Why Is Brand Discovery So Important to Your Business?

What Is Brand Discovery?

Brand discovery is a knowledge-gathering technique used to answer fundamental questions about the company's brand, such as:

• What is your brand's core value?
• What are the strengths of your brand?
• What are the weaknesses of your brand?
• Who is your target market?

The goal of brand discovery is to come up with a brand strategy that will best represent your company in the market. It will also help you shift your focus in case some key elements of your company change, and it will guide you on where you should place your brand's focus to reach your target market.

Why is Brand Discovery Important?

In today's business world, it's difficult for companies to stay afloat. With changing consumer demands, intense competition, and information overload, business owners must concentrate on measuring and maximizing the value of their brand.

Brand discovery is especially vital in the market today since most companies brand themselves as a commodity, but the truth is, most businesses are not really commodities. Each brand is unique and can be distinguished from the other.

However, many companies fail to realize this fact, and they don't realize that they have nothing much to offer other than their competitors. For them, "repositioning" their brand is not a matter of strategy but a matter of marketing.

The best way to make your brand stand out in today's sea of brands is to actually discover what makes your brand truly unique and then let other people know about it!

How Do You Carry Out Brand Discovery?

Although brand discovery is important, it's not something that you can just do right away. The process is a lot more intricate and complicated than people would think. It might seem simple, but that's only because it's not being done right.

Here's a breakdown of the process you need to follow when finding out what makes your brand unique:

Get to Know Your Core Demographics

First things first, you need to identify your target market. Not just who are you targeting, but who do you want to target?

If you don't know who your target market is, then how will you know what your brand needs to represent? You will end up with a brand that doesn't really stand out since you don't even know what you want your brand to stand for.

Carry Out a SWOT Analysis

Sure, you know who your target market is, but do you know what your brand's strengths, weaknesses, and opportunities are?

Having a SWOT analysis is very necessary when trying to figure out what makes your brand unique because you might be able to identify what your brand's strengths and weaknesses are and how they affect your company's goals in the market.

Get to Know the Competition

You might be the only business like yours in your area, but that doesn't mean that you have no competition. Before you can even identify what makes your brand unique, you must first know what makes your competitors' brands unique, as well.

Branding does not only apply to the visual elements of your business but also the overall experience. You might offer a great product and service, but if your competitors are offering the same thing, then what makes you different?

Branding is More Than a Logo