The value of your brand — part one

February 14, 2014By Behind the Shelf Blog, Brand Marketing

Posted by Megan Moyer

There are a lot of companies that struggle to find success with a new product introduction. While there can be any number of contributing factors to success or failure, one that is avoidable with proper planning and focus (and is most important!) is knowing and carrying through the value of your brand.the value of your brand

I see some companies that don’t seem to recognize the importance of their brand. It may have started with how the brand was developed in the first place. If it wasn’t created with thoughtful consideration, then there was little inherent value to begin with. Understanding that many companies may not have the budget to invest in consumer research to test brand concepts, and obtain target market input and reaction, there still should be a conscious, careful effort to define your brand with the attributes you want to be known for and those that will resonate with the audience you want to attract.

Putting in the time and effort at the outset to define your brand attributes will pay off throughout the life of your product. Being clear about what you want your brand to stand for will also save time and money in the future.

The exercise of choosing the attributes you want to be known for doesn’t have to be overly complicated.

  • What did you get into this business for?
  • Did you see a need unfilled?
  • Do you have a more effective solution?
  • Can your product address more than one symptom or issue where others cannot?
  • Do you have unique expertise?

Start there and think about the solution you plan to provide. How will it improve the quality of life of its users? What problems will it solve? What’s the “so what?” factor/differentiator?

Defining your brand – explicitly – at its inception will provide the direction that will help guide many of your decisions going forward. In my next post, I’ll explain how the effort to spell out your brand attributes from the outset can save you time and money in the long run.