Brands are often associated with large businesses. However, a brand can be used effectively by small businesses as well to increase their profitability. Branding a new business is just as important as insuring your business and knowing when to hire an employee. Your business will not be maximizing its profitability if you are not building a strong brand.
By creating a distinctive brand, your business will be able to cultivate brand loyalty, which is especially important when you sell a product that customers often purchase on impulse. To develop brand loyalty, it is crucial that your product be consistent. A survey by Support.com found that 66% of customers rank design and quality of the products and service as the most important.
Associate Your Product with Quality
If you are able to associate your brand with a sense of high quality, you will be able to command a higher price for your product than your competitors. When customers are shown two products that are identical, but one product is branded, customers will assume that the branded product is of higher quality.
Communicate Your Unique Message
Forty-five percent of a brand’s image comes from what a brand says and how it says it. Your brand needs to consistently communicate your message without communicating the message of your competitor. For example, if you have a product name that is similar to the name of competitor, you will risk helping your competitor through your marketing efforts.
Create the Impression That Your Business Is Large
Another benefit of branding is that it can create the impression that your business is larger than it actually is. This can increase the odds that your customer will trust your product. Additionally, if your customer will need ongoing support for your product, the appearance of a large business will cause your customer to believe that your company will stick around for years to come.
Promote through Social Media
Your business will need to manage its social media presence from multiple angles. For example, your business will need to manage a social media profile that will set a consistent tone for how you will interact with your customers and will allow you to create your business’s voice. Make sure that you at least have a presence on major social media websites such as Facebook and Twitter. Social media is crucial because 87% of customers who interact with a company daily feel loyal.
Promote New Products More Easily
Once a brand has become established, it can be used to promote a growing range of products. For instance, if a company sells a food product that becomes popular, the brand will be able to use the popularity of the food product to promote a beverage even if the company was not previously associated with beverages. In general, it is much easier to get customers to try a product of any type if it is associated with a brand.
Become an Expert
A brand allows for a business to become an expert in an industry. Part of the reason why so many businesses are blogging is to impart knowledge that can help establish the business as an expert in the field. For instance, a customer is much more likely to visit a mechanic who has a blog that provides helpful tips on how to care for one’s car than another mechanic. A brand manager will look for ways that your company can assert its authority within your industry.
If your business is unsure of how to go about creating a brand, or if you would like feedback on the effectiveness of your brand, it is best to seek the assistance of a brand manager. You will especially need brand management if your business experiences a scandal that tarnishes your brand.