What is branding?
Building a brand. Branding is just as important for small businesses as it is for big names. Indeed, many corporate brands try to look more like small firms in order to appeal to consumers that prefer to support independent brands. Dan Einzg of agency Mystery explains how to develop your own brand identity
Many small business owners I talk to already understand that branding is essential to their business, but a surprisingly high number of them don’t really know why.
They recognize the link between successful businesses and strong branding and aspire to build a brand that emulates similar success for themselves. And they understand that branding is not just a logo or how their business is perceived externally. But too few realize that successful brands have this branding at the heart of the business. So much so that in many ways you could almost substitute the word brand for business.
Branding is a way of defining your business to yourself, your team and your external audiences. It could be called the business’ “identity”, but only on the understanding that it embodies the core of what the business is and its values, not just what it looks and sounds like. Customers of all sorts of businesses are so savvy today that they can see through most attempts by companies to gloss, spin or charm their way to sales.
The benefits that a strategically defined brand can bring are the same as when people fall in love with each other. When customers connect emotively — because they share the same values and beliefs of a brand — it leads to higher sales and better brand differentiation. It also leads to loyalty, advocacy and can even protect your price in times when competitors rely on promotional discounts to drive sales. It can also give you the ideal platform from which to extend your offering or range.
Tomorrow I will post 10 tips to help you brand your business.