Branding Your Business
If you think only big corporate names need to think about things like brand names,
think again. Your brand says a lot about you and your business, and that's as true
for a one person home-based operation as it is for a multinational conglomerate. In
this article we look at how creating a strong brand for your business can help you
set yourself apart from the pack and lay the right foundation for the future growth
of your business.
What is a Brand?
Your brand is more than just the logo on your letterhead and business cards or your
business name. It is your corporate identity. An effective brand tells the world who
you are, what you do and how you do it, while at the same time establishing your
relevance to, and credibility with, your prospective customers.
Your brand is also something more ethereal. It is how your business is perceived by
its customers. If your brand has a high perceived value, you enjoy many advantages
over your competition, especially when it comes to pricing. Why do you think people
are prepared to pay stupid money for items of clothing with the initials "CK" on them?
Perceived value. Perceived value as a result of very effective brand promotion
resulting in very high brand awareness.
Now, I'm not saying we all need to rush out and start creating brands that are going
to be recognized the world over. Most of us simply don't have the time or other
resources necessary. What I am suggesting, however, is that it is possible for your
brand to dominate your niche.
Why Do I Need to Create My Own Brand?
We touched on this in the previous section when we looked at what a brand is and how
it can be used to increase the perceived value of your products and services. The
main reason for creating your own brand is to differentiate yourself from your
competition. New websites are a dime a dozen. So are home-based businesses. You need
to constantly be looking for ways to set yourself apart from your competition. Your
brand can do that for you.
More Effective, Efficient Marketing
Another good reason for creating your own brand is to make your sales force (even if
that's a sales force of one - you) more effective and efficient.
Imagine if you didn't have to spend the first 50% of your time with a new prospect
explaining who you are, what you do and how you do it. What if your brand had already
communicated that for you? You can spend 100% of your time focusing on sales rather
than educating your prospects about your business