The above is a million dollar question that every small business owner must answer! Small business branding strategy has always proved to be a bit difficult because entrepreneurs find management of a product or service to be a bold challenge.
While branding of the products or services that a business offers, this is only a small part of it. Again, a lot of business owners tend to think that they are maybe too small to create a brand logo, but the truth is, branding is something that can benefit businesses of all sizes and types, home online business inclusive.
WHAT IS BRANDING?
Branding is simply all about the creation of a unique identity for your business, such that even when you sell the same product(s) or service(s) as someone else, you can stand out from the crowd and attract customer attention.
Clients tend to relate better to companies that have strong branding and an identity. They vote for which branding works for them with their shop visits, clicks or purchases. By having strong, cohesive branding, your “home online business” can be the one that most notice, feel a connection with and consequently patronize.
When you also create brand logo, you end up instilling brand loyalty which encourages returning customers.
WHY YOU MUST HAVE A SMALL BUSINESS BRANDING STRATEGY
Recognition Leads to Trust
One thing studies have shown is that recognition of a brand builds trust and people are more likely to patronize you if they feel they can trust you. Therefore, trust and reputation are keys to business success and branding plays a big part in this.
By having that strong, identifiable brand, even the smallest company can begin to build trust with customers. This leads to customer loyalty of which forty-eight percent of customers say they are more likely to become loyal to the brand during their first experience or purchase with them.
There are lots of ways to create that brand to build trust with everything from catchy slogans and memorable names to attractive and eye-catching color schemes being used. But the most effective brands combine some of everything. They work on the principle that we retain only around one-tenth of the information that we see when we read something.
But if you include visuals with that information, this rate of retention rises up to almost two thirds. Therefore, having that catchy slogan paired with great graphics, a clear color palette, brand voice and other elements means you have a better chance of people remembering what you do.
That is why visuals are so popular on social media and almost three-quarters of marketers use them ahead of even video.
Builds Brand Reputation
As you attract attention to your brand and build trust, then you start to create a reputation, be it online or in the physical world. Reputation is crucial for business – it covers everything from customer interactions, product standard, feedback and even how you reward your customers.
That strong, positive reputation can even convince people to buy. 91% of shoppers asked in one study said they were more likely to buy from a brand that they viewed as ‘authentic’ than one that they didn’t. So building that brand reputation can gain you customers in a big way.
Using marketing teams to manage your reputation may seem like something that a small company cannot manage but this isn’t the case. By having external experts who take on tasks such as checking customer feedback, managing social media and creating the right content, you can quickly build and enhance your business reputation.
Allows for Better Sales
A strong brand increases the number of leads that you will generate and this, in turn, means making more sales. However, you need to maintain your reputation and standards when generating these leads or the work done by the brand can vanish. Response times, voice and even the actual content you offer, leads to a consistent brand.
Following through on your promises also helps build that reputation. Have a clear customer process with times outlined so customers know what to expect and make sure you follow it – that way people are impressed with what you do and more likely to tell others.
Brings About Business Growth
That strong, cohesive brand is crucial for other areas of the business growth. Staff morale(if working with one), for example, can be a problem. If staff are not motivated, don’t know what the company stands for or feel unimportant, then this can lead to bad customer service. This damages the brand.
So, by having a clear brand that employees can get behind, you can offer a better service to your customers. Staff feel proud to talk about what the company does or the services that it offers. They learn to talk with the brand’s voice, ensuring all of their communications with customers offers consistency. This makes the company seem more friendly and approachable and this is another reason that customers become loyal to the brand.
BASIC BRANDING STRATEGIES
Incorporate Unique selling proposition
Part of the reason why people buy from you is that your products or services solve their problems. But in order to attract new customers, you really need to define what sets you apart from your competition.
The process of identifying your unique selling proposition (or USP for short) is rather simple. First, take a bit of time and think really hard about what’s the best thing you can offer. If it solves a really deeply-rooted problem a customer is facing, you’re on to a winner. And finally, you should think of a slogan that incorporates that.
For example, a good slogan would be “get rid of acne in 30 days or your money back”, because it conveys your strongest selling point with a clear benefit and even includes a powerful guarantee in a single sentence.
Think and Act on “the long-term”
There is no customer better than one that comes back again and again. These are the sort of relationships you should aim to build with your clients. If you’re not already, you should become the go-to person in the niche whenever your customer has a problem that you can solve.
For example, there are restaurants in every small town or city, and there are probably some in your area as well. Whenever you desire to eat out, you don’t even think twice about where to eat even when competition is trying everything in order to win you over, you find it very difficult to switch because there is an already-established trust in your favorite eatery.
Have your own voice
The foundation of your business will be your website. You will build your brand in your chosen niche with your website where traffic will come to buy your stuff. It is not recommended to act as a big corporation if you’re not and there are several reasons for that. First of all, you’re not really being honest about who you are, and people will sense it.
Secondly, sometimes customers actually choose a small business provider over a big corporation because a small business is more likely to listen more closely to their needs.
Expressing who you are, comes off as more legitimate and trustworthy, so in other words, you will do a better job at marketing your own business if you’re just being yourself.
Ensure you Offer value
Engaging in price wars with your competition is an endless battle. Sadly, even if you win, there’s probably not going to be much left for you to feast on. What you should be doing is to endeavor you offer value which comes in the form of quality.
Being innovative, professional, and paying attention to small details will be the key that unlocks the door to success, and, could very well mean the difference between a successful business and the one that fails.
A study by Reuters reveals that eighty-two percent of investors said that the strength of a company’s brand and name recognition were important factors in a decision to get involved with a business.
What this shows is that from all aspects of the business, branding is crucial.
There are lots of ways that branding can help with your business growth and success, so you are encouraged to create a brand logo even if you offer a home online business. This will enable you to enjoy a long-term success and profitability in your business. Don’t know where to go to build your online brand? This community of 1.3 million entrepreneurs is waiting to coach you, answer your questions and cheer your successes.
To Your Amazing Future.
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