Branding can make all the difference in your profit- whether your company is a huge corporation or a home-based mom-and-pop shop. Having a brand can make your company immune to price-cutting competition, increase customer referrals, guarantee a niche group of customers, and boost repeat business.
"If you're not selling a brand, you're selling a commodity, " says Laura Ries, president of Atlanta-based branding and marketing firm Ries and Ries. "People see a brand as worth something, and they're willing to pay more money for that." Ries says. "Powerful brands are able to demand a premium over their competition."
To establish a brand for your company, find the answers to the following questions:
- What's different or unique about our company?
- Why should people buy from us?
- What do we stand for?
- What is our promise to our customers?
- What makes us different from our competition?
- What is our value proposition?
Do a complete assessment of what your company stands for and what customers really think of your product and/or service. You can only stand for one primary thing; you want to appeal to a small segment and talk about a narrow focus rather than confuse your current and potential customers by trying to appeal to everyone.
Whatever you decide your brand will be, keep in mind you should focus on being the solution to your customer's problems.
Once a company's brand is selected, it's time to get the message out. Public relations (magazine articles, newspaper stories and speeches), direct mail, e-mail, multi-media advertising- coupled with targeted promotional products- is a proven way to amplify your brand.
Does your company have an identifiable brand? Do you live up to the brand promise? Does your company have loyal customers? Does it deserve to? What makes you different from the competition? Where is your sweet spot?
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