Imagine you are at the store buying toothpaste. The shelves in front of you offer dozens of choices. This one whitens, that one deep cleans, this other one whitens, deep cleans, and it’s organic. When you are in a situation like this, paralyzed by too many choices, what do you do? More often than not, the answer is this: you pick the brand you recognize because it is familiar, and familiarity breeds trust. You cannot underestimate the extreme importance of cultivating a great company brand. In the previous example, having a solid brand leads to greater revenue. (What’s the price of a tube of toothpaste times 1 million flustered customers?) But having a brand is important for other reasons, including differentiation from other similar companies and adding value to your product or service offering. So how do you build a great brand? It does not happen overnight, that is for sure, but there are several things you can do to start creating a personality and building your brand today. Ido Leffler and Lance Kalish, the entrepreneurs behind the natural beauty brand Yes To offer several brand building suggestions in their book Get Big Fast and Do More Good. The following tips are inspired by their advice.
Know That Names Matter
On the cooking competition TV show Chopped, they are required to change any brand name products to generic names. Oreos could become chocolate sandwich cookies, Rice Krispies turn into puffed rice cereal. Though descriptive, the generic name does not have the same memorable effect as these popular brand names. Similarly, the name you choose for your business should be amazing. It should be something you can build a great company brand around and that people have an emotional reaction to.
Find Your Industry Niche
Leffler and Kalish recommend finding an industry with lots of room for improvement. Is there a particular area you can think of that has not done anything new recently or where companies are not trying to innovate? Find this space and shake things up with your new brand. Once you locate the area, carve out your own niche in it.
Remember You Don’t Have to Be Richer, Just Smarter
Money does not buy happiness, but it does buy advertising and marketing. Super Bowl ad spots, for example, cost millions of dollars. While this is a reality of the business landscape, you do not necessarily need to have big bucks to launch a great company brand. Especially when you are just starting out, it is much more important to be smart and strategic. Your competitors may be able to spend more than you, but you can gain a competitive advantage by finding low or no-cost ways to give the customer greater value from your product or service.
Dream Big and Do Not Get Discouraged
Sorry to break it to you, but if you are starting a new business, the odds are against you. According to figures from the U.S. Small Business Administration, over half of all small business go under in just their first five years. That does not mean you should feel resigned to failure. On the contrary, if you want to be successful, you may have to be just a bit delusional and foolish. Set high goals and do not let minor setbacks discourage you.
Be Patient and Impatient When You Need to Be
Building a great company brand takes time, and for that, you need to exercise patience. Making something amazing that will stand the test of time is not a quick process. But remember that there are times when the right course of action is to be impatient. Learn to tell the difference between times that you need to wait and times that you need to take aggressive action.
Engage With the Right People in the Right Way
A great company brand connects with customers on a personal level and inspires people to spread the word about your brand and how great it is. Identify your brand evangelists, the ones who have influence in your market and can help you build your business, and form strong relationships with them. The people you connect might include famous bloggers, celebrities, media personnel or anyone else whose opinions effect what people buy. You cannot underestimate the supreme power of the brand. Follow these steps to start creating a unique, personable brand that people will love. For more help creating and cultivating your company brand, make use of the many useful resources available to you on Mighty Recruiter.