From the course: Creating a Business Plan

Branding and marketing your product

From the course: Creating a Business Plan

Branding and marketing your product

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- A brand is a promise and you should spell out what you want that promise to be. Also lay out why are your customers going to care? Why is that promise important to them? Then, how are you going to advertise and promote your product or service in a manner that's consistent with and builds that brand? How are you going to communicate with your customers? Will it be online, advertising, public relations perhaps it's personal selling or printed materials. Are there other promotional opportunities you're going to take advantage of? Spell these things out in the branding section of the business plan. Then, how are you going to emphasize your points of differentiation? Are you going to point out the problem you solve and why you're better than anyone else at solving it? Let's look at some examples. I want you to think about what you think about when you hear these brand names. Think about the promises they make. What do you feel they're promising to you? How do you see them as different than their competitors? And what channels do you see them marketing in? Apple, Coca-Cola, Walmart, E-Trade, Nike, Southwest Airlines. Everyone of those names is a dramatically different brand and they're articulating different points of their value proposition through different channels. Now for each of their customers, that brand promise is important and it drives their loyalty to the organization. So in your business plan, spell out what the promise is that you're making to your customers, why they'll care, and how you're going to get that message out into the market.

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