5 Reasons How Branding Can Benefit Small Businesses
Branding is a word that is used interchangeably but rarely clearly defined.
Most businesses have heard of this word but hardly able to understand the true essence and the positive impact it can actually benefit their businesses.
Whether you are planning to start your own business or you are a small business owner, here are 5 reasons how branding can benefit your business.
First off, what is branding?
What I often hear is most people think that branding is all about their visuals (i.e. logo design, business card, website) and want to hear a shocking truth?
That is one of the BIGGEST misconceptions.
Branding as a whole is intangible and it goes way beyond your business name, logo design, business card, website, and other marketing collateral.
In fact, branding is an experience of how you deliver to others and how other people perceive your brand.
1 | Branding creates clarity and helps you stay focus
Before you even set foot on exploring what colours you are going to incorporate into your brand or how do you want your logo to be designed…
I encourage you to take a step back and build your brand foundation first.
And when I say brand foundation, I am talking about:
- Your brand purpose (what is your mission and your vision)
- Your brand positioning (what is that you do that differentiates you from the rest and knowing where you stand in the market)
- Your brand personality (imagine your brand as a person; what kind of personalities/characteristics it has)
2 | Branding differentiates your business from your competitors
In today’s saturated market, it is hard to stand out.
Unfortunately, many business owners have fallen into the trap of competing prices with their competitors.
And let me tell you, this is the worst marketing strategy you can do for your business. The number one rule in running a profitable online business is never competing on price.
Ok, I hear you saying, “Sera, but I cannot think of ANY other ways to stand out from my competitors other than lowering my prices.”
I understand. And like I said earlier, it is hard to stand out online these days BUT it doesn’t have to be.
Here is the thing, people don’t buy your services and/or products. People buy your why.
Whilst there are infinite ways to differentiate your business from your competitors, here are a few questions you can think about to help you stand out online:
- Every business has a story to tell, what is your story?
- Are there any ways you can go above and beyond for your clients?
- What are your specialized in and is there a room where you can define/refine your niche?
3 | Branding creates connection and trust
It does not matter if you are selling a package for $50 or $500, your clients have got to trust you.
I cannot stress how important this is. In today’s digital world, we focus so much on the numbers in terms of followers, comments, and likes… that we forgot about building trust.
So how trust is being earned?
When your brand can form an emotional connection to your audience, deliver your promises, having your clients’ best interest at heart and last but not least, be YOU. Be authentic. Be raw. Be genuine.
One of the analogies I love to give to people (which also to put in layman terms) is, imagine your brand as a person. How do you earn someone else’s trust?
Apply the same to your brand. It is no different.
4 | Branding can help to attract your ideal clients
This is somewhat a continuation from my previous point.
When the trust is already established, the higher the chance a client would want to work with you. But I understand, you don’t just want to work with any clients, you want to work with your ideal clients. If possible, right?
The projects you are so passionate about and the dreams clients you have always wanted.
If done right, branding can help you attract your ideal clients and turn them into paying clients.
Going back to your brand foundation, when you know exactly who is your ideal client. You will know where they are hanging out and how to get their attention.
5 | Branding enable you to charge higher prices
Here is the thing, in order to build a successful online business, you need clients. It is as simple as that.
Especially if you are a solopreneur (a.k.a. the only superwoman in your business wearing multiple different hats) – you know that YOUR time is not only precious but also limited.
And think about it, how many 1-1 clients can you really take on in a period of time without getting burnt out and overwhelmed?
Granted you can either hire someone to lessen your workload or create evergreen products to earn money more passively … but let’s be honest. Who wouldn’t want to increase their profits by charging higher prices?
Not me, anyway.
When it comes to branding, it is an intricate process that helps your audience to understand the unique value which then allows you to increase your profits by charging higher prices.
According to The Daily Record, Apple is the biggest IT company in the world by revenue and 2nd largest manufacturer of mobile phones. And based on my research on Mac Rumors, Apple has 1.3 billion active devices worldwide.
Why is that? Out of all the alternative electronic brands in the market (and for a way lesser price point), why is that most people go for Apple?
The answer is simple.
We pay more for a brand because of the higher perceived value.
Ultimately at the end of the day, your brand is one of the greatest assets your business can have and again…
Your brand is not what you say but what other people say about you that matters.
I am curious to know, what are your thoughts on branding?
Are you struggling to attract your ideal clients, turn them into paying clients and grow your income? Then, check out my Private One-on-One Brand Coaching.
Targeted at your specific needs and your current struggles. I meet you where you are at and come up with a personalized game plan to help you achieve your goals.
Spots are extremely limited to just x5 clients per quarter and so I would love to invite you to jump on a free 30-minute brand clarity call with me (before any commitment) and during our call, we will do some actual 1-1 coaching to help you achieve your goals.
Let’s stay connected
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