What is your independent branding? Find out the importance of this tenet here…

Tuesday: Return Driven Strategy FROM THE DESK OF MILES EVERSON: What comes to your mind when you hear the word, “Brand?” A name? An identity? A popular business? While we all have different perceptions about “brand” as a noun, the term is also used as a verb in the business sector. In this article, we’ll focus on “brand” as an action word. Keep reading to know what strategic and successful branding is and how this can help you establish a solid and unique image as an independent professional. CEO, MBO Partners Chairman of the Advisory Board, The I Institute

What is your independent branding? Find out the importance of this tenet here… “Brand Offerings.” This is the sixth tenet and the third of the three “Competency Tenets” in the Return Driven Strategy (RDS) framework. But first, what do we mean by “brand?” As a noun, the word means “a particular identity or image regarded as an asset.” As a verb, the term means “to mark indelibly” or “to assign a brand name to.” We’ve all been hearing about different brands in different sectors like Nike in the sports apparel industry, Ford in the automobile industry, McDonald’s in the fast food industry, and many more. … but that’s not where our focus will be today. In today’s article, we’ll talk about “brand” as describing what a firm should do to an offering. “In the creation of wealth, brands are bridges.” Branding is a core component of any high-performance firm. As an independent professional, you should know that proper branding activities build an indelible connection in the minds of customers. Think about this as a bridge. When your bridge’s foundations are strong enough on both ends (the offering and the need), then this will result in an exchange between your firm and customers. This process is important in the creation of wealth. Take note that branding doesn’t successfully happen on TV ads, print ads, social media, etc. A successful branding process happens in the mind―psychologically. This is what occurs in the minds of consumers whenever they encounter your business. All your marketing collateral is a tool for branding and so anything that impacts your target market’s perceptions, decisions, and beliefs about your offering means branding your offering. “Branding does not create the need.” Some businesses fall into the trap of thinking that their advertising campaigns are what creates the need for their products or services. However, no matter how pleasing that sounds for your firm, that is never the case. Branding cannot create a human need, but when it’s done properly, it can help customers identify and become aware of a particular need. While that may seem like a need has been created, a more in-depth analysis of the situation will show that specific need has always been there and the branding activities simply focused the customers’ attention on it. For example: The Internet has led to the development of various online products and services such as Email, chat rooms, blogs, online auctions, social media, etc. As we’ve seen throughout the years, there were a lot of advertising and branding campaigns to promote the use of these products in the online world and the adoption and acceptance of consumers from all over the world was incredible. Did the branding activities create a new need for these tools? NO. In fact, these new services simply created new offerings aimed at previously existing needs. Consumers have always been needing a sense of community, connected to others, and more ways to communicate with one another. Emails, blogs, chat rooms, and many others only helped them address and become more aware of these needs. See? The branding and marketing efforts elicited the awareness of the need and how the offerings could fulfill that need. The need for emails and blogs did not need to be created. It was already there in the first place. The new offerings were simply new tools to help fulfill that need. So… what can you take away from this? As an independent professional, you should view your brand as a psychological bridge that builds an indelible connection in the minds of your target market. You must brand consistently with the delivery of your offering to create the strongest mental connection with your customers and encourage them to avail your products or services. In doing so, you’ll be able to focus on the achievement of the higher tenets in the Return Driven Strategy framework and you won’t confuse the purpose of your branding with the tools you use. Hope you found this week’s insights interesting and helpful. Follow us on LinkedIn. Stay tuned for next Tuesday’s Return Driven Strategy! Learn more about why you shouldn’t confuse advertising with branding process on next week’s Return Driven Strategy!