Leveraging Brand Potential to Maximize Business Success
There’s no denying the value that small businesses bring to our country and our economy. We currently have 31.7 million small businesses in America, accounting for 99.9% of U.S. businesses in total. With stiff competition in nearly every market, there is one thing that really sets your business apart from the rest- your brand.
Your brand is your response to a consumer need that is unique, focused, and recognizable. Considering these elements, let’s explore if your brand is as powerful as it could be:
- What does your brand offer AND do consumers know that?
- Who does your brand serve AND do consumers know that?
- Why should consumers trust your brand AND do they?
Brand awareness is about establishing a relationship and a connection between the business and the client. While building brand awareness does not happen instantly, it is something you can work towards over time by taking meaningful and specific action in creating a brand you are proud of. Consider implementing the following steps to amplify the power of your brand:
Step 1: Be Consistent. From fonts to color palettes to messaging, be coherent and dependable. If logos, taglines, and slogans are constantly changing, consumers will lose faith in your brand and you risk being perceived as unstable, or even unprofessional.
Step 2: Be Social. Maximize your presence on the free marketing channels of social media. Create business pages aligned with your brand colors and logos, then post regularly.
Step 3: Be Local. Sponsor school events, attend networking meet-ups, and join the local business organizations. With a strong local foundation, your community can help build your brand through referrals, reviews, and ambassadorship.
Step 4. Be a Resource. Creating free branded content (e.g., blogs, newsletters, videos, e-books, etc.) allows you to establish your expertise in the field. Once perceived as the expert, consumers are more likely to trust your brand for paid experiences.
Step 5. Be Willing to Reward Loyalty. Create a branded loyalty program that encourages repeat business, referrals, and spin-off potential. If the rewards are enticing enough, your clientele base will quickly snowball.
Leveraging your brand potential is a key strategy in maximizing business success. With distinctive branding, your company will create an undeniable presence in the business community.
As published in Costco Magazine in 2021