The Importance of Branding
Infinity Property Ventures, LLC
One area that a company should focus on is branding or “the image” of the company. The brand is the promise to customers along with being what separates a company from its competitors. The brand should be established from day one which will immediately begin to build brand recognition with potential customers. The brand of a company is important no matter what industry business is conducted or if the product or services is for the end user or another business.
One way to begin to develop your company brand is by identifying the customers that will ultimately purchase products or services from your company. Since we focus on real estate we can first examine if our target market is residential or commercial which in part is determined by the mission statement. This will then allow us to understand how we need to establish the brand to not only separate us from the competition, but build awareness in the mind of future clients. The brand should also be uniform across all advertising, social media platforms, the way our employees speak with clients and conduct themselves throughout work functions, etc. because this uniformity will convey the same message no matter when or where your company meets the client.
The foundation of any brand is the logo since this is often the first interaction that a client will have with the company. The company logo will appear on the website, social media platforms, packaging, marketing materials, uniforms, and any other applicable applications that the logo may be part of while creating the company image. Colors are very important since various colors invoke different emotions which can affect the way that a client can view the company. This means perform research on the meanings of colors and understand how they might be perceived by others.
A great brand strategy is created when the how, what, where, when, and to whom you plan on communicating with your brand’s message. In real estate this can be:
- How will we reach our target market/ clients to showcase properties?
- What can we do to separate ourselves from the competition and build awareness in potential client’s minds?
- Where should we advertise and market in order to reach our desired clientele?
- To whom is our message intended for so our brand will have an increased ability to attract our target market?
These are just a few questions that can be asked in order to help develop a brand strategy that will effectively communicate to the clientele that we want to conduct business.
The ability to be consistent and provide added value through your company brand can do wonders in providing leverage over the competition. These two factors will not only keep clients from being confused about who you are, but eventually could allow your company to position itself to capture a large chunk of the market. This could also lead to attracting investors that wish to enter the real estate business to invest in the growth of your company. Also, those clients that are in the process of looking for help with the selling of their property could partner with your company since a positive brand image of your company could mean a quicker sale with higher dollar amount received by the sale of the property.
Finally, spend the necessary time researching the market and customers of the sector that your company plans to enter. This is where it is important to know what the client needs or wants and not what you think they need or want. As a company you cannot be everything to everyone which is why it is important to research the sector in which you will conduct business in order to know what best practices to gain market share. The other important research that should be done is on the competitors in the market. Spend time understanding what makes the great companies successful along with what makes the not so successful companies less successful. Then find a way to disrupt the market through branding which will help you successfully enter the market along with gaining a great starting percentage of the market.
The brand is the visual representation of the company and is what helps to set one company apart from another. All suggestions mentioned here are quite important but are by no means encompassing everything that should be done in order to establish a brand. The building of a brand is not an overnight venture, but rather takes years to establish. Take some of these suggestions and implement them into your branding strategy and the company will be off to a great start with the beginnings of a strong foundation.