Essential Elements of a Winning Brand!

Too often businesses overlook the importance of the businesses brand as part of their business growth strategy. So here are a few key elements in establishing a winning brand.There are generally very few businesses that have the luxury of a monopoly, for most small businesses there are several competitors fiercely contesting for each potential customer dollar. This is why in a cluttered marketplace it is essential for small businesses to establish a strong brand. Not only can it differentiate you from the competition but it helps establish your reputation, creates trust and increases your visibility.

  • Establish a position. Identify what your business does, who your customers are, what benefits you offer potential customers, what products or services do you offer and how you are different from your competitors.
  • Establish a mission statement or promise. This is essentially what you will deliver to your customers, staff, suppliers, partners each time they interact with you. For example a fast food chain may promise consistency or quick service.
  • Establish brand traits. Consider what the generic benefits are that a customer would use to describe your business. For example customers may recognise that you provide ‘quality’ or ‘extensive advice’. To establish these you may need to survey your customers.
  • Brand reputation. Winning the trust of your customers is crucial so ensure you review the entire customer experience at all possible contact points to build your reputation.
  • Brand communication. Your business messages need to be consistent with your brand strategy. Unclear or conflicting messages cause confusion so ensure all communication has a consistent, familiar look and feel to it to maximise your brand awareness.
  • Establish ways to get your brand regularly noticed (e.g. articles, newsletters, building signage, advertisements) so to build better brand awareness amongst your target market.
  • Business strategy. The branding strategy of your business is only a single component that makes up your overall business and marketing strategy. Through good planning your brand will assist in achieving your marketing and business goals.

Branding not only defines your businesses in the eyes of your potential customers but it creates a perception of value. If your brand doesn’t differentiate your business from the competition in some way or if your brand promise differs from your customer’s perception of you, then it is essential that you re-assess your brand strategy immediately.

Richard Kemp – Watts Price Accountants
E: richardk@wattsprice.com.au

The advice provided on this Article is general advice only. It has been prepared without taking into account your objectives, financial situation or needs.