It's a struggle to start a business, and challenges continue as you grow.
Young businesses and start ups have similar struggles. No one knows about your company or what you sell. It's a battle to get attention with minimal budgets compared to the larger budgets of big brands or just the traction other mature companies have built over time.
Big corporations invest a lot of effort and money into distinguishing their brand from the crowd. That being said, one of the biggest concerns of any small business or start up owner is and should be branding.
According to recent data collected by Burst Media, influencer campaigns earn almost $7 for every $1 they spend on branding.
This includes spending for web design, content creation, SEO web marketing, and more. Based on this data, can you afford to skip out on this ROI? There are other agencies with statistics that support the return in marketing investment.
51% of consumers say building brand trust by interacting with brand via social media. Approximately 61% of millennials feel that a company's content impacts their brand loyalty.
How do you develop a brand recognition that converts a company from ho-hum to trusted brand to a consumer?
Experts agree that these three tips that will help you create a successful brand image for your small business or start up:
Creating Unifying Brand Standards
Do you notice how easy it is for you to identify your favorite brands when you may only glimpse a portion of their logo and the middle of their TV spot? They have standardized branding format and religiously stick to those standards.
They consistently use the same colors, fonts, and visual and voice styles. It is exciting to redesign your package or website, experimenting and feeling cutting edge creative (and it is), you have to consider how this will look to your consumer.
Here I will remind everyone of the Tropicana redesign. They changed so much and on top of the visual changes the design just didn't work on the shelf. Maintaining a cohesive brand image builds recognition with your audience and help your customers remember who you are. You only have seconds to get your customers attention - why loose them because they don't recognize the new look as their favorite brand?
Consumers only spend 20 minutes in a store before making a purchase -- this in and of itself drives home the importance of cohesive packaging.
Engage with Storytelling
A brand identity can be developed through the stories a brand chooses to tell. Nike, Folgers, and Liberty Mutual have featured storytelling in their successful marketing campaigns.
Now video marketing makes it easy for small companies to communicate their story and get your audience invested in your product and mission.
Use the Power of Social Media
Open yourself up to your community and ask for feedback. Use social media to tell your story, create an impression on customers.
There is strength in community so build a community on the social platforms that your customers use.
It doesn't have to be every social platform. Technology has changed they way people interact and shop. Use its tools to interact with customers, foster a sense of trust and show your authority in your industry. You'll have to open up to responding to all feedback -- both good and bad.
Building a brand reputation takes time, persistence, patience and a strategic path. You just have to commit to the importance brand has to your business success.
So roll up your sleeves and get working on brand building. With the right effort the return on investment pays off 7 to 1!
Hey - you don't have to do this on your own or be concerned whether your efforts and money is wasted. Call Catalpha and tap into our 35 years of experience building brands like TheraPearl and Cobra Storage Solutions.
Want to learn more? Download our 6 Branding Tips.