Here’s a little different definition of branding. Branding is establishing a two-way relationship by matching your needs to your company core competencies with the needs of specific, selected market segments.
The emphasis is building a two-sided relationship. Itâ€™s knowing your prospects and their needs, both physical and emotional needs. Itâ€™s fulfilling those needs and helping them achieve their desires.
By finding those segments that you can serve better than your competitors can is the first step in establishing your brand.
The elements of the brand (name, logo, tagline, package design, etc.) and its associations (spokespersons, alliances, media selection, etc.) can be deliberately and specifically tailored once you match segments to competencies.
Now you have a strong foundation for a brand. Segments and competencies are two of six planks Iâ€™ve identified as essential in building a brand platform. (The others are positioning/differentiation, analysis of industry and product category, analysis of competitive SWOT, and brand hierarchy.)
But most essential in developing a power brand is the match of market to your strengths so that both company and customer benefit.