[Creative Business Exchange] How to build a strong brand

King kicked off his presentation by stating it was not intended to be an ad for the company but rather a way for the audience to learn how to build a strong brand. It doesn't matter where you're starting from, if you're building a brand for yourself or a business, the basic principles don't change.

Identifying your target market

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If you're selling something specific, you'll waste money by talking to people who don't ever intend buying it. To get this right, King recommends looking at the LSMs you're targeting, but also realising that while those in lower LSMs might not have the disposable income to buy your product just yet, one day they may well do so as something they aspire to in life. This points to the fact that a product's price is one of the main determinants of how covetable the product is.

Next, King says to identify the product or service's gatekeepers, meaning those affected most by it and actually set trends people trust. Also remember that those who don't actually influence the product purchase decision often still have an opinion on it.

Why is branding important?

"Brands have equity, so it's important to do it properly," says King. Look at Harley-Davidson, for example. They're not simply selling a product, but a means of selling an experience, for" a 43-year-old accountant to dress in black, riding through small towns and have people be afraid of him."

Their logo tells this story of being dangerous, powerful and edgy, offering a whole tribe of people this experience.

It's also important to turn a promise into a brand.

@CaesarstoneSA - "brand loyalty is only achieved when your brand promise delivers what the consumer expects" #cbedecorex

- Decorex SA (@decorexSA) April 24, 2015

Drilling down to the origins of a good idea

It's only when a brand promise is established in a consumer's mind and becomes their default choice that you can expect brand loyalty. Most businesses start when one person with a good idea sits down to discuss it with another person.

If you position it right, the brand makes the consumer feel good. This is crucial as "the most valuable real estate in the world is a corner of the consumer's mind," says King. This means everybody in your organisation must contribute to the strength of your brand and not erode it, making sure all employees are singing the same song. Also remember that the way you treat your staff ends up being how your staff treat your customers. So make sure everyone is onboard to building your brand and you're guaranteed to surprise customers with elements of excellence.

That said, King points out that at the end of the day, you're in business to make money. The more you give away as discounts, the less profits you'll have at the end of the day. If you're selling a product, don't get caught in the trap of thinking your product must be the cheapest to resonate with consumers. Rather rely on the quality of your brand and building a strong relationship in people's minds between cost and value. Don't be afraid of creating value.