How building a brand helps you grow your business

By Mary Brophy


Growing a plant is easy at first. You put the seeds in the soil, water it frequently, and watch it grow. Unfortunately, growing your business is not always this simple. And, just like a houseplant, it takes time, effort and commitment to make sure your business is healthy and thriving. Building your brand is one way you can make sure your enterprise is on the right track.

What is a Brand?

Growing your business can be done in a variety of ways, such as diversifying the products or services you offer, hiring more staff, or increasing your advertising efforts. Whatever your growth strategy is, building a strong brand will help you along the way. The term brand is defined by the American Marketing Association (AMA) as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers. " Essentially, a brand is the emotional attachment that consumers hold of your company. You can help grow and direct how consumers perceive your business by making concerted efforts to build your brand.

Let's say that you own a company that produces luxury perfume. It is not enough that your perfume performs a function. You want your potential customers to identify your particular brand with the utmost luxury, lavish extravagance, and sensual scents. By building your brand – offering a high quality product or creating consistent luxury visuals (such as your website, logo, promotional materials and stylish handbags for working women) featuring your logo. You are teaching your audience to identify your brand with luxury goods. You may be able to promote the luxury element of your brand further by seeking celebrity endorsements or presenting your product at high end venues, such as a yacht show or a luxury car demo. The more steps you take to ensure that your desired clientele base understand the message of your brand, the more your target audience will desire it.

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Branding for Differentiation

Today, consumers have more choices than ever before when selecting the companies from which they want to purchase goods and services. Between the internet, travel options and an overflowing marketplace, making your business stand out from the rest is essential. Building your brand will create an element of uniqueness to your company. Whether you own a plumbing company in a small town or an up-and-coming technological firm, differentiating yourself from your competition through effective branding strategies is an important aspect of branding. What makes your company stand out? Why should consumers choose you? Identify your strengths and showcase them.

Now that you have an established customer base who has a positive image of your brand, it is often a great opportunity to increase your product portfolio. Customers will be receptive to new products because they already identify with your brand. In the case of the perfume company, they might broaden their product range to have more items that will appeal to their target market, such as jewelery, accessories, bath products, or new scents. They can even further their target by creating a sister line, such as cologne for men, or a teen-oriented perfume line. By creating a brand that consumers identify with, your company will have more opportunity for increasing revenues by taking advantage of additional or innovative products to an already receptive audience.

Building your brand is an investment in the future of your company. Between your busy days, it can be hard to find the time to focus on your brand development. However, if you are like most small business owners and want to grow your business, branding is an essential step. Take the time to make sure your business stands out from the competition! Just like caring for your favorite house plant, you will find that with constant care, your business will grow.

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