“Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind.” But brand is simply a collective impression some have about a product.” Elon Musk.
The above quote is worth remembering if you are building a worthwhile and sustainable business. Most small business owners will roll their eyes at the mention of the word branding as a business asset. Branding is usually one of the last things on the to-do-list because of the perception of high costs.
Branding is important to small and big businesses alike. Whether we like it or not, a business is perceived based on its presentation. To most, branding means spending hundreds of thousands of pounds, but it does not have to be the case. Branding does not have to be expensive; you just have to find a way to present your business strengths in the best possible way.
According to Simon Mainwaring, an award-winning branding consultant, ” The keys to brand success are self-definition, transparency, authenticity and accountability.”
Self- definition – what distinguishes a business from another. Has your business got individual characteristics, are you showcasing these assets?
Transparency – your customers should encounter no ambiguity when dealing with your business. Make sure your offerings are clear and people find it easy to grasp what your business is selling or requesting for.
Authenticity – do not be a copycat. Develop your own individuality and avoid modelling your business after your competitors.
Accountability – ensure your customers can count on you. Your word is your bond and you are accountable to fulfil your promises. Be accountable to the people you employ and the people you serve.
Branding your business has many benefits which include:
Position your business as an expert in your niche. A business that spends time on its appearance will surely be taken more seriously than one that doesn’t.
It can increase your business profits quicker than other strategies. People love associating with success and if you can position yourself as a successful business model, your revenue will surge over time.
Your business branding is not just your name and logo; it includes the quality of your products, your customer service and the way you present your business to others. Your brand is what sets you apart from other businesses in the market – do not ignore it’s importance. If you want to stand out in the business world, you must pay attention to your branding and people’s perception of you.
Business Task for the Week
Analyse your Brand – is it portraying your business the right way? If it is not, find a way to rectify it and ensure you showcase the strengths of your business.
Till next time, enjoy the journey.
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