Branding Strategies and SME – A Mirror to evaluate

To understand the importance of Branding Strategies, you should consider the following:

1. Do you have a brand (or would you like to have a brand)? A brand is more than a business. It’s a public perception that adds value. Building a brand and maintaining a brand both require planning and execution.
2. Do you want brand awareness? In other words, do you want people to know that your brand exists?
3. Do you want to increase brand visibility? Increasing brand visibility means that more people will see, or be exposed to, your brand.
4. Would client loyalty help to grow your brand? Loyal clients do things like write testimonials, refer other clients like themselves, and come back to buy again and again.
5. Do you have competition? If other companies exist that could potentially serve your ideal client, then you have competition.
6. Do you care about your business’s reputation? A good reputation will not only help to build your brand, it will cultivate trust.
7. Do you have a brand story to share that you think would endear people to your brand? Did you start off like many of your clients? Did you have problems like them, or were you moved to help people with problems like them? Is your story close to your heart? Furthermore, do your team members have stories about your brand that mean a lot to you?
8. Does your business have something unique to offer? When you fill gaps that the competition has missed, or you do something in a way that no one else is doing it, then you have a USP (Unique Selling Proposition).
9. Would a presence in the market help your brand to move ahead? Is clawing your way up, just to be seen, okay with you on an indefinite basis? Can you do this for the rest of your career? Or does a brand name that speaks for itself sound like a better plan?
10. Do you want your brand’s logo to be noticed and remembered? A logo is just a picture unless it’s representative of your brand and remembered by those who can make a difference in your business.
11. Is your business on the internet, with a website and/or social media? Internet search and social media marketing are the top two ways to reach today’s consumer. If your brand is present in either of these realms, then you have an internet presence. Do you think you should manage that presence so that it makes money for you?
12. Do you love what you do? Passion for your brand is essential for success; it also probably means that you want to do what you’re doing for a long, long time.
13. Would it help if your prospects were moved by an emotion that would encourage them to connect with you? More than ever, today’s consumer is an emotional creature. Decisions are based largely on how a brand makes them feel, more than the facts.
14. Would you like to sell your business someday, for a profit than can fuel your next investment…or your retirement? A brand is one of a business’s most lucrative assets, and at sale, a reputable brand name can bring in big money.
15. Do you expect your business to evolve; to change with the market for longevity? The most resilient brands are evolutionary because flexibility is built-in.
16. Are you too busy to worry about managing all the above stuff…and would you like to have a plan in-place to do that for you?

If you think that majority of the above-mentioned factors are missing in your current business model, then your business—no matter its size—needs a branding strategy. Businesses that move “forward” without branding strategies may experience some of the benefits mentioned above; however, those benefits won’t last, and therefore won’t contribute to a thriving brand. Top of mind awareness Have you ever wondered why some brand names are synonymous to their product or service category? Have you also wondered as to why some brand names come first in your mind when you are thinking or considering a certain product or service category? Go ahead; pick a category ranging in products say from copiers to phones? Which brand names come first in your mind? Why did that brand come to your mind? It is so because those companies who own their brand name have a purposeful branding strategy and have committed significant resources to ensure that their branding achieves top of mind awareness from their existing and potential customers.