The Importance of Branding
No matter what market you’re in, as an entrepreneur and business owner, you will be faced with the challenge of setting yourself apart from the competition. In order for someone to choose your product or service over what another business has to offer, they have to see it as not only as valuable but also as unique. This is why branding is so important, because it gives your business an edge on competitors who offer similar products or services. Branding portrays to the general public what your business is about. It is the way the background and mission of your business is perceived through words, pictures and actions. Your business can be branded in various ways; from audio and video commercials, to customized merchandise and graphic design images.
There are 4 main aspects to branding your business. They include your mission statement, vision statement, values statement and your slogan or motto. Branding is what gives your business representation and a respective reputation. Branding determines how people will look at your business and what they will think about its nature. Without effective branding, your business runs the risk of attaining only a small portion of its market share.
These days, as consumers become more conscious and aware of how they spend their money, it is becoming more and more important that your business is able to connect with it’s audience by effectively communicating its value through branding. I’m sure by now you are aware of the various ways that social media marketing can be used to brand your business. When marketing via social media platforms, it is especially important that you are creative about communicating your value proposition to your audience. This is because social media platforms are not solely designed to showcase advertisements and therefore the majority of those who utilize social media, do so for personal reasons henceforth making their attention rather difficult to grasp.
Every business is perceived to have a personality of some kind. It may be seen as expressive, informative, cultural, revolutionary or a host of other things. Utilizing mottos and slogans to spread the message of your brand is a great way to familiarize people with your business. The business motto should give people something they can relate to that is easy to remember. You want to cross the minds of your ideal customers or clients enough for them to become curious enough to consider buying into your product or service.
These days, the number of people starting their own businesses is growing vastly, especially among African-American women, so effective branding is essential to the success of any business that will maintain a substantial following long enough to thrive in the business world for years to come. If you want to keep up with the growing competition and maintain a fair market share within your industry, you definitely want to make branding a priority for operating your business.
*This article was originally published in the August 2018 edition of Entrepreneurs of Color Magazine