Articles covering best business practices and important insights

How to Build a Brand

How to Build a Brand

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Creating a brand means giving your target customers something to identify with, to establish brand loyalty; this is the dream of every business out there.

One of the top worries for businesses is how to build a brand so they can enjoy a loyal following. So, how do you build a brand?

Building a brand is one of the most lucrative things you can do for your business…but it is also the hardest. So how do you create a successful brand?Follow this step-by-step guide if you are wondering how to build a brand that you target audience will associate with:

  • How do you create a brand identity? Your brand identity is the way your business speaks to its target audience, how it stands out from the competition, and what makes people want to engage with your business. Your brand identity should speak to your customers in a consistent tone and voice, and give them a consistent experience. Your brand identity defines how your customers identify you. It includes everything from logo, color palette, typography, design system, photography, illustration, interactive elements, video, web design, and iconography. These elements help determine how your customers will visualize and identify your brand. 
  • Determine your target audience. Before you even embark on building your brand, you must know who you are building it for. Describe your target audience using very specific terms. This will help you to identify what problems this audience has and what they like so you can build a brand that meets their needs and they can relate to.
  • Identify your unique selling point. This is what you are bringing to the table. Identify what makes you different from the competition—something that your target audience will relate to. This is essentially what will help you to build a successful brand and make you stand out from the crowd.
  • Determine your brand name, mission statement, and slogan. These elements do not only identify your brand; they sell it, too. Have a good brand name, write a clear mission statement for your business based on your USP and the needs of your target audience, and have a slogan that your customers can relate to. Then you can create a logo and illustrations for your brand identity.
  • How long does it take to build a brand? Creating a brand can take a long time for a new business. Apple™, for instance, took a long time to become a brand, because it took so long to develop the iPhone and iPad, which they are known for.
  • What are the key elements of a strong brand? Some key elements stand out in strong brands. To learn how to build a brand successfully, then you must learn to incorporate these elements in your brand:
    • Target audience – the people you are targeting.
    • Brand promise – tells your audience what to expect from buying your product.
    • Brand values – what your brand stands for.
    • Brand voice – have your own personality that speaks to your audience.
    • Brand positioning –what position you hold or intend to hold in the mind of your customer.
    • Brand perception –where you have come from, where you are, and where you intend to be in the future.

Hopefully this article has educated you on how to build a brand for your product; now you can go ahead and build your own successful brand from scratch.

 

What is Contract Manufacturing?

What is Contract Manufacturing?

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Contract manufacturing is often called private label manufacturing and refers to an agreement where a firm hires a third-party contract manufacturer to produce products components or a final product.

The Purpose of Contract Manufacturing

Contract manufacturing is a form of outsourcing that allows firms to have their products produced by specialist manufacturers. Third-party contract manufacturers typically specialize in one of the following:

  • Product assembly
  • Product design
  • Product distribution
  • Product component manufacturing

Contract marketing is a business model that is implemented by many industries over the world, including the technology, medical, pharmaceutical, food, and cosmetics industry.

Benefits of Contract Manufacturing

There are several benefits to contract manufacturing including:

Lower Input Costs per Unit

Since the hiring firm doesn’t produce their products, they don’t need factories and the necessary production equipment. Labour costs are also typically lower, especially if the contract manufacturer operates in a low-cost country like China.

Contract manufacturers are also better suited to benefit from economies of scale, especially if they purchase large quantities of raw materials for several clients. As a rule, the cost per unit decreases as the number of units in once shipment increases.

Mutual Long-term Benefits

Contracts between hiring companies and contract manufacturers that last for years are beneficial to contract manufacturers in that they represent a steady flow of business.

Long-term benefits are also beneficial to the hiring company since the contract manufacturers eventually gain extensive knowledge about the hiring company’s product requirements.

Quality

Established contract manufacturers have extensive quality control policies in place to detect defects or poor quality at an early stage.

Skills and Expertise

The hiring company may not necessarily have the skills and equipment to produce high-quality products from raw materials in a cost-effective manner. One of the most prominent benefits of a relationship with a contract manufacturer is that it allows the hiring firm to take advantage of these skills.

Emphasis on Core Competencies

By leaving production to specialists, hiring firms free their resources to focus on their core competencies and strengths.

Risks of Contract Manufacturing

Lack of Control

By entering into a contract manufacturing agreement, the hiring company forgoes a high degree of control over the production process. High-end contract manufacturers will, however, work with the hiring company to meet their requirements.

Inherent Risks

Outsourcing production or assembly can be risky, especially if the contract manufacturer is in another country. Working with local contract manufacturers may mitigate risks such as long lead times, language barriers, and cultural differences.

Lacking Flexibility

If a hiring company outsources the production of their goods, responding to fluctuations in demand can be a challenge. Lacking flexibility can be particularly problematic if the hiring firm does not constitute a large portion of the contract manufacturer’s business.

In Conclusion

Contract manufacturing is a valuable model for role players in the food industry. If you’re in the food industry, and you want to build on the strengths of your business and need a partner to take care of the production end, head over to Dure Foods to learn more.