5 top tips on brand power for small business
What is brand? for small business? can small business have brand? how to get it? what is the benefit?
What should a startup business person do at the beginning?
Brand in a nutshell.
What is a brand? a certain Hollywood actor - why do they keep appearing in films even their cost is very high?
Brand is from the action of branding - it means a strong memory. It means your business is remembered.
Brand means the following traits:
Brand is specialization;
Brand is predictability and trust;
Brand has built followings and recruited recipients over time;
Brand means you survived long - it is testimony to your culture and the fact you picked a good ever green business;
Brand is allowed to charge higher price.
Everything has branding power. You just need to spend time and build the following.
The key benefits when you have a brand is:
You have daily traffic and predictable, regular business;
You can charge higher than common competitors, simply because you can afford to lose followers and still gain;
Your cost of acquiring customers is actually lower, even if you spend money advertising. Your advertising dollar has very high return on investments.
Because you have large orders, your cost is lower, even if you ship by boats.
Brand means trust. People pay a bit more for the convenience of not worrying about trust issue.
Brand is famous, but being famous is not brand.
Here are five tips for forming brands for small business.
Pick a name that is hard to forget and fun.
Stay alive for a long time - pick a good area and continuous serve your specialty.
Have a great reputation - do the best, and charge the lowest (at least at beginning).
First find demand. Then find revenue, then find profit, and then continuously grow.
Overtime your brand will gets you a lot of crowd, your costs will be lower and your price can be higher, and you become a leader in your category.
Any name can become a brand, if it is repeated enough.
Don't try to be "famous" from the get go. When enough people knows you, you WILL BE famous.
Social network MAY give you some fame, but it is your personal influence, and it has nothing to do with your business brand.
A brand product and a commodity product may have no difference, but the relations are strong for the brand.