A strong brand identity helps the audience differentiate you from your competitors and can positively influence their purchasing decisions, directly impacting your profitability. But there are several myths and misconceptions that small business owners believe that can get in their way of developing a strong brand identity.
Strong Brand Identity Favors You
Makes your company look bigger
When prospects see a professional brand consistently used on your business cards, website or social media profiles, they get the image of a company that deserves their business. Prospects look for a company that has the resources to help them succeed. They will also expect to pay more for a more established company. If you hand them a homemade business card or your web presence is unprofessional, they will think you are small and not worthy of their business or the fees that you feel you deserve.
Creates an identity that is bigger than you
Many independent professionals that offer consulting or coaching services end up building a brand around themselves rather than the business. If your goal is to become a public figure, that may be fine. But if you want to separate the business from you for future growth or sale, develop a brand for the company. A unique brand will be one of the assets that come into play during the sale or acquisition.
Builds loyalty and trust
One of the ways you can separate your business from the competition is to have a unique brand that differentiates you in the marketplace. A strong brand that conveys your values builds an emotional connection with customers, which will attract them to your business if they share the same values. This type of connection makes it easier for you to develop a long-term relationship with those customers, leading to greater customer loyalty.
You may be the best, most experienced person in your field, but no brand or a self-created brand conveys an impression that the company won’t last. A brand helps you develop an image for your business that says “I’m here to stay”. A well-defined brand identity projects a long term feel to those who see it regularly. Eliminate any question about your viability by having a crisp image and clear messages.
Shows commitment and personal pride
Investing in a unique brand identity shows that you take pride in your business and are committed to success. Customers will believe you are more likely to deliver on your promises to them because a business that invests in its success will under promise and over deliver, creating more brand loyalty and trust with every customer interaction.