How To Create A Successful Brand

There's no denying that a company's brand awareness may help it generate more sales and profits, especially when done correctly. Consider three well-known brands: Apple, which became the first trillion-dollar corporation in the United States; Disney, whose theme parks are seeing record-breaking growth in 2018 despite boosting costs; and Nike, which witnessed a 31% increase in online sales after launching a new campaign.

Of course, brand awareness isn't the only factor that determines a business's success. For example, Sears declared bankruptcy in October, and Toys R Us shuttered its doors in June. All of these businesses had a well-known brand. So, what distinguishes the firms that are thriving from those that are failing?

A widespread misunderstanding is that a brand is comprised of a name, a logo, a tagline, and a visual. While these elements contribute to branding, they are not what branding is all about.

A brand is a link between two people.

The first step in effectively branding your company is to recognize that a brand is built on a strong relationship. That connection, like any other, must be built on trust and an emotional tie. The connection will not last unless those factors are there.

According to Harvard professor Gerald Zaltman, subconscious decision-making accounts for 95 percent of all purchases. Emotions have a significant part in the subconscious decision-making process, according to research. That means that firms that create a strong, positive emotional connection with their customers will attract loyal customers in the long run, giving them a competitive edge.

When there is no emotional connection, though, buyers have little reason to remain loyal to the brand, and it becomes a commodity. So, how can you elicit an emotional response from your audience? Here are three steps that I recommend to my clients.