The First Step to Develop a Brand

I’m often asked how a company can start building a brand. This question is particularly common from new businesses. My answer is always the same – know your market. That might seem like a broad statement, but truth be told, it’s not when you look at what knowing your market entails – primarily, your competition and your customers.

In other words, to start building a brand, you need to have a clear understanding of the world that your brand will reside in. Where will it fit in (i.e., your brand’s position)? What went on in the market before your brand was born and where is the market going in the short and long terms (i.e., trend analysis)? What are your competitors doing in terms of sales strategies, pricing strategies, advertising strategies, distribution strategies, etc.? Who are current and potential customers and what are their needs?

Think of it this way – a football team doesn’t walk on the field to play another team without first researching their competitor. Should you?

A quick way to get started is by conducting a traditional SWOT analysis where you take the time to identify your brand’s strengths, weaknesses, opportunities and threats. Find the gaps and fill them.

So how do you start to develop a brand? The short answer is research. Do your research first. Once you understand the market, you’ll have a better chance at successfully creating strategies and tactics to generate awareness, recognition and ultimately, loyalty to your brand.

What do you think?

Photo: Flickr

Tags: brand strategy, building a brand, developing a brand, brand awareness, brand recognition, brand loyalty