Running a small business is tough. There is a lot of competition, the barrier to entry is low, and there is a lot of hustle. When the competition is this tough you should do everything you can do to give you an edge. One thing you can do is focus on your branding. In this article, I will talk about what you can do to develop your brand, things you should consider, and things to watch out for.
Benefits of Branding
Branding is very powerful. Some brands are so strong that they even become household names. Think of Kleenex, Hoover, Coke, and Jello, all these products are referred to using the brand name of a particular company. Kleenex is a tissue paper, Hoover is a vacuum cleaner, Coke is a soda, Jello is a gelatin-dessert product. People have a tendency to pay a lot more for a branded product in comparison to its generic counterpart. We can see this when we look at Advil and compare it to Ibuprofen, there are many such cases you can think about. Why do people pay more for what is essentially the same product with the exception of the brand? Partially it’s because of Peace of Mind. A well-branded product is a product most people can trust. It has been verified and validated by your friends and family.
If a small business owner can develop their brand successfully they will see their business improve by a lot. When you are operating a business with a lot of competition and low barriers to entry differentiating your brand becomes crucial. You want to stand out in an environment where without good branding you risk becoming “just another business”. By following the tips in this article you will become a few steps closer to building a strong brand.
Develop your Brand
How can a small business develop its brand? Think about what your strengths are. Is it that you always show up on time? Do you have the lowest costs? Best quality? Great customer service? You want to develop your brand according to your strengths.
Think about your competition. When you are working on your brand you should think about your competition. Do you want your brand to portray trust? Is there a competitor in the market that has a strong brand portraying trust? In case there is, you might want to reconsider your branding strategy. It may take a lot of time to replace an entrenched competitor as the brand people trust. You might want to consider finding a different brand identity. If there is a gap somewhere in the market it would be easier to fill that gap than to spend a lot of time and money competing with a competitor.
In the next few articles, I will further develop on how a small business owner can develop their brand using specific strategies. Make sure you also check out “Grow Your Home Inspection Business” and “Target the Right Audience” for more strategies to grow your home inspection business!
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