23:11
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Author: Rachel A.
When an entrepreneur first thinks about forming their business, whether it be of brick and mortar or a virtual marketplace, sometimes the issue of branding can be one of the last items on the agenda. Why should it be? Branding is a very powerful tool that distinguishes you from your competition. A brand is a name, term, design, symbol, or any other feature that identifies one seller's goods or services from another. It is the reason why consumers can quickly identify certain brands from a picture or a slogan. Visualization is the main form that most people think of when they think of a brand, but a brand can appeal to all of your senses such as hearing, touch, taste and smell.
When it comes to your business creating a brand will not only set you apart from everyone else, but a good quality brand also becomes an asset to your company. This type of asset is called an intangible asset. An intangible asset is exactly how it sounds. It is an asset without physical form. A recognizable brand with a solid reputation has extreme value and maybe even more so than cash, inventory or equipment, but unlike these assets its value is difficult to almost impossible to quantify.
Why should you brand your company or product?Simply because the more success your intangible asset has the more value it acquires. Because the asset of branding is intangible it can not be assigned a specific value when it comes to accounting however that does not mean it does not carry value that translates into more revenues for your company. That is the difference between Coca Cola and Shasta Cola. Both are colas that may even taste the same, but which one carries the stronger brand that translates into more sales.
A solid brand also makes you stand out from the crowd. You become more memorable among your competition. When an individual wants to go out for an Italian dinner you want them to not just think of the food itself, but to think of your Italian restaurant as their first choice and hopefully only choice.
This leads to brand loyalty. There is a reason why every time a new iPhone makes its debut the night or even days before there will be customers camped out in front of so many Apple stores. That is brand loyalty and that is what you want for your company.It is an extreme asset. This type of excitement does not just stop at the iPhone but it also extends to all Apple products. The Apple brand is so strong that some will not entertain another competitor for their computer, music and smart phone needs.
How to create a brand that adds value to your company?
Every brand should carry basic traits across the board. A few of them are authenticity, quality service and/or goods, consistency and the ability to adapt to changing markets and customer needs. To create a brand for your company first start by identifying what are the key distinguishing traits you want your brand to have. Your brand could be known for educating your customer as well as providing them with quality service or goods or your company can be identifiable as being a leader within the luxury retail industry. Whatever you decide remember that you must create something unique within your industry so you can stand out.
Don't be afraid to get creative. There is a reason why people recognize that Aflac duck, remember the dangling construction worker from Krazy glue commercials and the gecko from Geico. They are all creative ways to draw people to the brand and make them memorable. They have been so successful that is it almost impossible to separate the images from their parent companies.
Social media is also a MUST to create and sustain a brand. Now more than ever social media has become an integral part of business whether you use it to communicate with your customers or share key pieces of information about your company or product. This is a step that can not be ignored if you are interested in longterm growth and sustainability.
As a small business owner who is thinking about opening up that flower shop or turning their home into the local doggie daycare, have a vision of where you want to go and how you want to stand out in the community. Your brand will distinguish you from your competition and make you more identifiable within your genre of business. Remember, just as easily as a good solid brand can make you positively stand out a brand tarnished with a bad reputation can turn quickly from an asset into a liability.
When an entrepreneur first thinks about forming their business, whether it be of brick and mortar or a virtual marketplace, sometimes the issue of branding can be one of the last items on the agenda. Why should it be? Branding is a very powerful tool that distinguishes you from your competition. A brand is a name, term, design, symbol, or any other feature that identifies one seller's goods or services from another. It is the reason why consumers can quickly identify certain brands from a picture or a slogan. Visualization is the main form that most people think of when they think of a brand, but a brand can appeal to all of your senses such as hearing, touch, taste and smell.
When it comes to your business creating a brand will not only set you apart from everyone else, but a good quality brand also becomes an asset to your company. This type of asset is called an intangible asset. An intangible asset is exactly how it sounds. It is an asset without physical form. A recognizable brand with a solid reputation has extreme value and maybe even more so than cash, inventory or equipment, but unlike these assets its value is difficult to almost impossible to quantify.
Why should you brand your company or product?Simply because the more success your intangible asset has the more value it acquires. Because the asset of branding is intangible it can not be assigned a specific value when it comes to accounting however that does not mean it does not carry value that translates into more revenues for your company. That is the difference between Coca Cola and Shasta Cola. Both are colas that may even taste the same, but which one carries the stronger brand that translates into more sales.
A solid brand also makes you stand out from the crowd. You become more memorable among your competition. When an individual wants to go out for an Italian dinner you want them to not just think of the food itself, but to think of your Italian restaurant as their first choice and hopefully only choice.
This leads to brand loyalty. There is a reason why every time a new iPhone makes its debut the night or even days before there will be customers camped out in front of so many Apple stores. That is brand loyalty and that is what you want for your company.It is an extreme asset. This type of excitement does not just stop at the iPhone but it also extends to all Apple products. The Apple brand is so strong that some will not entertain another competitor for their computer, music and smart phone needs.
How to create a brand that adds value to your company?
Every brand should carry basic traits across the board. A few of them are authenticity, quality service and/or goods, consistency and the ability to adapt to changing markets and customer needs. To create a brand for your company first start by identifying what are the key distinguishing traits you want your brand to have. Your brand could be known for educating your customer as well as providing them with quality service or goods or your company can be identifiable as being a leader within the luxury retail industry. Whatever you decide remember that you must create something unique within your industry so you can stand out.
Don't be afraid to get creative. There is a reason why people recognize that Aflac duck, remember the dangling construction worker from Krazy glue commercials and the gecko from Geico. They are all creative ways to draw people to the brand and make them memorable. They have been so successful that is it almost impossible to separate the images from their parent companies.
Social media is also a MUST to create and sustain a brand. Now more than ever social media has become an integral part of business whether you use it to communicate with your customers or share key pieces of information about your company or product. This is a step that can not be ignored if you are interested in longterm growth and sustainability.
As a small business owner who is thinking about opening up that flower shop or turning their home into the local doggie daycare, have a vision of where you want to go and how you want to stand out in the community. Your brand will distinguish you from your competition and make you more identifiable within your genre of business. Remember, just as easily as a good solid brand can make you positively stand out a brand tarnished with a bad reputation can turn quickly from an asset into a liability.
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