One of the biggest buzzwords from the past decade is “Branding”. The word has been used to describe every form of image, from personal to political to commercial. In spite of, or perhaps because of, all that over-use the original concept has become obscured.
In the business environment, the term “brand” is too often used to refer to a company logo, trademark, or slogan. These are the images constructed by companies in order to communicate their message. But they don't equate to the company's Brand.
Your Brand exists in only one place: within the mind of your target audience!
What kind of impression do you make on your customers? That's your Brand. How do prospective buyers perceive your company? That's your Brand. What do people think of when they see your logo? That's your Brand. How does the marketplace rate your business versus your competitors? That's your Brand.
If the buying public thinks of your company as being “middle of the pack”, then you probably have modest sales, limited growth, and mediocre profits. Many small business owners experience these problems, but don't make the connection with their weak Brand.
Surprisingly, I often meet entrepreneurs who aren't concerned about managing their Brand. They focus entirely on their operations, hope that customers will be impressed, and expect sales growth. This strategy may have worked once, but no longer.
A Strong Brand = Solid Profits
Every time a company touches a potential customer, either directly (through sales interaction or advertising) or indirectly (through some publicity, or comments from a friend), the company's Brand is impacted. Every time a customer is happy with the sales experience or unhappy with a service issue, the Brand is impacted. Every time the company's product is used, and it works well or doesn't, the Brand is impacted.
If you aren't happy with you sales growth, or how the market ranks you versus the competition, CHECK YOUR BRAND.
Check inside the head of your customers, both large and small. Check inside the head of those who don't buy from you, preferring your competition instead. Check inside the head of your vendors' sales staff. And (although this is tricky to do) check inside the head of your own sales staff.
Don't be afraid to discover the truth. Therein may lie your future success.
Practical Tip of the Day:
Add a Survey Widget to your company website (there are many available, some free). Ask your site visitors what aspects of your product / service are most important to them. Then ask them how well you deliver on those issues. If you are worried about the answers you'll get, your instincts are telling you that some problems need to be addressed.
