SME Branding Lesson #9 – Why Bother with Branding?
I keep writing about branding and how SMEs could approach the subject – but why should you in the first place? There are many business owners who are wondering why they should invest money into devising a brand strategy and building a brand when business is going well, they have a loyal client base who refer them onto new customers. Why bother changing anything?
1. What remains of your business when you step out?
Often, running a small business means you wear many hats, including that of the sales and marketing manager, the new business manager and the human resources manager. Your clients buy into you as much as your product or service. (Especially in the services industry). Imagine you are no longer there. Without a brand carrying your values, will they trust your replacement? Will they still perceive your business as a specialist?
Building a brand gives you the opportunity to transfer and establish your values and credentials into a larger organisation that can successfully represent you and strengthen your perception of being an expert professional.
2. Differentiate yourself from your competition
You may run a successful business without investing time and money on building your brand, but chances are, your competitor will be a step ahead of you if he does. If you appear as just ‘one of many ‘on the market, you may be seen as a commodity.
If your business has a brand which communicates a perceived value and a promise, it also offers an easy solution to a consumer’s problem without having to tediously find and analyse every other similar service. If they have to do that research, price will most likely be the deciding factor instead of quality, service and expertise and you are likely to lose out on business or on profit margin.
3. Think ahead – and outsmart copy cats
If you have a great business idea, chances are someone will copy you to get a piece of the cake. Of course competition is healthy, but to be sure you stay on top, establishing your product or service as a brand will not only display its core strength, it will also mark your territory and your market position to businesses who have not yet built a brand reputation.
4. Be consistent
When it comes to building a brand identity, one of the main benefits is consistency. Consistency in how you visually present your company helps consumers and clients to recognise and remember your product or service when they come to make that crucial buying decision. It’s not just vanity, it’s an important part of marketing where you want to ensure that the right story gets told no matter where your clients get in contact with your business. Without a clear strategy and understanding about what that message should be and how it can be visually communicated, you run the risk of appearing undefined and forgettable.
5. Be proud
Building a brand is about ownership as much as about adding value to your business. If you and your team have a clear vision about what your company, product, service stands for, what you strife to do, who your ideal customers are, how you want to communicate with them, etc, chances are, you will all be a stronger team – in service, sales and marketing. When everyone sings from the same hymn sheet, you are well on the way to build a brand that has proud ambassadors among its staff – and businesses like Innocent, Apple, Google or The Co-Operative have shown the power of the people that are proud of their work place.
There are more reasons, some more business, some more design, some more marketing focused. I strongly believe though that whether you are a professional consultant, a small local business or a larger company, defining a brand strategy and getting a grasp of how you can create a lasting brand surrounding your product or service is an investment into your business’s long-term success.