“Any damn fool can put on a deal, but it takes genius, faith and perseverance to create a brand.” said David Oquilvy and man, was he right…
Having a strong brand is a great advantage these days. Yet, many small business owners out there still struggle with defining and positioning their brands. Some of them even think that branding is just a fashionable term. My today’s article is not to prove these people wrong, but to inspire and empower those of you who understand the value of having a well designed and strategic brand.
When developing a business’ brand strategy you need to answer couple questions first.
- How well is your current strategy working?
- What are the strengths, weaknesses, external opportunities and threats of your business?
- Are the prices and costs competitive?
- How strong is the company’s competitive position compared to established rivals?
- What strategic issues does the established business face?
The difficult truth about brand development is that buyers are often already attached to established brands and can be fiercely loyal. It is because of this loyalty why potential new businesses must develop a strategy for entering the market. This is not an easy task, as it is usually difficult for a customer to switch to a new brand.
Branding doesn’t have to be expensive. Depending on where you are and what you are trying to accomplish, you might very easily minimize the investment, especially thanks to social media and lower marketing costs. Still, your branding costs should be an important part of your budget as branding is the only way how you will be able to stand out among your competitors while still working alongside them.
Generally, when establishing a strategy for brand development, the lower the price, the higher the quality and performance, so in order to keep your budget low, the more you need to invest into actual strategy and branding.
Magnetic Look simplifies your business and life as it helps you develop a personalized, effective and profitable strategy for your small business. Stop wasting your time and money and discover how to stand out in your industry and build a magnetic brand.
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