Making sense of numbers in business branding

Whether you are a small or big business, one thing that is probably prevalent is having data or numbers to verify your business standing. Essentially, it means looking at some business metrics such as the categories of your client bases, the top selling products, the best profit margin products, the geographical region of your top sales base, etc.

Large Data Anaysis

Credits: blogs.gartner.com

Credits: blogs.gartner.com

With a wealth and overwhelming information market, corporations are increasingly looking for talents with the essential skill sets to dissect and make sense of data. These data can be internally derived or externally sourced. Internally derived data are those of which you have the information from the sales , earning , lead time production, yield production figures. Essentially, companies depend largely on this data to understand the efficiency and productivity of their business. External data are those which is purchased from external source.

In the market, you would find data for sale which are relevant to various industries. You would probably purchase a set of this data and try to crack the meanings and trend of the overall industry to your particular industry. By purchasing external derived information, it saves time and cost to develop internal capabilities.

Rise of BIG data scientist

Credits: biocmicals.

Credits: biocmicals.

The key concern is who should be analyzing this information. That is the key source of where the lucrative labor market presents the most qualified person with a handsome remuneration. Indeed, companies are keen to hire such data scientist to MAKE meanings from the figures and translate into tangible plans that can be executed. After all, to convince people, the sole dependency on gut feeling and business acumen is convincing only to those who have worked with you for long to trust your instinct.

Making Sense of Figures

 

Credits: blog.tunedit.org

Credits: blog.tunedit.org

These figures are essential to understand the usefulness of your branding and brand capital. Imagine your company has met with a disastrous event, you need data to make sense of your core strength and revive the business through that solid foundation.

These data helps you to identify core strengths and weakness. Having said this, many would probably think of SWOT analysis. Hmm in a sense this can be true. A business cannot be good in all segments of the business such as customer service, product quality and efficiency but must strive to maintain a general level of competence in these fields.

 

Start digging data of your company =)

Brand & Promotion

In the mist of great competition for sales, business owners often engage in promotion to improve sales result. This is often portrayed by having posters indicating 50% discount, etc to entice consumers to purchase their products. On their social media platform, one can notice such “shout-out” promotion that is broadcasted to their fans.

Brand Discount

discount  Credits: she-conomy.com

By exposing your brand to a large discount on your social media platform, you are essentially showcasing to the world that your brand is worth a discount. Essentially, it might even agitate consumers who have purchased your brand products due to its exclusivity to a certain income earner group. Eventually, you become a cheap brand. People will hold  their purchase till there is a consumers.

Brand Credibility

trusted brand

Credits : sgimpact.com

This is by far one of the most important thing to look out for in brand, Loud discount such as half price , 80% off is likely to result in consumers thinking about the quality and sincerity of your products and services. After all, people often have the idea that even after discount , retailers are still earning. Therefore, think about their thought when they feel that you have earned their pocket a large sum of money even before the discount period.

Essentially, your brand lost its message. Suppose a cosmetic brand that keep slashing its prices from $49.90 to $29.90 and subsequently to $9.90. Would you still trust the quality of this products. I’m afraid not although exceptions do happen.

 

Brand Awareness

Credits: nextanalytics.com

Credits: nextanalytics.com

A core motivation for having a large discount signs in shops is to entice people to know the brand. This is a normal thought. After all, which business owners do not want more people to know their brand. However, to do so through discount poster and banner may degrades the first impression of your new consumers. After such degraded brand impressions are ingrained in their mind, it would take an even greater effort to change their impression. The resultant effect is either a one-time sales or risk losing old time customers.

 

Stop discounting your brand today!

Unravel Complex Issue in Branding

Personal or Corporate Brand?

Personal/ Corporate Brand

Credits : garius.com

Most founders face the dilemma of having a personal brand. After all, you would want people to know your company while recognizing that you are the founder. Indeed, many leading founders would have a large fan base in Twitter or facebook. My classic example is Richard Branson, founder of Virgin Company. He is an exception. Not only does his business brand is highly reputable, he is also known to the public. Indeed, few people would be able to create a distinct personal and corporate brand like him.

As seen, the rise of Twitter seen many founders of leading companies having a large fan base. Tapping on personal branding to enhance the appeal of the corporate brand is a journey of telling your perosnal motivation of why the brand exist ( a compelling story) and later on wrap around your coroproate brand. In this way, personal and corproate brand becomes intertwine . This can be positive and negative depending on your success.

Nevertheless, it is important to note that ultimately the corporate brand should be the main character. It should shine and last longer than the founder. Build the institution with a strong foundation so that it can outlast the founder. That is the ultimate goal of any company .

How to market a brand successfully?

Grow a brand

Credits: marketingjourbalblog.com

Introducing a brand into the market is easy but making it a household name in the market is a challenging task. After all, you would probably be faced with similar nature products in the market which can soften the appeal of your products and services. As such, brand helps to create a “pull” factor to why consumers should purchase your products/services.

You need a story, a clear marketing plan on the milestone to be achieved and the steps to reach these milestones and probably a blog at the very least. A blog of your company allows readers to understand deeper of your company’s functionality and gain credibility in the eyes of the consumers. By having these elements. you will be able to establish a ” radius” force around your competitors that you are the market leader of knowledge and information. Hence, your company brand can flourish.

Can I see immediate effect?

Credits: business2community.com

Credits: business2community.com

Branding process is a long term journey. It does not means that once you start your branding exercise people will start to find you and cash will flow in. It is a long term task with potential risk to be taken. It must be seen as an on-going rather than a periodic plan. As such, you must be able to change your mindset so as to go further in this journey.

It is never too late to start branding your business.

Business & Branding in a Nutshell

Happy Employees

Credits:cartoonstock.com

Credits:cartoonstock.com

Happy employees can be created. Not only is the environment and benefits given to employees, the image they project plays an important factor. Imagine going in to a shop with bright colorful and light-hearted rhythmic music, you feel on the toes of having a dance and pleasurable mood. It’s made great difference.

Never Compromise on Quality

 

Credits:toonpool.com

Credits:toonpool.com

This is a common aim of business. However, few can really adhere to this mantra faithfully. In the quest to achieve profit, companies tend to cut cost leading to a falling quality. Imagine your bread becomes smaller, texture of the material appears to be less luxurious or even the touch of the material feels less satisfying. Consumers can feel or “sense” it.

Stay updated on the ground

Credits:andertoons.com

Credits:andertoons.com

When is the last time you truly spoke to your customers? Perhaps you should get a real touch on the ground to understand the shopping experience felt by your customers. Having consumer insights can aid you in your future development. With time, do have a good chat with your customers to ensure your business remain relevant.

Heart to heart talk with your brand today!

A story of your company

Telling a story is critically important these days for companies. After all, consumers love to hear story as they can gain insights to the “behind scene” of the products they are using. To gain a competitive edge, it would be wise to communicate your story to consumers.

How to tell a brand story?

Telling a brand story

Credits:tomfishburne.com

There are various ways in which stories can be told to audiences. A charismatic leader like Richard Branson can convey his brand story through his online articles and books. Steve Job’s approach was a stage presentation of Apple’s latest products through major development events.

From a macro view, developing a corporate video may be one of the ways to convey a company’s story. It can showcase the products, motivation and purpose of the company. The video can reflect the soft touch of the company especially the reveal of the employees and their life at work. Giving consumers information about the people behind the products can improve the connection of consumers and brand.

Relationship with your brand

Credits: cartoonstock.com

Credits: cartoonstock.com

When you give your brand a name, you are essentially creating a relationship with it. The name chosen embodies the characteristics of the brand and its purpose which is to sow the seed in the minds’ of consumers. When consumers think of a product they need, the brand should appear in their mind.

This relationship will be shared with consumers an hopefully they are excited with your brand message.

Walking the brand on the street, changing the lives of people

Credits:qbq.com

Credits:qbq.com

Creating a brand includes inserting a brand message. These message often reflect of how a product can influence people’s life. Consider how your product can improve the lives of consumers each day. Over time, your product can be a life changing culture for the people.

Think of how Apple products, medical products or other leading products in the market has shaped the lives of people.

As you develop your brand, think of your initial purpose and hardship and communicate that with your consumers.

(Inspiring brand for life)