Is your business ready to become a brand of its own?
All business owners that want their business to continue growing face an inevitable question: is it time to become a brand?
When starting out, most businesses think about staying afloat, getting new customers and learning the most efficient ways to provide their services. But with time, as the business starts to become more successful, it becomes evident that sustaining growth on the quality of your services alone will not be possible. At a certain point, they start competing with the bigger companies in the industry, which also means that they need to have at least some brand recognition to have a chance to contend.
But how to know if you are ready to become a brand of your own?.
Well, there are a few key signs that to look for.
Figuring out when to become a brand of your own can seem complicated, but in reality, there are a few clear signs that a business is ready to take that next step. Here are the most important ones:
1. You Provide a Quality Service
The most definite sign is that you provide a service or product on par with or better than the competition. After all, if you are still learning the ropes of your industry and cannot compete on quality with others, having a brand identity will only make your customers associate the brand with inferior service. On the other hand, if your product or service is offering excellence in its market and leaving your customers happy, it is probably time to start thinking about your brand identity and how you could start making people associate your brand with those positive experiences.
2. You Know Where You Stand
Another indicator is an acute awareness of your place in the marketplace. When becoming a brand, you should know exactly where you are positioned in the marketplace – your unique sales proposition, your price point and the unique value you bring to your customers. Your brand identity will revolve around what you can offer that others can’t, so you should figure this out before committing to how you want to be perceived.
3. You Can Handle It
Finally, before you embark on your branding efforts, consider if you are ready to handle everything that comes with it. That includes a potential increase in client flow, bigger scrutiny and repercussions for mistakes, and the work, time, and budget that would be required to develop a branding strategy which will be the most effective.
Becoming a brand of your own is a difficult process that requires experience and expertise, so it is best to not undertake it on your own. Luckily, numerous agencies can help you find your voice and develop the visual elements such as a logo to capture and convey a cohesive business identity.
Why is Brand Recognition Important?
There are numerous reasons why companies with a strong brand win over customers from the competition. Below are our top three:
1. It Builds Trust
It is tough to get potential customers to trust you without a clear identity as a company or as a brand.
Sure, when starting out, you might get by with word-of-mouth referrals, but eventually, you will need to advertise your services and products to a broader audience. And that can be very difficult if you cannot build a respectable and trustworthy brand image that testifies to your professionalism.
Having a brand identity allows you to position yourself against the competition and attract the very best customers for your business. For instance, you could present your business as a small, family-owned company with certain values and roots in the community, which would help you win customers even over your bigger competitors who have larger budgets and better reach.
2. It Builds Loyalty
Brand identity can help you attract new customers, but it is even more effective at helping you keep your existing ones. You see, people like to identify themselves with companies that they believe match up with their belief systems. So, if you are a small family-owned business, you will attract people who think supporting local businesses is important and will not even consider your competitors as a viable alternative.
If you have a brand identity that resonates with your audience on an emotional level, the loyalty built can last lifetimes, if not entire generations. Many successful local businesses have been developed by simply creating a brand that has meaning to the local community.
3. Makes You Look Professional
Finally, it is impossible to be perceived as a reliable and successful business without a professional perception. A huge mistake many local businesses make is thinking that just because they are small and local, people will naturally choose them over more prominent competitors. The truth is, if potential customers cannot trust your business to provide a quality service and be professional, they will not commit to your business. So, while being local can be a huge benefit, it still has to be presented in a professional manner that shows that you can deliver on your promises.