How important is brand value for the average small business? Well this is dependent on a number of aspects, but it’s telling that the average business owner will recognise the importance of standing out in the crowd and showing identifiable elements of that business.
You may have heard from us here mentioning before the importance and emphasis on differentiating your business, regardless of what industry you operate in. It’s also good to understand and know how much you value your company.
Okay; so let’s work on the basis that you’ve formed your company. You identified what strengths your business possesses, but how are these enhanced to ultimately grow your business? But what does a strong brand equity provide you as a company? Maybe a lack of rationality and unconditional appreciation from your customers? Well that’s certainly swayed more to the more extreme, however the element of competitive advantage is something you should focus your attention to, and work towards.
So let’s start with an obvious factor, your products or services. It is absolutely vital to provide quality to retain customer, and build up a good reputation. You will find that ultimately, you will effectively have to live and die by the quality of your products & services, in the grand context of your company’s lifespan.
Theoretically, a strongly built brand will withstand and adapt to market shifts. Whether this be social, economic or political shifts, a strong brand should be fully adaptable, and susceptible to changing quickly. This aspect will always revert back to understanding customers, and then understanding them some more!
Simply put, it’s best to establish an identity, and build your brand around it. Sticking with this identity is ideal; as when markets shift, you won’t want to have alienated your target audience by trying to overdo the targeting.
Perception is key. Your audience needs to know your philosophy and communicational output. It’s also just as important to reinforce this too. Make sure you know in your mind what you want your branding image (and overall branding) to be and then subsequently model your other business operations around this.
Think of your brand as one of your most important assets, and the leading sales tool of your business. Be in control of what your customers know, and when it comes to social and consumer trends; be proactive and not reactive!
A thoroughly positive view of your brand must be projected into the minds of your customers. Being meticulous with every aspect of your marketing outlay is advantageous; as the wrong message at the wrong time and unbalanced marketing campaign can cause doubt with customers and ultimately lose you custom. Communication, communication and communication. And then speak with your customers some more!
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This post was written by Chris Beck