Branding Bonanza Basics

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3 Part Branding Series – Branding Bonanza Basics: How to Begin Branding
Part one of this three-part series focuses less on the actual plan and more on the basics of what you need to create a branding plan that will offer strategic marketing successes. Part Two focuses on creating a plan and its challenges while Part 3 outlines the rewards a marketing plan will deliver to your business.

This three-part series outlines specific ways to brand your company by providing examples. Let’s start with: How do you start the process of branding and what do you need?

  • Define the target audience
  • Clear company direction for marketing and branding goals
  • Guts to try new promotion ideas
  • An appropriate budget for branding with traditional or non-traditional methods

Following Part 1, Marketing Magnetics offers Part 2: Branding Bonanza Critters (what can get in the way of your branding) and Part 3: Branding Bonanza Desserts (creating results with branding).

Define The Target Audience
Whether you like it or not, every consumer is not your audience. This is a Branding Bonanza Basic. Yes, maybe everyone with a vehicle needs tires, but that doesn’t make every person with a car a member of the target audience for a high end tire shop. Does it?

Define a target audience by performing a customer survey with your existing client-base. Another double check method for a target group is to research what others say about who shops for the service or good you are branding. The target audience definition determines Branding Bonanza Desserts or the strategic marketing plan and its measurable results.

Clear Company Direction for Marketing and Branding Goals
Clear direction requires all managers including company branding and marketing understand strategic marketing goals and initiatives and the direction outlined to reach those marketing goals.

Often executives with little to no marketing experience attempt to direct strategic marketing plans. Establish clear direction by trusting marketing experts’ advice whether on staff or a contracted marketing firm.

Know the measurements that equal success for your branding bonanza.

Have Guts to Try Something New

If you have a chance to try new methods for branding such as an innovative, local special event with cross promotion opportunities you must think carefully.

Return On Investment (ROI) is critical for measuring advertising and promotion efficiency. Balance ROI goals (say 150% return on advertising for example) with innovative promotion opportunities that might not meet that ROI goal. Are you asking “Should I advertise on Facebook?” Advertising online may or may not return your targeted ROI goal so balance the ROI drive with new endeavors.

Budgeting Appropriately

Often marketing is the first item cut from the budget even before operations and expenditures are analyzed for efficiency during a down economy. Be strategic with marketing and budgeting to ensure there is enough funding for advertising, promotions and your Branding Bonanza.

Branding Bonanza Basics includes budgeting enough money so that your promotions plan has value. A strategic marketing plan might include sponsoring community events, advertising, paying for editorial content with media outlets or blogging and online presence.

 

About Camden Smith

Camden Smith has written 77 posts for Marketing Magnetics.

Camden Smith owns DREAMFly Marketing with 16 years in strategic marketing and television journalism. Her cutting-edge, aggressive marketing skills have earned her numerous awards. Smith lives in Naples, Florida with her daughter London.