Why the Brand Foundations is Important?
Just as in construction, having a solid foundation is as important to your business as it’s to your home since its the base on which your brand will sit. Company foundations give you essential information which will allow your brand to be succeed.
How Do I Determine a Target Market?
Given high density of start up brands, having a well defined target market is more important than ever. Small businesses could effectively compete with large companies by targeting any niche.
You can begin to identify your targeted market by answering these questions:
What makes your item unique to your market? What is it that makes your product range different from what people can buy from established brands or big retailers?
If you are an online based business, what is it about your brand that is different from other online based companies? Is it your returns policies or delivery or something else which can benefit the consumer? If you have a physical shop, why would people come to you rather than go to any shopping centre they know well?
When it comes to build a marketing strategy, you can ensure that you are targeting the right consumers by identifying what demographics they belong to. If you can profile your customer then you could start to target your marketing material towards their age and gender brackets for example.
You must also research your competition as they will be able to give you a good idea of how to target them in your market. By researching your competition, you can see what they are doing and also identify ways to improve on their strategy.
Customers demographic checklist:
4. Income level
5. Education level
6. Marital or family status
8. Ethnic background
11. Music Taste
Choosing a Brand Colour Palette
The psychology behind how we perceive colors is complex, and most people do not realize the research that businesses ‘not just in the fashion industry’ put into developing colour schemes which evoke certain emotions within their audiences.
Colors are used as a way to subconsciously manipulate the decisions of the consumers by brands, with different colors evoking different emotions, feelings, and purchasing decisions.
Brands use this to elicit different emotions within their customers and to portray their products in different ways, we go deeper into colour psychology here.
The Importance of a Company Logo
Creating the logo is a vital part of your company’s marketing efforts, with a recognize-able and familiar logo going a long way toward building brand identity. Logos help business owners to establish brand loyalty that consumers want to interact with.
Your logo should–
Make a great first impression
Logo designs are all about capturing audience’s attention and impacting them into a positive way. This way, you ensure you are remembered and chosen first over your competition. Your logo must make the potential customers think ‘this is a professional company and I want to purchase from them’.
Additionally, a visually-striking logo could be intriguing for the potential customers, making them curious about company behind the design.
Distinguish you from the competition
With competition being fierce in the related industry, your logo should be instantly recognize-able as your own. There are some very well known logos in that market which are used by established brands, the Adidas and the Nike tick are the great examples.
Ensuring your logo is to be completely unique and not same as the other brands.
Facilitate brand loyalty
A well designed brand logo will help you to make your customers instantly think about your brand and your items when they see it. If your brand is associated with good things, like high quality clothing, every time a potential customer sees this logo they will think about that too, with repeated exposure to your logo reminds them of that every time they see it.
Take into account technical limitations
You also need to consider technical limitations that your logo may have. For example, if your logo is extremely intricate, it could be impossible to translate that into embroidery or embossing etc. Rather than making any second logo specifically for the embroidery, it would be better to make the one logo for everything with this in mind right from the start.
How to Determine a Pricing Structure
Costing your products is one of the most important decisions. you will make as it impacts almost every aspect of your business. In order to turn a profit you need to ensure you are making more than fixed and variable costs of your brand. Fixed costs are costs that do not change such as purchasing new equipment or other business premises. Variable costs are those that are changed, such as the difference in manufacturing costs between various product lines.
The first thing to do when calculating your costing structure is to work-out your cost per unit. For this, you should look at the following:
- Manufacturing Cost
- Import Tax
- Promotional Materials
Once you know how much your total costs are for the product should be, you need to add the profit on. Typically, a profit margin between 30% and 50% is considered good for any business, but you need to make sure that your branding and perceived value are taken into the account when deciding on a price point.
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