For example, imagine you’re on a road trip, and on the highway in the distance, you see golden arches—without even thinking about it, you already identified McDonald’s. Brand awareness refers to the ways in which both the market and consumers perceive your business. Ideally, you want customers to have a positive impression of your brand and your offered service or products. Strong brand awareness encourages your target audience to select your brand explicitly, even over cheaper or alternative options. Contrary to what you may think, branding goes way beyond your logo design, your color palette or your brand tone of voice—and its importance can’t be overstated. Branding is mnemonic, meaning that it enforces a consumer’s association with your company to solidify it in their memory. How can you harness this power and build a brand that leaves a lasting impression on your audience?
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Don’t just ask, “Where are the greatest opportunities for profitable growth? ” You must also ask, “How can our company pursue these opportunities efficiently, effectively, and repeatably? Consulting firms with a large strategy practice include Accenture, Capgemini, L.E.K. Consulting, OC&C Strategy and Oliver Wyman. Learn everything you need to know before you head to work with these free e-learning courses. Discover everything from how to develop your transferable and digital skills to how to smash the application process. During a merger, before the transaction is completed, it is illegal to share information between the two companies.
Experience a day in the life of a strategic consultant at BCG with this free Forage job simulation. You’ll advise your local telco client Company X on how to combat a decline in profits. Within these categories are numerous project possibilities, from restructuring operations and determining best practices to building brand awareness and developing market entry plans. Our blog articles are written independently by our editorial team. Intellectually elegant strategies that can’t be executed won’t lead to value creation.
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Merchants in ancient Babylon developed sales pitches to lure in customers. Craftsmen branded or carved symbols on their merchandise to indicate their origin. A brand’s reputation ultimately boils down to the amount of trust that clients can have in it. The more you trust a brand, the better your perception of it, the stronger its reputation and, thus, the brand itself. In very simple words, a product is what you sell, a brand is the perceived image of the product you sell, and branding is the strategy to create that image. A product can be easily copied by other players in a market, but a brand will always be unique. For example, Pepsi and Coca-Cola taste very similar, however for some reason, some people feel more connected to Coca-Cola, others to Pepsi.
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Setting the tone for your brand starts with your website, so it’s got to be visually inviting and in harmony with everything else you’re doing. You want a consistent message that connects and reflects who you are. Sketch out the image you want it to convey – use any tool, from catchy slogans to eye-catching logos. Just as each person has their own unique identity, so does your brand. Imagine you’re setting up two friends on a blind date, and you need to describe each person to the other. Try to think of your brand as a person rather than a commodity or an object. Known formally as “brand anthropomorphism,” this idea challenges you to visualize your brand like a human to better define how the brand acts, speaks, dresses, communicates or impacts the world.
- Ultimately the goal of branding is to attract loyal customers, grow your position in the market, and make sales.
- The tangible components contribute to this — a gorgeous logo, a clever tagline, an authentic manifesto, and a clear brand voice — but truly strong brands thrive when they focus on the big picture of their brand.
- Agile project management is a method that helps you deliver value to your client faster, more efficiently, and more flexibly.
Companies typically use various tools to create and shape a brand. Twice a month, get a curated selection of branding insights and inspiration. In 2010, they decided to change their classic logo, which had been around for Creative Ink Studio over 20 years. The new logo was widely criticised, seen as generic and lacking character. After just one week, Gap reverted to the original logo due to the backlash. The whole debacle reportedly cost them millions, not to mention damaging their reputation.
This advanced tool helps you craft compelling statements, refine your brand messaging or even rewrite content to suit your desired tone. Describe your intended message briefly, and the AI Writer will generate it for you. As time passes, your brand positioning may transform and evolve, but hopefully in a positive direction. Some brands achieve good positioning globally, while others only need to have successful positioning in their local community. It all depends on what the brand offers to its customers and how big it wants to grow. A brand strategy covers everything your brand needs to exist, including how it’s shared and talked about and what brand guidelines the team should follow as it grows. But before you can create a solid branding strategy, you need to know what branding is, why it’s important and how to leverage it to take your business to the next level.