the above aspects to your brand, the next step will be putting your brand to work. Extra attention will be needed to ensure that your business is attracting the right customers. Make sure to leverage social media platforms as well as traditional and digital marketing. By trying out different advertising methods you will see which works best for your business.
Remember, a brand is only as powerful as the people behind it. Branding is not just about the marketing side of things; customer service plays a major role in how people will perceive your business as a whole.
Having the right team behind you is key. All team members must understand your business and brand guidelines. Whether they are the first point of contact or demonstrating your products, your team needs to have an extensive knowledge on how you would like to portray your brand and the tone of voice in which they present themselves when dealing with customers.
Business Valuation
At the end of the day, every business owner wants to create a successful brand. Many business owners will seek out professional advice from a valuer for a business valuation service that will best suit their needs.
A business valuation is an investigation of all internal and external facts and figures that will reflect the true value of the company. You will receive a comprehensive report that will detail the overall condition of your business. Whether you are a start-up or a well-established business, a business valuation can be tailored to you.
Your business is one of your biggest assets and the foundation you create will determine how successful you will become in the future. A business valuation will guarantee that you stay one step ahead, preparing you for the future.
“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."
