Learn To Balance New Product Development With Your Brand
Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind. But brand is simply a collective impression some have about a product.
Balance Your Budget, Your Brand And Your Product Development Effectively
Finding the right balance of branding and product development in your budget can be a real challenge for many business owners.
Your brand is a message needs to properly communicate the image of your company because that perception becomes reality.
Ensuring that new product developments fit within your brand guidelines requires careful consideration. You need to find the perfect balance between your brand and the products and services you sell.
Here are 3 keys to creating a branded product development strategy:
1. Select The Right Product Name
If you choose the wrong name for your products, you can significantly reduce any chance of them ever being successful.
The key to the right name is getting feedback from your colleagues and customers, to make certain that name is expressing the core belief of the business. Ensure that you can secure the url of the products too. There is nothing more frustrating that finding the perfect name, building up all your hopes on the name, and finding out it is already in use by another company.
Your product name needs to immediately tell your customer what your brand and the product itself - is all about and how it can be utilised to help them. Ensure your product name is synonymous with your core brand values.
2. Your Product's Brand Identity
The brand identity of your company - and of the products and services you sell - is a unique combination of message, story, style and logo.
Your brand design and logo will carry over into every aspect of the business. It will be seen on the website, letterheads, envelopes, business cards, flyers, brochures, advertising specialties, apparel, and signage.
Your company's brand design will also influence the brand and logo design of new products. These are known as 'sub brands' - as your product and services brands exist under the umbrella of your company brand.
Before you choose a logo for any new products, imagine what your customer is going to think or say when they see it. A product logo must instantly connect with your audience, giving them a first impression that is in line with your core values. People will see it and associate your company with it. Make sure it has long lasting value and is not exclusively built on current fashion trends, or this time next year you may be starting the process over again.
3. Product Development and Social Media
The best part about social media is you can get your feet wet without any investment.
In the beginning you can try your hand on different platforms to find which are more effective and which you are most comfortable with. Then you can invest some money in tools that will help you to ramp up your social media marketing.
Social media is a great way for your audience to be able to connect with you on a more personal level. It is a gateway through which new, potential customers can come right to your door. With more people each day spending a significant amount of their day on their social media profile page, it makes perfect sense to get your name out there.
New product launches should include a social media marketing strategy. Use your company's social platforms to broadcast information about your the release of your new products and services.
When the question comes up about budgeting for product branding, the best thing to consider is it should be closely based on the percentage of gross profit and sales. If you are looking to just build a user base, then consider using a cost per user platform. This way you can track your spending and see if your product branding is cost effective or not.
Remember that the more targeted your traffic, the more effective your marketing efforts will be. If it is working, ramp it up, if not, switch things up and move on.
ARE YOUR PRODUCTS & SERVICES EFFECTIVELY BRANDED?
At Roundhouse, we know that strategic branding can greatly impact the successful launch of a new product or service. We are dedicated to developing tailored brand solutions that gets your product the attention it deserves - while remaining true to your established company brand. Our talented team of brand experts works closely with you to create precisely what you need.
We are here to help.
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