Episode 2 – Key 1: Assessment (Part 1)
By Elizabeth King
In Assessment Part 1, Elizabeth King guides you through the first key to building your brand.
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Welcome to The Five Keys: Unlocking The Power Of Your Brand. This podcast is designed to give you the tools that you need to create a successful and dynamic brand. I’m Elizabeth King and I’m going to be your guide on this journey.
Hi, I’m Elizabeth King and welcome back to our second podcast. Today we are talking about assessment. Now assessment is really important because most entrepreneurs fear one big thing when they are creating a brand and that is creating a brand that nobody knows about. We all fear this. We don’t want to spend all of this time, effort, money into creating your company and building this brand and launching it and crickets. That’s the worst. And it’s something we all struggle with. So don’t think that you are alone in this because it happens to all of us, but one of the most common questions I get is how do customers find me? Well, that’s not really the right question. The right question is how do you create a brand that attracts people that are just like you? How do you find your ideal customers and how do you help them find you?
And so branding, when you’re creating your brand, it’s so much more than just a logo. And this is where the assessment part comes in. Because assessment, before you even get to all the fun stuff, before you’re even talking about logos and websites and really cool stuff, you’ve got to figure out your company identity. So who are you? Why do you do what you do? You know people are attracted to your why. they don’t care what you do, but why you do it. Even if you’re doing the same thing as 10 competitors, why you do it is going to be different. And so that’s a key component of understanding your company identity, your values, what’s important to you and your unique selling points. Because again, you’re going to have competitors, but there’s things that make you unique and different from those competitors. And so when you’re creating your company identity, you’re understanding who you are as a company.
And that is going to come through when you’re talking about websites and logos and taglines and marketing materials. But you’ve got to understand who you are. And so that’s, that’s a big part of the assessment. The second part of assessment is understanding your target audience because they’re going to be different too because what you want your ideal customers, these are the people that are already attracted to your story. They’re attracted to who you are and what you believe in. People spend so much more money on brands that they’re loyal to. And so in creating a strong brand, you’re finding those people that are going to be loyal to your brand. They’ll, they’ll even pay more because they want to be associated with you because of what you believe in. And so that’s understanding who those people are. You know, start talking about demographics, and behaviors, and what they do, and where they are from. Understanding who they are, where they are, where they get their information so that you’re not wasting money throwing spaghetti at a wall.
That’s the worst. So many people just jump right into, let’s do a communication tactic and we’ll just throw stuff at the wall. Well, you know that’s just a waste of money because you’re throwing tactics that people who probably don’t care. When you understand your ideal customers, you’re spending money where they are. You’re attracting them in the places where you’re going to find them. And so it just makes your communication strategy, your marketing efforts, so much more effective because one, you’re telling the story about who you are and you’re getting them excited about becoming part of something that they believe in. They are believing in your brand and then you’re being smart about your communication efforts because you’re only marketing where they are. And so that is why assessment, before you get into logos, before you get into websites, before you get all of this, understanding those two key components are huge for building your brand. And so that’s really what I wanted to share with you today is just thinking about how do you assess your business and really understand who you are so that you can create an effective communication strategy later on.
Today, we’ve talked a lot about the why behind assessment and why it’s so important for you to do it. Next episode, we are going to be talking and giving you the actual tools that you need to do an assessment yourself. Thank you for listening to The Five Keys: Unlocking The Power Of Your Brand. Be sure to follow me online at www.elizabethkingconsulting.com like me on Facebook or connect with me on LinkedIn. For more information on branding, get your copy of Branding101at go.elizabethkingconsulting.com/branding101.