In today’s competitive business climate it is important to differentiate your brand. A sound investment is defining and communicating what is truly special about your business. Your brand will bring you the success of your business and financial results through loyal and happy customers. Your brand will tell the world why they would be crazy not to do business with you.

Here is an interesting list, Michele Schermerhorn President of Online Business Institute Inc. has put together:

1. Know Your Customers Better Than You Know Yourself
2. Understand Your Competitive Environment & Competitors
3. Define Your Brand Personality
4. Make A Brand Promise
5. Define Your Brand Strategy
6. Identify Your Branding Game Plan
7. Be Consistent in Action

Now, the second point is not the most commonly use when setting-up such branding rules lists, but I find it very true and usefull:

Your competitive environment has a major impact on how you brand your products or your company. For instance, retail is a highly competitive environment. There are companies that deal in the high end of the market and those who don’t. WalMart has chosen to compete in the low price arena of retailing. They work hard to build a brand of “low price, friendly company”. They obviously do it well. All one has to do is look at their financials to draw that conclusion.

You need to understand your competitive environment as well as WalMart understands theirs. But how can you do that effectively, without WalMart’s budget?

Start by asking your existing customers, “If you weren’t working with us, with whom would you be working?” Identify the companies to whom you most often lose business. Learn as much as you can about these competitors, including how customers perceive them, what makes them unique, and why they win the business they do.