What makes your company or product stand out? How do you differentiate your product from the rest offering more or less the same service? Which emotions or sensations to you want your customers to feel and associate to you? This week has been about ‘Branding‘ and creating a personality and experience around your product. I’ve had the chance to lead a workshop with twenty local entrepreneurs here in Santiago about it! Together we went through five aspects or branding:
1. Your brand sets you apart.
2. Your brand is ingrained in all your company.
3. Your brand is who you are.
4. Your brand is the connection to your audience.
5. Your brand gives you loyalty.
We aimed at creating a personality and tagline for their product as we went along. I was impressed at how interactive it turned out to be, as everyone participated and got pretty excited about it. After all, it’s fun to create a persona with values and qualities around your service and share this with everybody!
We started off introducing ourselves and giving a 30seconds pitch of our business. Once everybody had situated the other participants, we got started on the definition of Branding. To me, Branding a process of establishing a relationship with your customers through your product with the aim of creating loyalty and differentiating your product from the masses of others. I think Jeff Bezos from Amazon said it fairly well when stating “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well”.
Your brand is your promise to your customers.
It is important to be certain about the factors that differentiate your product from competitor’s and to make sure that the brand does not rely solely on this. Your brand promise should never be to be better than company Y. What happens if Company Y changes or ceses to exist? Your promise would not bring any value anymore. So make sure you know how you are different from the rest but also make sure that your promise does not built on these differentiating factors! Then get to know your audience. Make sure you know who you are talking to: Where does he live? Where does he work? In which groups does he move? What keeps him up at night?…. You should get to know your audience like a friend in order to transmit the most relevant message.
“Products are made in the factory, but brands are created in the mind.”
Walter Landor, the father of Brand Design, once said that brands are created in the mind meaning that we have to play with emotions and sensations. Our brand is transmitted through word, photography, design, color, video…it is everywhere and it is created in the mind of our users. Only if we know how they think can we distribute a message that is then correctly deciphered by them. You should aim to make a product for one person in particular because making a product that fits all people’s demand is making something for nobody. Get personal! Get to know your user like a friend!
This all seems like a lot of work but it pays of: Your efforts are repaid by the loyalty of your customer base. The value of your brand is the sum “of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand”. Your brand manifests itself in the lifetime value of your customer.
What makes your user come back?
Here you can see the whole presentation on Slideshare!