Member Blog | Why Ambitious Small Businesses Should Build a Brand
By Christopher Lamotte, Real Marketing https://www.real-m.com/
A brand should be at the core of every ambitious small and medium sized enterprise (SME). If it isn’t, you may be missing out on the value and advantages of building a brand and should consider reviewing your marketing strategy.
You don’t need to build a global brand like Google, Apple or Nike; you can build a local or niche brand, and can be really successful in your region or focused market.
Are you celebrating the success of your brand?
Most markets are very competitive and standing out can be hard, particularly with limited resources, but building a brand can make your business unique, helping you be distinctive. Unfortunately, a lot of SMEs are not good at building brands in practice.
The many advantages of a brand are that it can:
- Differentiate your business, provide a source of competitive advantage.
- Give your business a clear market position compared to competitors.
- Give your company and products a distinct personality.
- Create positive attitudes and generate warm feelings from your target audience.
- Appeal emotionally to your customers, which is critical when many buying decisions are more emotional than rational, in B2B not just B2C markets.
- Reduce overall marketing costs and shorten customer journeys by encouraging purchasers to make faster decisions.
- Give customers a perception of superior quality, supporting higher margins.
- Enjoy additional purchases and higher life time values as a result of brand loyalty.
- Builds brand equity, increasing the sale value of your business for your eventual exit.
But there’s a lot of confusion about how to build a brand. Learn how to build your brand…