Branding your business is the bread and butter. It is what people think of when your company’s name is brought up in conversation. But a lot of small businesses fail to execute an effective brand. Why?
To answer this question, we must look at a few things. First, what is a brand?
A brand is defined as a public image, reputation, or identity conceived of as something to be marketed or promoted.
But do not get confused. A company’s brand isn’t its logo or how they advertise. A brand is how a company’s reputation, strategy, track record, vision, values, and personalities all fit together. A brand is one of the most crucial things for a small business because you want your customers to trust you. If they don’t trust you, you won’t get very much business.
So, what is the advantages of the power of branding?
1. Sets you apart from your competition
77% of consumers buy products based on what brands they know. If you can create a trust between you and your customers, you already have an upper hand. Having a loyal customer base truly pays off. 59% of shoppers prefer to buy from a brand they trust.
2. Define your product/service.
After you set yourself apart from your competition, you need to be bold on what you offer. Your customers need to know what your focus is. They need a clear expectation of what they are going to get.
3. Maintain your followers.
After you build your core customer base, you need to work at keeping them. The old saying is true. It cost more to get a new customer than it does to retain your current ones. These are the people that have put money into your company. They supported you. You need to do everything you can within reason, to maintain this following.
4. Increase your brand equity.
Putting all of this into practice will help with this 4th tip. Everything you do, should be with the idea of your brand in mind. Keep working at improving your customers perception of your brand. Take constructive criticism into consideration when making improvement but don’t let it lead the decision.
Like any great company out there. Their brand is what makes them live in the forefront of everyone’s mind. Putting a little more time into your brand can give your business the facelift it may need.
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This article was written by: Austyn Buchanan