You may have a small business or you’re a sole trader who thinks that brands are for big corporations only with a marketing or creative department. Do you need a brand? Let us explain, why you do!
Let’s start with a simple question: what is a brand?
Yes, it’s a logo. And you’re right too, it’s your website. Oh, did I hear someone mention a company vehicle with branding on it? You’re all right. All these things represent your brand, but branding is much more than that. It’s beyond the business name and logo.
Your brand identity is the total perception of your brand in the marketplace, including an implied promise to your customers that your product or service will consistently meet their expectations.
What does branding do for my small business?
Branding a product or service differentiates you from your competitors. It’s the key to turning prospective consumers into loyal customers. A brand is more than what your product does or what you communicate.
Brands connect with customers. Brands evoke emotions, delight us, and feel familiar and reliable.
Therefore, defining your brand identity and implementing a well planned brand strategy is one of the most important business objectives a company can have.
About now, you might be saying to yourself, “That’s great for large corporations like Microsoft or Telstra, but what can building a brand do for my business?”
Marketing is about improving your odds of success — and branding your product or service is a powerful way of doing just that.
Think about it. In today’s global, fast paced world, when nearly every product and service has competition, when product features and designs, manufacturing processes and services can be easily duplicated — often for less somewhere else, you need to stand out from the competition, and connect with your customers. Because even though products can be copied, customers beliefs, emotions and associations can’t.
A strong brand can give you the competitive edge you need
Strong brands can:
• create greater customer loyalty
• make you less sensitive to competitive pricing
• increase trial of new products
• increase support from trade partners
• provide focus to marketing efforts
• allow you to attract the resources you need such as talent and capital
• are instrumental in developing strategic partnerships
As you can see, a strong brand is a powerful tool for all businesses regardless their size and what you sell. And a well-defined brand strategy is especially critical for start-up companies or those looking to expand.
Our next blog is about how you can build a strong brand, so make sure you follow us! And as always, if you need help with your marketing, please reach out. Email: firstname.lastname@example.org.