Tag: "Business Branding"

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Small Business Strategy Tips

I don’t know what the name of your small business is, nor do I know what product or service you are selling. What I do know is that if you start small business plans without a strategy, you will fail. All successful business plans have a good strategy behind them. And when it comes to small business ideas and strategies, there are several aspects that you will want to consider. Let’s take a look at a few of them. 1. Leadership Before you even start small business plans, you need to develop good leadership abilities. You need to be able to create small business ideas and enforce them. After all, what good are ideas if there is no one to put them in place? If you have staff, you also need to know how to direct them while at the same time making them excited to work for you. To be a ...

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The Importance of Branding

Branding is a key concept in marketing circles, as it is the pivotal springboard that can thrust your business forward, and give you a competitive edge.  A well-defined and strong brand will drive sales, build customer loyalty, create brand value, and most of all, it will be the catalyst for business growth, as consumers will be motivated to buy your product. A brand is usually associated with the logo, sign, name, or other image that consumers associate with your company and product.  But in fact, brand also incorporates other factors, and encompasses those unique characteristics that distinguish your product, and sets it apart from the competition.  It also relates to the quality of your product, the way you do business, and how you are perceived by others. Business branding is therefore important to every business regardless of the size, because it communicates information about your business and product to the market.  It ...

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10 Ways To Create Brand Value

In order to create brand value, a business must be able to communicate successfully to the target market.  This communication should create awareness of their product, and influence the consumer’s perception of it.  Brand value is all about the consumer recognizing their need for the product, because of its perceived worth.  Below are a couple tips to help create brand value. Focus on Quality: Brand value is all about having a product that means something to the consumer.  Consumers value products that are of good quality.  They will not buy inferior quality goods that break down easily, or do not last as long as they should.  Therefore, any company that is looking to create brand value must ensure that they have a product of quality.  In addition, quality must be delivered consistently, not erratically, but all the time. Link your product to a worthy cause.  Consumers love to support a cause. ...

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What is a Unique Selling Proposition?

The foundation of a unique selling proposition is offering a product or service perceived by potential buyers as unique and valuable.  The attributes of the business’ products or services should be substantially different from the competitor.  In order to effectively develop a unique selling proposition, a business needs to study the existing buyers’ needs and behavior.  It will have to be determined what the buyers consider valuable and what they are willing to pay for.  Once this assessment is complete, a business will have to incorporate the selected buyer-desired attributes into the unique selling proposition in an effort to distinguish itself from existing competitors. The objective of a unique selling proposition is to differentiate the business’ products or services from it rivals in such a way that this original selling proposition appeals to the majority of the existing buyer market.  A unique selling proposition concentrates on outperforming competitors, by offering customized ...

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What Is Brand Positioning

Brand positioning is a strategic approach to establishing a sustainable competitive advantage.  Wikipedia defines  competitive advantage as "the strategic advantage one business entity has over its rival entities within its competitive industry. Achieving competitive advantage strengthens and positions a business better within the business environment." [Wikipedia] There are different ways to improve a business competitive advantage and I mention some of them below. But before I do it, it's important to understand that the objective of brand positioning is not to bring your competitors down, but to outshine them by performing better and more efficiently cater to the needs of the industry’s customers. There are five generic competitive branding strategies useful in brand positioning.  These generic competitive strategies are: a low-cost leadership strategy a broad differentiation strategy a best-cost provider strategy a focused strategy based on lower costs a focused strategy based on differentiation. Let's take a closer look at each of them. 1. A low-cost ...

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Personal or Business Branding?

Big branding question of nowadays seems to be whether to use personal or business branding when building your small business brand. My favorite solution is personal business branding, the combination of both. So let's take a closer look at what I mean by that. Authenticity remains one of the strongest competitive advantages of personal branding.  Authenticity of personal branding is referring to its level of genuineness.  When a small business finds the development of authenticity in their branding strategies difficult, larger businesses find it impossible. Some small businesses are implementing innovative strategies that make them appear more sincere to potential buyers than larger firms appear to be.  Great example of personal branding strategies used by small businesses is the use of personal stories in ezines, newsletters or blogs to connect with readers and subscribers. Large businesses can use this tool too, great example might be Mary Kay Cosmetics, the company that ...

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What is a Brand Audit?

A brand audit is a thorough examination of a brand’s current position in an industry compared to its competitors and the examination of its effectiveness.  When it comes to brand auditing, five questions should be carefully examined and assessed.  These five questions are how well the business’ current brand strategy is working, what are the company’s established resource strengths and weaknesses, what are its external opportunities and threats, how competitive are the business’ prices and costs, how strong is the business’ competitive position in comparison to its competitors, and what strategic issues are facing the business. Generally, when a business is conducting a brand audit, the main goal is to uncover business’ resource strengths, deficiencies, best market opportunities, outside threats, future profitability, and its competitive standing in comparison to existing competitors.  A brand audit establishes the strategic elements needed to improve brand position and competitive capabilities within the industry.  Once a ...

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Can Social Media Damage Your Brand?

Due to the evolution in today’s business world, social media has been initiated as one of the many necessary musts for successful business banding.  As a result, web-based communities are being assessed and utilized as an effective venue for delivering a business’ branding message.  These social media have proven themselves quite effective at generating and adding a personal touch to a business’ brand.  However, there are serious potential threats that could develop within social media branding.  Consequently, any business considering integrating this strategy into their branding approach should have a strategic crisis management strategy ready. Web-based communities are emerging as a great place for a business to promote and establish its brand.  These types of social media are quite efficient at generating a feeling of family and community.  Now, any business that is considering introducing social media into their branding strategy should be aware that there may be some level of ...

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Building an Authentic Business Brand

We keep hearing a lot about authenticity these days. Many entrepreneurs understand that they need to make their business authentic and relevant, but they get lost in application. When it comes to authenticating a business’ brand, there are several key marketing success factors.  A key success factor is what is required of every business to ensure competence, competition, and success.  Determining key success factors should be a priority for any size business interested in authenticating its brand. Essentially, every business keen on succeeding in a particular market or industry should understand the environment of the industry well enough to know what is and what isn’t necessary to successfully exist and thrive in any given market.  Effective authentication is only possible when a business makes a conscious effort to keep its finger on the pulse of its relative industry. Another very relevant marketing related key success factor includes the establishment and successful maintenance ...

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