If you want to have a successful business, you need to invest in your Brand.
As an entrepreneur you want to have a successful business. You follow those who have made it and inspire you: the ones with the six-figure turnover and large house in the countryside.
You dream of jetting off on your own private jet to a tropical island, being waited on hand and foot and lounging on a deserted beach.
You long for the time where money problems are a distant memory, where you can go on a shopping spree without worrying about paying off the credit card later.
Oh, to dream.
To run a successful business is hard work. Your working hours can be much longer than the normal 9-5. Every business decision is yours and yours to own – if you get it wrong it could spell disaster.
But within the frustration and anxiety is the overwhelming satisfaction of making your own money. And, if you are like me, you will do a the “small business dance” every time you get a commission (my go to song is Don’t Stop me Now by Queen).
With all successful entrepreneurs their businesses have one thing: and that is a brand.
Brand explained with milk….
Outside of the pandemic and local lockdowns I go and visit my parents who live 5 hours away from me. When I go, I always notice that they have Cravendale Milk in the fridge. They say that Cravendale Milk tastes much better than “normal milk”, so much so that they would rather spend a little extra in their weekly shop to get it.
To give Cravendale its due it is filtered slightly differently to “normal” milk.
But it is still milk.
From a cow.
A cow that probably also supplies non-Cravendale milk.
What my parents are buying into is Cravendale’s brand. And as consumers we do this all the time.
What is Brand?
A brand is “…a person’s perception of a product, service, experience, or organisation…”Marty Neumeier.
A brand goes much deeper than just the sale. It engages peoples’ emotions so that they have a devoted interest into the company and product. Because of this creating a brand takes time and investment. It cannot be achieved overnight, and it certainly cannot be done with just a logo (sorry.)
But the rewards are incredible.
Let’s go back to the milk. For my parents, they will now only (and reluctantly) buy “normal” milk if Cravendale is out of stock. They are that invested in the brand that they will now feel less satisfied if they have to buy anything else.
And they are not alone in their loyalty.
77% of consumers say they stayed loyal to specific brands for 10 years or more. (InMoment)
With a strong brand your customers will stay with you for years.
What can you do right now
To start on your journey to having a successful business with a brand you can do 3 things to instantly help with your recognition:
- Be consistent: Consistency is key. From a visual perspective are you using the same colours, same fonts, same positioning of your logo? Your audience is looking for familiarity and if you are all over the place they will go to somewhere else.
- Understand your Target Audience: Talking about audiences make sure that you know who they are. Don’t have a scatter gun approach of “I appeal to everyone”. Because you don’t and you won’t. Learn about who you want to target, what problems they are having and how your business can solve those problems.
- Do the foundations first: Every business (and I was the same when I started) always goes for the logo first. Unfortunately, that will only work temporarily. For a stronger approach you need to invest in your brand strategy. Brand strategy is what you and your business stand for.
By starting with these three points you will be well on your way to creating a successful business.
Want more help? Let’s chat!