Are you a no-name business?
How do you envision your business? Do you think that vision jives with the consumer’s? Selling a no-name item takes time and patience. Sometimes small businesses overlook putting a line in their budget for branding. Or the owner has the notion that his business isn’t grandiose enough for a brand.
If you are selling retail products you spend all your time promoting the virtues of your products. It’s nearly impossible to sell online without a brand. After all, you’re competing on a global basis. Without a brand you become a commodity. Your stuff is just the same as all the others.
Want proof? Take the Nike “swoosh” symbol off the tennis shoe and what do you have? A sneaker. Do you think a superstar athlete will eagerly agree to a no-name sneaker company sponsorship?
Branding stamps a promise onto your services or products. As news of your brands spreads, consumers buy into your brand because they find it lives up to the promised virtues. If people feel that your products are just the same as everyone else’s, they just grab the most convenient or least expensive one available. Here are some advantages you’ll have over the competition with branding.
- People are willing to pay more for things that deliver on their promise.
- People are loyal to brands and will purchase often without promotions or coupons.
- Retailers put branded products out in front of the consumer.
- New offerings launch faster, with less expense because the brand has already paved the way for new products.
- Owners make more consistent decisions because the mission, vision and values provide the framework for the brand. They don’t want to break that promise with an inconsistent decision.
- Businesses with brands are far more easy to sell than those other no-name companies.
New businesses are starting up at a faster rate than ever before in history. That may be in part due to so many disenfranchised (downsized) employees. People with tons of experience and skills are starting up small businesses left and right. They either get into the marketplace with an established brand by purchasing a franchise or they build up a brand name in a hurry to get in front of the buying community. That brand becomes their reputation that people remember.
Brand development costs vary greatly depending on how big a reputation you need to build. If your target audience is local, say in Adelaide, your brand development and exposure costs are a lot less than a business selling across Australia or into foreign markets. Just remember, a well defined brand really levels the playing field when it comes to consumer buying decisions.
