The Six-Step Formula to Reinvent Your Brand.
Playbook Step-by-Step Playbook to Building a Strong Brand
Step 1: Understand Branding
- Definition: Branding is the association between your business and familiar, positive concepts.
- Goal: Establish clear and positive associations to create a strong brand identity.
Step 2: Identify Why Branding Matters
- Economic Impact: A strong brand lowers customer acquisition costs (CAC) and increases customer lifetime value (LTV).
- Benefits:
- Attract more customers.
- Increase conversion rates.
- Enable premium pricing.
- Foster customer loyalty and repeat business.
Step 3: Define Your Target Audience (The "Who")
- Criteria for Selection:
- Growing Market: Target a sector that is expanding.
- Affordability: Ensure your audience can afford your offerings.
- Ease of Targeting: Choose an audience that is easy to find.
- Pain Points: Focus on audiences experiencing pain points that your product/service can solve.
- Example: An accounting firm might target med spas and anti-aging clinics due to their growth, wealth, ease of targeting, and specific financial pain points.
Step 4: Understand Audience Preferences
- Research: Identify what your target audience values and struggles with.
- Example: Med spas may value increasing profits, acquiring more customers, optimizing operations, building a sellable business, and recruiting and retaining talent.
Step 5: Create and Advertise Relevant Content
- Content Creation:
- Develop content that addresses your audience's needs and positions your brand as a solution.
- Use blogs, videos, cheat sheets, and other formats to share valuable information.
- Advertising:
- Use various channels to promote your content and reach your target audience.
- Differentiate between advertising (making your brand known) and branding (the content of your advertising).
Step 6: Keep Your Promises (Product Quality)
- Deliver Consistency: Ensure your product/service delivers as promised.
- Build Trust: Consistently meet or exceed customer expectations to create a virtuous cycle of branding.
- Encourage Feedback: Foster word-of-mouth marketing by encouraging satisfied customers to share their experiences.
Step 7: Maintain and Evolve Your Brand
- Continuous Improvement: Regularly review and refine your branding strategy based on feedback and market changes.
- Prune and Plant: Continuously manage your brand’s associations, removing negative or irrelevant elements and strengthening positive ones.
- Adapt to Trends: Stay current with market trends and evolving customer preferences to keep your brand relevant.