The number of businesses that have formed in recent years is unprecedented, and that is good news for the economy as a whole. Small business formation has long been a major driver of economic growth, and that means every new entrepreneur is a cause for celebration.
On a macro level the explosion in the number of new businesses has been a great thing, but the experience on the ground is often something different. With each new business opened and each new entrepreneur unleashed, the level of competition for existing firms grows even more significant, and that makes branding more vital than ever.
If you want your existing business to withstand the pressures caused by an unprecedented level of small business formation, you need to work harder than ever to differentiate your firm and make your own offerings stand out. With that in mind, here are some smart branding strategies you can use to build a better and more profitable business, no matter how many upstarts come along.
Think about the things that make your business special
Every business has that special something, the thing that makes their firm unique. Think about the brands and businesses you admire and you will instantly see these unique qualities, and the firm you own is no different.
If you want to build a better brand and stand out from the competition, thinking about the unique qualities of your firm is a good place to start. These questions, the ones you ask yourself, are all great places to start.
- What parts of your background were most important when it came to forming your business?
- If you were to describe your business to someone unfamiliar with it, what would you say? What is the elevator pitch, the few words that describe your business and what it does?
- What need did you see when you formed your business? How does your firm fulfill those unmet needs?
- Think about your mission statement and the core values you bring to your business.
- Name some lessons you have learned since forming your business. You have probably learned a lot since becoming a business owner, but which lessons stand out from all the rest?
This kind of self-reflection can be extremely valuable for business owners, not just in terms of branding, but in many other ways as well. By asking yourself these questions on an initial and ongoing basis you can work on creating and maintaining a winning branding strategy, one that has real staying power for the long term.
Identify your customer base
If you want to wow your customers, you first need to know who they are and what they want. Identifying your ideal customer and your typical customer base is a vital part of effective branding, and the sooner you conduct this analysis the better off you will be.
There are many different ways to identify the types of customers who buy your products and take advantage of your services, from analytic tools that run in the background on your website to surveys you conduct to social media outreach. Each of these techniques, on their own or in concert, can be extremely valuable, so focus on what works best for you and use this strategy to build a better brand.
Showcase your expertise
If you want to build a better brand and stand out from the competition, being recognized as an expert in your field is always a great start. The more you are seen as an expert by would-be customers, the easier it will be to turn those inquiries into sales.
As with other branding strategies, there is more than one way to show off your expertise. You can attend trade shows and give presentations. You can fill your website with timely tips and smart content. You can post online videos and set up your own distribution channels. Each of these tactics can be effective, and a combination approach could help you build a great brand even more quickly.
Form strategic partnerships
You are not the only business owner struggling to build a great brand and drive customers through their doors. Other business owners in your area are trying to do the same thing, and forming strategic partnerships would help you and them.
Forming strategic partnerships can be a great way to draw attention to your business, so think about the types of partners that would help the most. A restaurant owner might, for instance, team up with a local theater company, offering discounted meals to ticket holders while the owner of the theater offers discounts to those holding restaurant receipts.
Building a great brand is a process, one that can take a long time to accomplish. If you want your branding efforts to be successful, the strategies outlined above can help you build a better, and ultimately more profitable, business.
If your business needs help creating and maintaining a successful brand- we can help. Contact us to see how our team of digital marketing experts can help you achieve your business vision, mission, and growth goals.