When the word “branding” is used, big companies like Coca-Cola, Walmart, and McDonald’s may come to mind.
However, branding is not exclusive to big companies. It can work for small businesses.
What makes up your brand? According to The Balance, branding used to be defined as “a name, slogan, sign, symbol, or design, or a combination of these elements, that identify products or services of a company.”
However, branding today is a lot more than that. How customers view your product, service, or business name is part of your brand. For example, any time I see the Nike sign, I think of good quality merchandise and the “Just Do It” tagline.
Branding sets your business up for success by getting the attention of your target market and eventually generating brand recognition when customers can identify your business by its logo, tagline, package, or advertising campaign. Branding can be effective with helping potential consumers as well as repeat customers choose your business over the competition.
The key is knowing how to build your brand. Things to focus on first are developing your logo and tag line (or brand promise) and creating a positive business image. For a more information on this, check out this YouTube video.
It is important for a small business to view branding as a vital marketing tactic.
“A strong brand is invaluable as the battle for customers intensifies day by day. It’s important to spend time investing in researching, defining, and building your brand. After all, your brand is the source of a promise to your consumer,” according to The Balance article Learn Why Branding Is Important in Marketing.
Successfully branding a product or service creates loyal customers, and loyal customers become promoters for your business.