Many small and mid-size companies and professional groups believe that “branding” is something big consumer companies, such as Polo/Ralph Lauren or Coca Cola, engage in, but that is not necessary for them. Every day I see businesses merely labeled, not branded.
A big mistake that can cost you customers and revenue!
A brand is a means for customers and consumers to differentiate your product or service from your competition. A label is merely a tag, brands represent the relationship your product or service has with a customer and there is considerable evidence that people are not only willing to be loyal to that relationship, but will pay a premium to do so.
The advantage for your business of creating a brand? You can create associations with the attributes considered positive in your industry, giving yourself a competitive advantage. And practically, branding affords you increased profitability through communication efficiencies , reduced product/service introduction costs and negotiation leverage. Branding gives extra weight to any trademark or copyright infringement.
Should you bother? Absolutely!
Tracey Nelson
Principal
Maven Marketing Solutions
