Whether you are a small business or a multinational, retailer or B2B, branding is one of the most important components of any business. Having a powerful brand strategy will give you a major advantage over your competitors. You have probably read or heard comments like this many times. But, what does “branding” really mean and how does it impact your small business?
Essentially, your brand is the promise you make to your customers. It informs them about your values, character, and what they can expect from your products or services. Moreover, it will tell customers how you are different from the competition. Therefore, your brand is determined by who you are, who you try to be, and how your customers perceive you.
There is no business that can be all things to all people. Your company can identify itself as being an industry maverick or consistent and reliable. Your products can be high-quality with a high-cost or low-cost with a high-value. Nevertheless, you will have a hard time trying to satisfy everyone. Therefore, an effective brand strategy starts by identifying your target customer.
An example of this is Whole Foods Market, which has built a reputation of providing extremely high-quality, organic, and healthy foods. The public perception that Whole Foods sells only foods that meet the highest standards of health and safety, has allowed the grocer to charge seemingly high prices for commonly available items. They pinpointed a space in the grocery store market, and then connected with the rational and emotional concerns of their target.
On the flip side is a company like Planet Fitness. With over 1,300 clubs, it has grown to become one of the largest fitness club franchises based on the number of locations and members. They identified a segment of the fitness market that was seeking a low-cost but high-value gym membership, with a judgment-free environment. Regardless, their critics and many avid fitness enthusiasts question their legitimacy as an authentic gym.
Today’s article discussed developing a brand for your small business. Stay tuned to this website for more information on developing a brand strategy, including the how, what, where, when and to whom you should plan messaging, communications and delivery.
What haven’t we covered yet that is important to you? If you would like to talk about how to brand your small business or a related topic, please contact us.