Understand and Define Your Brand [1 of 4 Steps to Building and Maintaining Your Brand]

Brand is probably one of the most valuable assets a company has. It is what customers recognise the company or product by. It not only represents your very product or service but also its quality and a set of values behind it. This is why a brand must be built and maintained carefully. It needs to be nurtured and looked after. The marketing strategies at different stages of a life of a brand are different - you should use different tactics when you are building your brand and different - when you are maintaining your position.

The reason for this lies in the way you are perceived by your consumers. If they haven't heard of you yet - you need to display credibility and prove yourself to them; when they know about what you do and who you are - you need to show strength and reaffirm your position within your market. In this four-part series, I'll go through the stages of a brand and how to effectively build it and maintain it. Today I introduce Step 1.

Step 1: Understand and Define Your Brand

These watches have a classic, understated design that is perfect for promoting heritage brands

Before you introduce your brand, you need to decide what it represents. Think about who your customer is and how you want to serve them. You need to create a set of expectations that you will meet with your products or services. Brand definition is not merely about listing the products and services you offer. Issues like price, quality, customer service and even morality can come into play.

Take for example Rolex and Swatch. They both provide quality, Swiss made watches. Would you say they are the same? I don't think so. Rolex is a highly aspirational, luxury brand with a price point to match. They use precious metals in producing their watches and their products symbolise luxury and wealth. Rolex's designs are classic and are full of heritage - so much so, that they can even be seen as an investment. Swatch, on the other hand, stands for colour and playfulness. With the majority of models made out of plastic, they are much more affordable and consumers would often buy more than one to wear on different occasions and with different outfits.

Silicone digital watches are fun and playful looking - ideal for youthful, modern brands

Rolex and Swatch stand for different things - even though, essentially, they provide the same product. When you define your brand, you need to ask yourself what it will stand for, as this will lead the rest of your marketing strategy. To do it, consider the skills you have, what your customers' needs are and how you can differentiate yourself from competition. Once you've established these things, you can move on. Continue reading this series here: Get Exposure and Win Trust [2 of 4 Steps to Building and Maintaining Your Brand]