Many individuals are under the impression that starting a business is primarily focused on funding, product development, staffing, and etc. While those are important elements, they are not the only keys to business success. Actually, they can be considered less vital in the beginning stages than one important key that captures your audience and brings in your consumer base. The key I am referring to is “branding.” Branding can be defined as a company’s representation to the world. This involves the name, the logo, and other descriptors that determine how the customers will perceive the business. When you look at major companies like Nike and Apple, they have clean logos, appealing advertisements, and creative designs that entice you to buy one of their products. They act in what is called “smart branding,” that builds a reputation noted by quality.
Branding establishes a company’s look; therefore, bad or inaccurate branding can create an unfavorable image to the consumer world.[1] People may not be able to grasp what the business is about; they may view the business as unsophisticated, or they may miss seeing the value in the products that the business is trying to offer. Effectively communicating your business through smart branding gives the company a clear identity and an image that is appealing to the target audience. In an article posted online by The New York Times, it stated, “Branding of a small or emerging company is key to business success. Dollar for dollar, it is as important and vital as any other early step.”[2] What is the takeaway? Effective branding is key to the success of any business.
Here is a quick checklist provided by the same article in The New York Times to help you with branding effectively:
[1]AllBusiness.com. (2009, March 17). The Importance of Branding Your New Business. Retrieved from http://www.nytimes.com/allbusiness/AB4019474_primary.html
[2]AllBusiness.com. (2009, March 17). The Importance of Branding Your New Business. Retrieved from http://www.nytimes.com/allbusiness/AB4019474_primary.html
*Image retrieved from http://websavvypr.com/wp-content/uploads/2011/09/Branding-Depositphotos_6241276_S.jpg*
Comments
YES! This is really good info and a very TIMELY post. ;) I bet much of this advice can be applied when developing and shaping one's personal brand too. Building good will around your brand -- whether your own image or your company's image, takes time, patience, and the offering of great value. The most useful advice I see here when it comes to branding... is to not try to appeal to everyone. Guy Kuwasaki's latest book, Enchantment, touches on all these points too -- he articulates ways to effectively ENCHANT your audience to create a brand that's memorable and endearing. Highly recommended read for those pursuing creative endeavors.