Do you love Starbucks? I am sure most of you will answer yes to this question. My guess is that you also get told that it’s just coffee, But is it just coffee? Take a moment and think about what makes you spend $2.10 on a grande coffee from Starbucks instead of $1.00 from somewhere else? I know for me it makes me feel like I am in New York City having lunch with Carrie Bradshaw. Starbucks provides you with an experience and we buy it with that experience in mind. This is why we create a brand.
To most people, Starbuck is just coffee but it’s the brand behind it that makes you purchase it. The result of branding is your consumers choose you over your competitors. Before we go further let’s go back to the beginning. What is a brand?
A brand is the color palette, the logo, the packaging and marketing that consumers begin to associate your company with products or services.
Here are a few branding key terms that you should know. These terms will help you understand how important it is to brand your business correctly.
Brand awareness like stated above, is the deciding factor for consumers when they make a purchase. Most shoppers will buy from a brand they know more than a person who buys from a brand they just saw in the store. Your goal while branding is to make your business memorable and to help your consumers distinguish your business.
Brand trust gives your business identity, reputation, and builds a connection with your consumers that sets you apart from the competition. This is key in retaining repeat consumers. Consumers will continue to do business with companies who they trust will deliver on their promise.Just like Starbucks the baristas are nice and you feel good when your name is called when your order is ready instead of a number.
Brand management is the process of maintaining, improving and delivering your brand. While managing your brand you want to make sure your consumers are receiving the story you are delivering. You want to manage your brand just as if you were making your employees.
Once you have established your brand you can now expand your product line to further increase awareness and revenue. Think about Starbucks. They created a reusable drinkware collection, which increases brand awareness and revenue.
Remember to focus on telling your story and to have a clear voice for your brand. In part two of our Branding series I will discuss how to create a brand.