If you missed part 1 and 2, please click https://www.nairaland.com/1267540/brand-branding-part-1-what and https://www.nairaland.com/1274426/brand-branding-part-2-what to view it.

What Makes a Great Brand?

Four simple factors are involved
Relevance, Differentiation, Credibility and Consistency

Relevance:
The service or product you offer must be able to meet the need of a particular set of people. It has to be useful for it to be desired. It has to be desired for it to be paid for.

Let us once again make reference to Yox Farms. Assuming those residing around Kokiri market are all vegetarians, no matter how palatable they make their cows to look, nobody will buy them. As such, their business is of no relevance to that community.

Before you start a business, do a proper research. Find out if there is a demand for what you are about to offer in the environment you intend offering it. Not all great ideas are good for business.

We are currently on a mission to save our environment from further degradation and because of this, the electric car has been invented. Apart from saving the environment, this wonderful invention will also save our pockets from leaking excess cash on purchase of fuel. This is a great idea and in developed countries, that is good business. Now imagine the cars in a developing country where constant electricity is a challenge.

Differentiation:
No one will dump a service or product they are comfortable with for another one that offers exactly the same thing the exact same way. You have to create a different experience that is attractive to your target market.

If you start offering healthy fat cows, no one will leave the cows of our trusted Yox Farms and buy yours except if your prices are cheaper, your design and messages make ‘beef eating’ more attractive, you deliver the beef to their houses, etcetera. Differentiation doesn’t necessarily mean you have to create one miraculous element that can teleport people to Jupiter and back. A simple thing such as the manner your company answers phone calls or reply mails can make all the difference.

As I always say, in the land of the blind, the one eyed man is a spy. Assuming this book has given you one business eye, the easiest way to differentiate your business is to study your competitors’ shortcomings and improve on it.

Consistency:
Once you have decided how to be relevant and how to differentiate your business, in all your communications and actions, announce it and be consistent with it.

Assuming the price of cow food increases tomorrow, feeding the cow less and reducing their weight is bad business for Yox Farms. It is better they keep the cows robust and healthy as always and increase the price of the cows instead. They should also explain to their customers why they have to do so. They stand a better chance of keeping their customers that way. In any case, their competition has only three options 1: increase the prices of their cows, 2: reduce the sizes of their cows by feeding them less or 3: run the business to death by making loses. All options still favour our dear Yox Farms in the end.

Credibility:
Simply put, kept promises. Do not do a ‘buy one get one free’ campaign only for people to get to your store and hear that they must buy one for their father, one for their mother and one for their great grand uncle who is in heaven before they get one for free-after all, it’s still only one they’re buying. Such a thing will deal a great blow on your credibility.

Let me tell you a true story. I once ordered for a ring from an online store (the lovely ring I used to propose to my sweetheart by the way). The invoice stated 30% payment upfront and 70% on delivery. 3 weeks later they called me to make final payment so they can mail my ring. I said “but your invoice says pay on delivery.” They said I should know that the delivery meant ‘delivery to them.’ Are you kidding me? Delivery to them as in…? Seriously? You tell me, did I read their invoice wrong or they tried to play smart and I have every excuse not to patronize them anymore?

Whatever you say you will do is what should be done. That automatically means people can count on your words and that makes you credible.

Taken from pages of the eBook: ’BRANDICULOUS: the ridiculously simple way to build a profitable business’. www.yoxstudios.com/home.php

yes Boss, keep up d gud work

Good one bro.

Dewze: Good one bro.

Thanks a lot

spywareczar: yes Boss, keep up d gud work

Thanks brother

Thanks for teaching me all about branding.

Very educating. Thanks for sharing.

welll don't foget, if u can draw nekkid babe on d catton of your macket, is attomatickally a grate product, truss me!!

YoxTheProf:

What Makes a Great Brand?

Four simple factors are involved
Relevance, Differentiation, Credibility and Consistency

Thank you very much.

A lot of people these days have turned the art of branding into something else. They think its about the logo, business cards, colourful polo shirts and other mundane things.

When someone can say something like "I need to change some dollars into Naira" and people can say "go to Mallam Abubakar at Shop 19 in whatever market. You are safe with him. He will give you good rates. You are sure to get your money on the spot. etc etc" then the Mallam has BUILT A STRONG BRAND. Like you said, Relevance, Differentiation, Credibility and Consistency.

He probably does not have a logo.

Branding is simply doing what you say you can do.

Do not over-impress your customers.

Quality.
Availability.
Affordability.

Great brands flow from great minds

Awesomely insightful read. More of this, please...

Relevance, Differentiation, Credibility and Consistency

The aforementioned concepts are necessary to have a good brand. Another simple way to view a brand from a business perspective is to see it as a platform with which a business can establish relationships between current and prospective costumers.Having a brand helps the business to increase market share. Brands help businesses charge premiums on products or services.

Every other process you know like creating a logo,initial market research, advertising, marketing campaigns,sales promotions, etc all exist for the furtherance of the brand.

A brand is actually an intangible business asset. In the business world there are many examples where by a business buys another business for a price that is higher than the cost of all the purchased business' physical assets. The extra paid is for the existing brand equity of the business that has been bought. Hope this helps. I'm happy to answer any questions on the subject.

thank God i saw dis, looking forward to setup something in naija

Great post.

Great tips that can be applied universally.

everyday: Thanks for teaching me all about branding.

You're welcome. But there is still a lot more to branding. Visit www.yoxstudios.com/home.php to download a free chapter of 'Brandiculous: the ridiculously simple way to build a profitable business'. You'll see a lot more you can learn on branding there.

Lilimax: Very educating. Thanks for sharing.

Thanks. You're welcome

stewie: Awesomely insightful read. More of this, please...

Thanks Stewie. More will come with time. But there are actually a few on www.yoxstudios.com/wp presently.

akinalabi:


Thank you very much.

A lot of people these days have turned the art of branding into something else. They think its about the logo, business cards, colourful polo shirts and other mundane things.

When someone can say something like "I need to change some dollars into Naira" and people can say "go to Mallam Abubakar at Shop 19 in whatever market. You are safe with him. He will give you good rates. You are sure to get your money on the spot. etc etc" then the Mallam has BUILT A STRONG BRAND. Like you said, Relevance, Differentiation, Credibility and Consistency.

He probably does not have a logo.

Nicely simplified