A Beginner’s Guide to Implementing the Right Business Branding Strategies

Before you start a business in Melbourne, one of the many things you need to figure out is your branding. If you’re a big enterprise, you can consult a branding agency in Melbourne to help you out in establishing your brand. Meanwhile, if you’re a sole proprietor or an entrepreneur with little to no budget for agencies, you will have to implement strategies on your own. Luckily for you, this handy guide has you covered.    

Branding in a Nutshell

By definition, branding is a practice in marketing where you create concepts that consumers can quickly identify as yours or associate with your business. Your brand is a representation of how you want your business to look, sound, or even behave. When you launch your business, you want to leave a memorable impression on your market by creating a unique name, a catchy slogan, or an appealing logo design. These, amongst many other elements, make up your branding.

Benefits of Branding

First and foremost, branding is how you get your consumers to recognise your business. Without it, your business will go unnoticed and drown in the sea of competitors, no matter how ground-breaking your products or services are.

Another benefit of this marketing practice is that it helps you generate new customers. Good branding will not only attract new customers, but it will also turn those people into loyal customers. Additionally, word of mouth is still the best form of advertising. If you have loyal customers, you would have no trouble drumming up referrals.

Lastly, it provides value to your business. By putting your company in a good light, you’re creating a domino effect that starts from attracting a strong market, which leads to establishing trust within the marketplace, and ultimately ends in a boost in ROI. 

Classic Branding Strategies 

There are four classic branding strategies that still work wonders for businesses, even in the new decade. These are:

• Brand Positioning
• Brand Direction
• Growth and Acceleration
• Brand Overhaul 

Typically, you want to start with positioning your business in the market. This is where you analyse your audience to identify how to strategically leave a blueprint for your business. You can create a positioning strategy by:

• Understanding how the competition works
• Knowing the right place and time to distribute your products or services
• Setting your price range
• Planning promotions 

After successfully positioning your business, you want to give your brand a direction. This is where you generate a unique name, a catchy slogan, and an attractive style and design for your business. In this step, you can use your unique value proposition (UVP) as a guideline for your brand direction. 

Next, you want to move on to accelerating your brand growth. This is where advertising, PR, SEO, and digital marketing come in. You want to incorporate video, photography, and content to implement an effective marketing plan.          

The last strategy is your last resort when your brand can’t still crack the market after completing the first three steps. A brand overhaul will have you going back to the beginning, where you need to do market research again, redo your logo, and give your brand another direction to follow. 

Establishing good branding can be challenging, especially if your industry is already crowded with big companies that dominate the market. However, with the right mix of skills and techniques, you’ll have no trouble thriving in a competitive environment. If all else fails, you can always hire a branding agency in Melbourne to improve your techniques.