Branding is one of the most important aspects of any modern business, large or small, retail or wholesale. An effective brand strategy can give you a major edge in the marketplace. But what exactly does “branding” mean? How does it affect a small business like yours?
If people believe they share values with a company, they will stay loyal to the brand.
Your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates you from your competitors’. Derived from who you are, who you want to be and who people perceive you to be, your brand allows your consumers to share values with your company.
Are you the innovative maverick in your industry? Or the experienced, reliable soul? Is your product the high-cost, high-quality option, or the low-cost, high-value option? You can not be both, and trying to be all things to all people will wear on your resources and reduce your value. Who you are should be based to some extent on who your target customers want and need you to be.
The initial foundation of your brand is your logo. Your website, packaging and promotional materials (all of which should integrate your logo) then communicate your brand to the world.