If you have made the jump and created something from nothing, firstly congratulations! With only 45.4% to 51% surviving the five year mark* the hard work is definitely not over. A way to cement your business in the market place is by branding, you should consider your business as an identity. It’s; name, logo, slogan and activity (or in other words everything related to it) should be used to create a story and character that can relate to consumers. This in turn begins the development of a brand which can open various opportunities for you and boost assets in your business and improve the likelihood of success. You don’t have to spend millions on an ad campaign either there are simple cost effective ways of developing an identifiable brand that will be discussed below!
Consumers MUST be able to find you.
This may seem like an obvious one but with the current coronavirus crisis and high street footfall plummeting the trend to online has seen tremendous growth, meaning if you have a business you should definitely consider having an online presence of some kind. This doesn’t have to be a website or social media page as depending on your business model they may actually end up costing the business more than the return you see. Not every business needs the full online package of apps, social media pages, websites and email! It can even as simple as having your business listed on the local online business directory pages or google business pages with a basic name number, phone number, map and opening times. This can really help your listings in google stand out and appear at the top, if you are on a budget it’s a great alternative to paying thousands for a website and keyword search.
As I said earlier your business is a distinctive identity therefore the way you brand should be unique and designed just for you.
Is there a Market?
Hopefully this is something you have already established during your research stages but it must be revisited before you decide to brand. Factors outside of your control can have detrimental affects on your business model so you must be aware of possible influences. In building a successful brand, you have to decide where your business fits into current markets; is there room? do you offer something different to competitors? does your product/service already exist? Is your pricing strategy appropriate? These are just some of the questions that will help you fit your product into the right market, once you have done that you can develop branding techniques.
TIP: Patent your ideas – this demonstrates to future investors that you have something of value and prevents others from using your ideas first. It helps your brand stand out from current competitors and your brand value may increase as a result.
Find the USP (Unique Selling Proposition)
What makes your business different, whatever it may be you can use it as a positive tool to engage with consumers. Are you a small local business with a one person team? Use that as an advantage. Build on why you started; the passion you have for the business and why it’s special. This creates the brand story which consumers will associate with your brand when they use your product or service inspiring a positive sentiment and encouraging repeat custom. Use the reasonings you built the business in the first place to promote prominently to; press, consumers, businesses or general correspondence.
USE what is local to you as an advantage.
This is particularly important in your early years of development, it is important to network. Attend events aimed at new businesses or for local emerging businesses, this gives you an opportunity to promote your own brand and meet with people who you may be able to collaborate with in some way, whether that be promoting each others businesses or working together on future projects. It establishes you in the community so if you do decide to branch out into other areas and cities you can take what you have learnt and apply it on a bigger scale.
These are just some of the ideas that you can do to begin the process of branding, of course every business is different. Remember the old saying you can’t compare apples to oranges? Well you can’t judge and compare yourself to fully established giants in your industry when you have only just started. These things take time and everyone has to start somewhere!
* Statistics correct of publishing 2018 taken from Forbes Finance Council (www.forbes.com)
What are your thoughts on branding a new business? Have you done this or are doing this? Please leave a comment to share your experiences.
Marketing Explained 