If you think only big corporate names need to think about things like brand names, think again. Your BRAND says a lot about you and your business, and that's as true for a one-person home-based operation as it is for a multinational conglomerate. In this article we look at how creating a strong brand for your business can help you set yourself apart from the pack and lay the right foundation for the future GROWTH of your business.
WHAT IS A BRAND?
Your brand is more than just the logo on your letterhead and business cards or your business name. It is your corporate IDENTITY. An effective brand tells the world who you are, what you do and how you do it, while at the same time establishing your relevance to and CREDIBILITY with your prospective customers.
HOW PEOPLE SEE YOU
Your brand is also something more ethereal. It is how your business is perceived by its customers. If your brand has a high perceived VALUE, you enjoy many advantages over your competition, especially when it comes to pricing. Why do you think people are prepared to pay money for items of clothing with a company logo on them? Perceived value. Perceived value as a result of very effective brand promotion resulting in very high brand awareness.
YOUR OWN KINGDOM
Now, I'm not saying we all need to rush out and start creating brands that are going to be recognized the world over. Most of us simply don't have the time or other resources necessary. What I am suggesting, however, is that it is possible for your brand to DOMINATE your niche. The main reason for creating your own brand is to differentiate yourself from your COMPETITION. New businesses are a dime a dozen. You need to constantly be looking for ways to set yourself apart from your competition. Your brand can do that for you.
MORE EFFECTIVE, EFFICIENT MARKETING
Another good reason for creating your own brand is to make your sales force (even if that's a sales force of one -- you) more effective and EFFICIENT. Imagine if you didn't have to spend the first 50% of your time with a new prospect explaining who you are, what you do and how you do it. What if your brand had already communicated that for you? You can spend 100% of your time focusing on SALES rather than EDUCATING your prospects about your business.
Another benefit of branding is that the efforts you expend increasing your brand awareness through promoting and marketing your brand to your target market automatically TRANSFERS to your products and services. So, even when you're advertising your brand, you're indirectly also marketing your products and services. So where do you start with your brand?
WHO ARE YOU SERVING?
A good place to begin thinking about your mission is to put yourself in the shoes of your customers. Put yourself in their TARGET market. Let's say your business is web hosting. If you're in the market for a web host, what things are important to you? Different people will be looking for different BENEFITS but you can bet that they want their website to be accessible to site visitors so reliability will be high on their list. Price is also likely to be high on the list -- as is technical support. What about add-on features such as unlimited email aliases, and what-not? These things will be highly important to some and less important to others. So focus on the benefits that are likely to be highly relevant to the majority of your target market. Let's settle for our purposes on reliability, price and technical support.
YOUR MISSION STATEMENT
Based on these observations in this example, your mission statement might read something like this: "I strive to earn a fair return on my investment of time and money by providing affordable webhosting with guaranteed 99% uptime and 24/7 telephone technical support". That's a pretty GENERAL statement and if you decide to focus on a particular niche of the webhosting market, such as small business, you may want to more narrowly focus on that group in your mission statement.
SUPPORT YOUR MISSION
Now that you've written your mission statement, you can begin thinking about creating a brand that REINFORCES and supports your mission. So, getting back to the fundamental questions of who you are, what you do and how you do it, you can now begin to think of your business in these terms. You're a webhosting provider, you host websites of small businesses and you do that by offering cost-effective webhosting solutions, guaranteed 99% uptime and 24/7 telephone technical support. When you create your brand, you need to keep the who, what and how firmly in mind but also use the brand to establish your RELEVANCE to your target market and build CREDIBILITY with that market.
DESCRIBE WHAT YOU ARE BRANDING
List out your business's key features and CHARACTERISTICS, your competitive ADVANTAGES and anything else that sets you apart from your competition. Using our webhosting example, you'll focus primarily on the objectives from your mission statement namely, reliable, cost-effective webhosting solutions supported by 24/7 technical support.
IDENTIFY AND DESCRIBE YOUR TARGET MARKET
Decide whether you want to target the ENTIRE webhosting community or only a SEGMENT of it such as small business websites. Describe your market.
COMPANY NAMES BASED ON KEY ELEMENTS
The key elements from your mission statement were reliability, cost-effectiveness and customer service. List names that are SUGGESTIVE of these elements. Let's use Reliable Webhosting for our example. (I don't claim to be a creative genius.) Don't limit yourself to real words, though. A COINED name with no obvious meaning is a perfectly legitimate name provided it conveys something about your business. You will find coined names easier to trademark and secure domain names for too -- a definite plus!
CREATE A LOGO AND TAG LINE
Your logo and tag line are not your brand, but each should allow your brand to be instantly RECOGNIZED by those familiar with it. To this extent, they help create and reinforce brand awareness. Both should be suitable for corporate letterhead and business cards, as well as for your website and corporate signage (if any). For our example, we'll use: "Outstanding reliability and technical support at a price your small business can afford". I know, I know. You can do much better, I'm sure.
To establish brand awareness, this branding needs to be used consistently and FREQUENTLY in everything your produce, whether that be letters to clients, business cards, brochures, quotations, invoices, advertising, promotion, on your website, on the front door of your principal place of business and on your products. And don't forget to be consistent in your use of COLOR schemes. These can be powerful brand reinforcers.
MARKETING AND PROMOTION OF YOUR BRAND
Once you've created your brand, you need to market and PROMOTE it, in addition to your products and services. This is how you establish your credibility and relevance to your target market. If, at the same time as you're selling your products and services you also push your brand, your brand becomes synonymous with your products and services. Your brand has already PRESOLD you.
Elena Fawkner is editor of A Home-Based Business Online ... practical ideas, resources and strategies for your home-based or online business. Visit her website at www.ahbbo.com.
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