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Business Branding Tips for Entrepreneurs
When you see a soda can with white lettering on a red background, you automatically know it's a Coke. Top companies understand the importance of business branding, which is why they dedicate so many resources to creating campaigns that ingrain their product in customers minds. When launching a new business, you need to resonate with your customers in order to be successful. Heres a guide thatll help you determine your brand, identify your audience, and decide how to highlight your company.
1. Determine Your Unique Brand
Large corporations spend millions of dollars every year testing new products with focus groups and different markets. The New Coke fiasco in the 80s lost Coca-Cola millions of dollars because the company assumed customers were ready for something new and different. This simple slip-up led the company to lose its edge to Pepsi, and Coke had to spend years rebounding.
Identifying your brand starts when you decide exactly what you want to sell and why you want to sell that product. You need to look at your business as a potential customer would. What do you think about your company? Would you use your services? Think about what sets your company apart from competitors.
2. Identify Your Audience
Who would be interested in your products or services? Test groups and focus groups can help you understand what consumers think and feel about your new company, and whether your products appeal to a certain demographic. For example, targeting families with teenagers or no children at all won't help you sell baby clothes any more than trying to sell central air conditioners to people who do not own their homes. Knowing your audience can help you market your brand.
3. Marketing Your Business Brand
It is not enough for your marketing plan to support your brand you need to make sure it will resonate with your identified audience, too. Think about the companies that sell bottled water: Some market the product as clean and pure to appeal to those interested in healthy living, while others focus on the convenience of toting the bottles around town. Your marketing message should be sincere and come from where your customers needs and your businesss brand intersect. Once you determine the message and your dissemination plan, then you can create the materials that will help you get the word out.
Custom printing lets you create coupons, fliers, business cards and other advertising materials that can help you spread the message about your companys brand. Though you might spend some money upfront, you can make that money back with the increased sales that the marketing materials bring. You'll even find computer software that lets you create your own custom items at home or the office. These seemingly small fliers and business cards have a big impact by creating a connection between your brand and your customers.
Long before you start seeing customers come through your doors, you need to identify your brand and messaging. Branding for entrepreneurs is something you can accomplish without an expensive advertising department at your disposal. Branding helps you set your company apart from other similar businesses and gets customers excited about your products.
For more information, check out The Young Entrepreneurs Toolkit page.
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