Brand Matters
For The Business Inclined: Climbing The Ladder From Ideas To Brands -By Akin Adigun
Next step is to test the product concept through some research. This needs not be something elaborate. It could be as simple as getting a focus group to evaluate the product concept as written or where possible, a mockup of the real product.
Every great brand is the product of an idea. But the process of turning that idea into something with a unique personality and character that resonates with the market isn’t a day’s work.
Branding is usually as challenging as it is exciting. And in most cases it is a perpetual exercise, even if a greatly rewarding experience.
It is no wonder, therefore, that one finds that a good number of entrepreneurs, against their best wishes, are still struggling with the dream of making a remarkable brand out of their product(s).
Many of such entrepreneurs simply resign themselves to fate when they find it difficult to progress their businesses beyond production and selling. And their products get lost in the haze of the market shelf as another me-too item with no remarkable identity.
But indeed there are established processes of building a brand even right from the very germ of a business idea.
This proven technique has been used by multinational companies for many years to successfully create new brands over and over.
And the steps are quite easy to follow for any passionate entrepreneur with the tenacity of a winner.
Usually, the whole process starts with idea screening and selection.
You want to be sure that you are stepping forward with an idea that has the greatest chance of success; which you have the resources to manage; and which aligns with your business goals.
Once you are satisfied that the idea is worth the venture, then you could go on to develop the product concept
Your product concept simply helps you specify what would be the essence of the brand under consideration.
Technically, it comes as a written description of your product, mentioning the functional and psychological benefits of the product, a profile of the target customer, and how the product is going to deliver a unique experience to the user.
Next step is to test the product concept through some research. This needs not be something elaborate. It could be as simple as getting a focus group to evaluate the product concept as written or where possible, a mockup of the real product.
What you actually want to know is whether or not the product would appeal to the market; and whether there would be enough buyers to make the brand a marketing success.
If the outcome of the research shows favourable prospects, then you move on to the next stage.
At this point you want to determine the minimum viable scale of operation. The critical question now is : what is the minimum amount of resources required in vital areas of production and marketing to bring the project to life.
The flipside to this is determining also, what minimum quantum of sales would sustain the business operation.
Answering this question is particularly important for an entrepreneur that is launching his business with the new brand. It will enable you start off on a scale you can afford or otherwise figure out that you lack the resources to go on.
Also, secondary market research data and intelligence would be quite useful here, to develop a tentative marketing plan for production and marketing costs, as well as sales and profit projections.
If you can move on from this, then the next action is to decide on a brand positioning and brand image
Positioning is about choosing a marketing attribute you wish to excel in, and by which you hope to earn the loyalty of the customer.
This serves as a performance benchmark for your brand, and a point of expectation for the market.
Brand image is simply the consequence of your positioning. It’s the outlook of your brand at the end of the whole effort.
Having sorted out the matter of positioning and image, you could then move on to organise for production and marketing.
Take note that no remarkable expenses have been incurred up to this point. It had been mostly about planning and strategizing.
But from the stage of production and marketing the serious actions start, so the risk gets higher.
You have to work out everything in detail from staff recruitment to material supplies. And quite naturally, you have to develop a budget and deploy resources.
The task may be a bit easier if the new brand is just an addition to your product line. Then, you may be able to minimize cost by mostly utilizing in-house resources.
Otherwise, you would have to do everything all over.
Ordinarily, after production and, consequently marketing, the next action ought to be the launch of the product. However, this is usually delayed.
Instead, what follows is test marketing. The idea is simply to expose the new product, first to a section of the intended market, if only to be doubly sure that the new brand would not be rejected.
Ultimately, the product launch comes up either partially in selected markets or fully in the general market. But whichever is the case, what is crucial is ensuring that everything is done with the determination to succeed.
After the product launch comes brand management, which represents the last lap of the race.
All that had been done earlier was to get the vehicle started. The process of brand management is what actually commences the journey, and there are several milestones and phases along the way.
Brand management never quite ends, for as long as the product lives. What should however be taken to heart here is the disciplined process of turning the seed of your business idea into a fruit that nourishes and delight as a brand.
By : Akin Adigun
Marketing insights Developer
