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BRAND YOURSELF, YOUR PRODUCT OR YOUR SERVICE: AN INTRODUCTION

Developing an effective brand strategy is crucial to every business that seeks to succeed. Businesses that fail to understand what branding is or how to develop an effective strategy are essentially planning to fail. Although it would be impossible to cover every topic involved with brand strategy in one article, the following information will serve as an introductory guide to developing the effective brand strategy your business needs to survive.

WHAT IS BRANDING?

Before we can discuss brand strategy development, it is important to understand exactly what branding is. The phrase 'company brand' often conjures up an image of any given company's logo, such as McDonald's golden arches or the Nike swoosh. Unfortunately, a company's logo is only a small part of branding, and is heavily influenced by the company's brand strategy. Likewise, marketing and advertising are oft confused with branding. Again, these are important parts of the business which are influenced by the branding strategy.

So what is branding? Patrick Gourney, CEO of Body Shop, explains it this way: "...A great brand is something that people want to be a part of and share in - a way of expressing themselves."

Ultimately, branding is a promise to customers, which then provides the overall experience for them. In addition, it is the 'essence' of the business; the most valuable component which drives the company's direction. It should encompass all aspects of the business, from product development to marketing and advertising - even hiring decisions.

STAGES OF BRAND STRATEGY DEVELOPMENT

In general, developing an effective brand strategy involves three main stages: research, strategy development and execution. Care must be taken at each stage to make sure that all aspects of the business are involved. That includes the product or service, the staff, the company itself and the target audience.

The research phase will take an in-depth and objective look at several areas, including the company, the products or services it provides, the market, the target audience and competitors. These components must be well researched before moving on to the development stage.

Specifically, research will focus on determining what the company's philosophy is, who the customer is and what guides their purchasing decisions, what benefits the products or services have to offer the customer, who the competition is and why the customer should choose your product over the

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