Brand Building for Profit
As I am about to launch my new book; Brand Building for Profit I would like to share with my fellow "fashion talk blogers" some of the important aspects I cover in my book when contemplating the branding process.
The process of building a brand first begins by successfully identifying either a need or a niche market, and then developing a product that has the ability to become recognized as a label.
The name or logo that a company invents will identify the product. It is important to create and maintain this identification. In today’s brand-conscious world, companies such as Nike and Polo are icons of popular culture, and have labels with cachet and an overwhelming appeal.
Traditionally, the principal way in which a business has sought to distinguish its product among consumers has been brand development. In legal terms, this can be referred to as a trademark. Not surprisingly, recognized brand names have become one of the hottest assets that a business can own.
Branding must be an instant story with a recognizable message. Begin by analyzing some of the hundreds of branded labels out there, and you will understand what type of person has purchased the product, and for what price and occasion. A successful brand must have:
·Consistency of Quality
·Consistency of Price
·Consistency of Feel
·Consistency of Image
·Consistency of Fit
·Consistency of Target Market – True to Niche
This consistency becomes a part of your story. It is important to remember that it takes a person approximately six times before they recognize a brand. Advertisers allow for this fact when they start a marketing campaign. Keep this in mind when you plan your marketing strategy.
Developing your story will be the initial stage of the branding process, as well as the most important part of your business plan. If you have read my first book, Fashion For Profit, you know that I stress writing down the direction your new brand will take, as well as how you intend to achieve your ultimate goal of brand recognition. Without a plan, it is hard to know where you are going.
When it comes to the branding process, every company needs that great story. It should include information on the anticipated market and customer demographics. Although many companies find success with the next hot thing, be wary of following fads.
Entering the market on the coattails of a fad or trend, and not having a genuine quality product, is brand suicide, and will prevent a brand from having any staying power. Also know that retailers don’t want a revamped version of the brands that they already carry. They want a new story.
It is important that your company’s story will attract media, retailers and your target market. These are your customers, who can and must relate to the product you have carefully developed. Your product should make them all want to return for more of the same!
Tone-deaf corporate branding can also ruin an existing, established brand. For example, Calvin Klein nearly imploded his established brand by using an ad campaign in which scantily clad teenage models were posed suggestively. These provocative ads created negative buzz rather than a positive reaction. While it can be a plus to create a buzz about your brand, it is important to create the right buzz. Otherwise, all the thousands of dollars spent on a marketing campaign can be wasted.
In short, you must have a very well thought out branding strategy to create a lasting branded label that can be licensed and bankrolled.
