Advice on Branding Your Business
Branding for a small business is somewhat tricky and most entrepreneurs are confused about this very important business aspect. To appreciate the value of branding, you can download and read Interbrand’s Best Global Brands 2007 [PDF, 63 pages].
In that report you will see that Coca-Cola’s brand value is worth $65 million. It means that even if you burn all the physical facilities of this company, the brand name Coca Cola is still worth that much. That’s an intangible power your business should strive to achieve. Here are some basic things to do:
Unique Selling Proposition (USP)
The heart of branding lies in finding what’s unique with your products or services. You should know what sets you apart from competition. It can be your fast delivery, friendly customer service, or superior products. You can find this once you do a competitor analysis and talk with your target market. It is also strongly advised not to use price advantage as your USP.
If you are still in the startup stage, try to find out what your major competitors are doing wrong and use that as your key proposition. Even if you are already established, you can still reposition your brand but it must be done very carefully.
Consistent Communication
Once you find that powerful USP, the next step is to integrate it in all your communications such as press releases, advertisements, giveaways, store front, and your company logo. Make sure that you are saying the same message to all channels to achieve clarity and recall.
You might also be interested to read about additional tips on branding that authors can use.
