Refined and compact
The first step for any great brand is to have refined and compact business idea underneath it. If the business isn’t easy to understand in an instance, and isn’t logical as a single entity, the brand may falter.
So what do we mean by this? Well, I like to think of this stage as trimming the fat. Often new or existing businesses have a great core business idea, but it is clouded by too many superfluous ideas and too wide a target market. To make that business into something that can really be a strong brand we need to trim the fat.
This means looking at the business and removing any excess elements that don’t fit or are distracting from the core of the business. So if the majority of your business is X, consider removing Y and Z. Would focusing on X make your business easier to understand and a stronger proposition.
Doing this while thinking about your brand niche will allow you to remove all the unnecessary elements of the business. At the end of this stage if you can’t explain your business idea in a short sentence, you need to trim some more fat.
We all want to be the best in our field, and this is true for your brand and company. For your brand to be effective you need to be number 1 or 2 in your field. No-one remember’s 3 or below. Think about Cola for example, we all instantly think of Coca Cola and Pepsi. Fizzy orange, Tango and Fanta. This is achieved through brand niche.
Brand niche examples
So what do we mean by brand niche. Well, you might be a local law company, for example. There is going to be a lot of competition in that area, all competing for their brand to be number 1 or 2. If we looked at say immigration law, maybe there is only a handful. This niche has the potential for you to become number 1 in that field.
Another example might be a company selling audio cables. Again, lots of competition in that field. But perhaps if that was audio cables for hi-fi, that would be slightly less. If it was a high end audio cable for audiophiles hi-fi separates, even less.
A word of warning though – it is important to not become too niche as there may be too small a market with no customers (see below).
A business specialising in grooming products for mustaches is perhaps too small a brand niche. Widen it a little more to include products for grooming beards and mustaches, and you have a solid initial brand niche, with plenty of room for complimentary brand extensions. You are far more likely to be number one or two in the field than if you just did generalist male grooming products.
Hopefully by now you are getting the idea of how you can find your brand niche and the benefit of it for your brand.