SoKy Local Business or "SoKybiz"

Branding a small business

One aspect of creating a small business is branding. Many entrepreneurs neglect to give this the attention it deserves either not knowing the importance or simply putting it off. Many think it's too expensive to invest in a total branding effort, but others would argue that it's too expensive not to.

Branding is an asset you can actually build from scratch and place a value on. Many large companies value their brands in the billions of dollars, many of whom have invested millions in their creation and dissemination.

What exactly is a brand? Answers.com says;

Brand

A distinguishing symbol, mark, logo, name, word, sentence, or a combination of these items that companies use to distinguish their product from others in the market. ;

Investopedia Says: Once a brand has created positive sentiment amongst the target audience, the firm is said to have built brand equity. Some examples of firms with brand equity--possessing very recognizable brands of products--are Microsoft, Coca-Cola, Ferrari, Sony, The Gap, and Nokia. ;

Simply put, a brand is who you are as a business entity... so it begs the question; "Who am I?" Take a look at your existing business publications, signage, letterhead, business cards, brochures, flyers and website. Is there a disguising logo? A standard font and style? A basic color scheme? Or is it all a hodgepodge of dissimilar looking media that does not connect to each other? Does each item send a similar message? Does it convey your business principles, professionalism or other key ingredient that distinguishes you above your competition?

When we started our travel agency, we invested in some artwork and a basic "corporate identity" through a local advertising company. They provided us with logo concepts as well as letterhead, business cards and brochure ideas. It was money well spent. (Less than $2000) One of my larger clients is large 130 year old international organization accomplishing a name change, they invested much more in their rebranding effort. Through the process, I learned volumes from Crane Metamarketing Ltd. as they worked hard to discover identity through interviews, suggestions and trial and error. (A personal achievement was the fact I was able to integrate their concepts completely and thoroughly online.) The result was an entire corporate/organizational identity that fit. An identity that permeated all communications. It was expensive, difficult and time consuming but well worth the effort.

Worth the effort? ! We've had a number of people ask us at our travel agency if we are a franchise. Querying deeper, they explain they asked because we appear so professional. Many people came to this conclusion long before they experienced our high level of professionalism and customer service in the office. They have explained it was because we "looked" like a franchise. Our image (identity) projects professionalism in the hope to inspire trust enough for our target market to give us a try. Once they do, it's up to us to perpetuate this image through our customer service, but that's an entirely different subject.

It's not so hard, but it does take time. Start small... your sign, logo or distinguishing mark and grow from there. If you don't have the time, hire a competent consultant with experience and resources (and references) to help you. As with anything, this may just be the time to call in the pros.

There's more I could (will) write about this, but I'm trying to stick to my topic... branding is important to your customers, is it important to you?

Edited Thursday 01 Feb, 2007 1:49 pm

This was posted by SoKy : 1:05 PM