Building a Brand That Will Build Your Business

Unless you’ve been doing business on Mars (or Venus), you’re aware of all the buzz out there about brands and branding. But to grow your brand, you have to move beyond the buzz and adopt a practical plan of action. As always, it starts with some fundamentals.

What is a brand?

A brand is a relationship — the connection between your customers and your company or product. Like all human relationships, this connection is based on experience, attitudes and expectations. “Branding” is about shaping and deepening that relationship.

Think about your own choices as a consumer. Why will you pay more for a suit with an Armani label? What makes New Yorkers go out of their way for an H&H bagel? Why have you bookmarked Google, but not Ask Jeeves? In each case, the answer has to do with how you think and feel about these brands.

Clients sometimes say to me, “I can’t spend time and money building my brand — I’m too busy building my business.” But that’s a false choice. A strong brand makes your business more visible and more credible. So instead of your constantly seeking customers, they may find you. Also, at a time when it’s tough to find a real, lasting competitive edge in the marketplace, a strong brand can give you that edge. It increases the perceived value of your product or service, which can translate into higher prices and profits. And a strong brand commands loyalty, which means better customer retention.

So although you many not find any line item on your balance sheet called “Brand Value,” a strong brand is one of your company’s greatest business assets.

Another misconception I often hear: “I’m no Coke or Nike — branding is just for the big guys.” Wrong. Whether you’re a global powerhouse or a local start-up, branding is crucial to your business. And starting small actually has its advantages: You’ve got a clean slate to work with. Nothing to undo or un-brand. And small investments yield bigger returns. Besides, nobody wants to stay small forever. Think like a big brand and you’ll find it easier to become one. Let’s get started.

Understand what a brand is — and is not