Strengthen your brand to beat the competition

February 23, 2023
Strengthen your brand to beat the competition

As special as your product or service is, it probably isn’t unique. The identity of your brand begins with a deep analysis of its value proposition, the market, the tone when communicating and, most importantly, the way it will interact with your customers.

What sets your brand apart from competitors is known as a value proposition. Your business value proposition distinguishes it and makes it stand out from the competition. To define your value proposition, you can start by answering the following questions:

  • What is the purpose of my product?
  • How does my product solve my customer’s problem?
  • What benefits will my client receive?
  • Why should the customer choose my product or service over the competition?

Once the value proposition is established, focus on getting to know your prospective client. Get to know them so much that they end up becoming your business partner.

You must create a profile of your prospect. To do so, consider their age, gender, place of residence, and purchasing power. Also, study the audiences of your competitors and of those who already follow you on your social networks.

After you find out who your customer is, you will know how to talk to them. Will the communication be formal or casual? Serious or funny? You can also adopt an informative tone or one aimed to entertain. Many successful brands use a tone that appeals to their audience’s emotions.

“One of the most common mistakes we make is confusing the brand identity with the logo”, says Felipe Sánchez, strategist at the advertising agency Contáctica. “Brand identity refers to every sensory interaction the consumer has with the product”, he added.

Some examples of sensory interactions include your business aromas, the sounds it makes, and the treatment the clients receive. The customer experience will define the brand identity by achieving an emotional connection.

That’s why, when designing the logo, you should be guided by how the product makes the customer feel.

A logo that consists only of text is called a logotype. If it’s accompanied by a symbol or figure, it’s known as an isotype. According to the graphic artist, Anahí Dimo, beyond the typography or the color palette, the logo must include the set of sensory values that a product maintains with its audience. For Dimo, a good logo is:

  • Simple
  • Easy to read
  • Memorable

After you have identified your value proposition, your market, your tone, and the emotional elements of your product, your brand identity will not be a straitjacket. As Sánchez explains, “the brand is a living product that must evolve with social variables”.

For the expert, changes in technology and the social environment are signs that it’s time to rebrand. When talking about identity, the priority is consistency, not permanence. Your brand can transform and evolve, but it must be consistent in its values to retain the consumer and achieve success.

Banco Popular of Puerto Rico (Popular) is not affiliated nor related to the individuals or entities mentioned in this article. This article is for informative purposes only, and does not constitute an endorsement or guarantee of its accuracy. Neither Popular nor any of its affiliates, subsidiaries, or related entities are, nor might be held liable for any special, direct, or indirect, damages, resulting from reliance on the information contained in this article, which Popular did not prepare. Popular provides financial services) and does not provide the type of service referenced in this article. If you need any related service, you should request the advice of the competent professional of your preference.