The Benefits of Branding Your small business
“The world is full of obvious things which nobody by any chance ever observes.” Sherlock Holmes
1 YOUR SERVICES are no longer just commodities
A commodity is a product or service that your audience does not perceive has any differentiation from your competitors. There is no difference in the benefits between them. The only thing that influences the decision to buy is the price.
When the first question your prospects ask is “How much?”, you know your service is just perceived as a commodity.
2 You Distinguish Yourself From the Competition
A strong identity delivered consistently and backed up with action will get you to stand out from the competition and give potential customers a reason to choose you.
Just imagine how refreshing it would be for a prospect to come across your site when it reflects your authentic brand. You’ll immediately make an impact.
3 Get Employee Buy-In
With a clear understanding of the culture of the business, your employees will know how to treat customers, what to do when a problem arises, and how much authority they have to make decisions. And they’ll be happier and more productive knowing “how things are done around here.” Their actions will also be more consistent with the company culture.
Here’s what will happen: you’ll end up with a team of people who refuse to put their own interests ahead of your business. Those who don’t agree with your brand will know it’s time to leave.
4 Attract Better Talent
You’ll also have a foolproof way to find the right new employees. Prospective candidates will know exactly what type of place you run, and you’ll quickly recognize the ones who won’t fit in. You’ll then be able to choose the best of the best in terms of their buy-in to your philosophy and their future loyalty.
5Make BETTER PLANS
AND DECISIONS
When the brand is always top of mind, it provides the rules–the context–for making plans and decisions. When people understand where the business is going and what it stands for, decisions will be consistent with the business goals. A brand is the guiding light of your business.
6 Less costly More effective Marketing
When you’re no longer just like all the rest, you don’t have to spend as much trying to market in conventional ways. You can become a business that is sought out by prospective clients, rather than a business that is constantly trying to sell to them. In addition, people like to tell their friends and business associates when they’ve found a good thing. You’re likely to get a lot more referrals. And referrals are free marketing.
7 IncreaseD Profits
Why do companies that make designer luxury products charge so much? Because they can. People buy those products because the company brand triggers certain emotions that create the desire to have them. Even people who can’t afford those products buy them because the buying decision isn’t rational. When you give people an emotional reason to do business with you, they’re less likely to object to your prices.
Branding also results in more effective marketing material, increasing your customer base and your profits. In addition, you might find that your employees are inspired to make more sales because they buy in to the business and want to see it succeed.
8BUSINESS IMPROVEMENT
The branding process, or investigation as I like to call it, can also give you an objective view of some the problems or challenges in your business that may be holding you back from greatness. Needless to say, the investigation needs to be a very thorough one, and not just a quick fly over.
In addition, as discussed in benefit #5, better planning and decisions will inevitably lead to improvements in your business.
9BOOST YOUR CONFIDENCE
It’s quite common for small business owners to have a fear of putting themselves ‘out there,’ because they might believe they have nothing special to offer. Standing out from the crowd can create the fear of being noticed and not accepted. So the answer is to stay small.
The fact is that no one is better than anyone else; we’re just all different. The world needs what your business has to offer, because there’s no other business just like yours.
Once you have uncovered your authentic brand, it will give you the confidence you need to spread the word.