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Take Your Brand Seriously: Why You Need to Optimize Your Brand [Infographic]

Posted by on Jun 10, 2014 in Infographics | 0 comments

Having a brand is beyond having a name, term, sign, symbol or design, or a combination of these to identify products and services and to differentiate them from others.  Having a brand means having a set of values or associations that your target customers make with your company, products and services. First question: What set of values does your target customers associate with your brand? Second question: Do they even know your brand exists? You need to pay attention to this, and you need to start today. Because if you’re not taking your brand seriously, how do you expect potential customers to take your business seriously? In today’s competitive market, you just can’t let that happen, can you? That’s why we put together an infographic and listed eight tips you can start using today to build your brand. So… are you building your brand every day? What benefits do you stand to get? What challenges will you face? Discover the answer to all these questions and more below. See our Infographic: Know your Target Customers and Build your Brand’s Personality around Them Like humans, brands also possess or project a certain type or a mix of personalities. In “Dimensions of Brand Personality,” a study published by the Journal of Marketing Research, Jennifer Aaker, now a professor at the Stanford Graduate School of Business, summarized brand personality into five dimensions: sincerity, excitement, competence, sophistication, and ruggedness. In the infographic, you’ll see defining characteristics for each dimension. For instance, a brand that imbues “sincerity” is perceived to be honest, domestic, genuine, and cheerful.  Therefore people who value these characteristics tend to prefer brands with this personality. The idea here is to identify the personas of your target customers, and identify your brand as well, using a mix of these dimensions. Then, build and shape your brand around this mix of dimensions. This way, you’ll be able to align your brand persona with your target customers or identify what customers to target based on your brand personality. These dimensions are helpful, especially for small businesses that are just beginning with the creation and strengthening of their brand. Build your Brand Slowly but Surely or Fast and Strong. Either way, You have to Build it According to Millard Brown’s Brand Dynamics Pyramid, the value of a business is directly proportional with the value of the brand. If you want to grow your business, you need to build your brand. Analyzing five years of stock market data, the company found that strong brands are more likely to increase their share price than companies with weak brands. “Strong brands are more likely to grow,” the report stressed. What’s more interesting here is Millard Brown’s pyramid relates how brand strength affects consumers’ expenditure for that brand. This time, brand is inversely proportional with “share of wallet,” or share of category expenditure. For instance, brands at the bottom of the pyramid or those with “presence,” eat up only 12% of spending for that category. On the other hand, those at the peak of the pyramid, or brands with bonding with consumers, account for 40% of wallet share. You need to move your brand from merely having presence in the market to be performing and eventually having a bond, which is the peak of the pyramid. By moving...

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