very successful brand is the result of a brilliant concept. But transforming that concept into something with a distinct personality and character that appeal to the market is not easy.
Branding can be both tough and exciting. And, in most situations, it is a never-ending effort, albeit one that is extremely rewarding.
It is no surprise, however, that despite their best efforts, many entrepreneurs continue to struggle with the goal of creating a memorable brand from their product.
When it becomes impossible to move their company beyond production and sale, many of these entrepreneurs simply accept their fate. And their items become lost in the blur of the market shelf as just another generic item with no distinguishing features.
However, even when a business idea is just a seed, there are proven techniques for creating a brand.
For many years, international corporations have utilized this tried-and-true method to establish new brands with great success.
And any enthusiastic entrepreneur with the persistence of a champion may easily follow the steps.
The SCREENING AND SELECTION OF IDEAS is usually the first step in the process.
You want to make sure you are moving forward with a concept that has the best chance of success, that you can manage, and that corresponds with your company’s objectives.
After you have determined that the idea is worthwhile, you can move forward with DEVELOPING THE PRODUCT.
Your product concept merely aids you in defining the core of the brand in question.
Technically, it is a written explanation of your product that includes functional and psychological benefits, a target customer profile, and how the product will provide a unique experience to the user.
The next stage is to conduct some research to VALIDATE THE PRODUCT CONCEPT. This does not have to be anything fancy. It could be as basic as convening a focus group to assess the product concept as written or, if possible, a mockup of the final product.
What you really want to know is whether the product will appeal to the market, and if there will be enough purchasers to make the brand a marketing success.
If the research yields promising results, you proceed to the next level.
You should now decide the SMALLEST SCALE OF OPERATION THAT IS FEASIBLE. The crucial question now is: what is the bare minimum of resources required in critical areas of production and marketing in order to bring the idea to fruition?
On the other hand, understanding what level of sales is required to keep the firm running is equally important.
For an entrepreneur who is starting a new brand, answering this question is critical. It will allow you to begin on a scale that you can afford, or it will allow you to determine whether or not you have the resources to continue.
In order to construct a tentative marketing plan for production and marketing expenditures, as well as sales and profit estimates, secondary market research data and intelligence would be quite valuable.
If you are ready to move forward, the next step is to CHOOSE A BRAND POSITIONING AND IMAGE.
Positioning is the process of deciding on a marketing attribute in which you want to excel and build consumer loyalty.
This serves as a performance baseline for your company as well as a market expectation.
The result of your positioning is your brand image. It is your brand’s final impression after all your hard work.
After you have resolved the positioning and image issues, you may move on to PRODUCTION AND MARKETING PLANNING.
It is worth noting that no significant costs have been incurred thus far. It had primarily been about strategizing and planning.
However, major actions begin during the stages of manufacture and marketing, increasing the risk.
From employee recruitment to material procurement, everything must be meticulously planned. You will also need to create a budget and allocate resources, of course.
If the new brand is simply an addition to your existing product range, the work may be a little easier. Then, by relying mostly on internal resources, you may be able to save money.
You would have to start all over again if you did not follow-through the process thoroughly
The product’s introduction should normally follow production and, as a result, marketing. This is generally postponed, however.
Instead, TEST MARKETING comes next. The objective is to merely introduce the new product to a subset of the target market, if only to ensure that the new brand is not rejected.
Finally, LAUNCH THE PRODUCT in either a limited number of markets or the entire market. Whatever the case may be, the most important thing is to make sure that everything is done with a goal of success in mind.
BRAND MANAGEMENT follows the product introduction and is the final lap of the race.
The only thing that had been done previously was to start the car. The journey begins with the brand management process, which includes a number of milestones and phases.
For as long as the product is alive, brand management will continue. The rigorous process of developing the seed of your business idea into a fruit that nourishes and delights as a brand, on the other hand, should be taken to heart here.