Have you ever looked at the Fortune 500 list and thought about how these companies made it to that list? Amazingly, some of them started just like you– with a big dream, hard work and dedication.
And perhaps the goals and vision for your company are not to become public nor be part of that list, but maybe there are things that one can learn from their trajectory. And in some cases, some of those are your direct –or indirect competitors and you may be losing clients to them on a daily basis.
Growing a Brand Over Time
So, whether you’ll ever want to become “like them”, they all have something in common:
They’ve all built profitable brand value over time. The magic formula is they understand what they stand for, they understand their audience and they are able to articulate and communicate the value that they provide to their customers.
They have identified their USP (Unique Selling Proposition) and they have identified what makes them different from all of the other options in the market. This magic formula is something that proves to be difficult for small businesses to get right. So, what can you do to build brand value for your business?
What Value Do You Bring?
Over the last decade, I’ve met and sat with thousands of small business owners and sadly 99% of them were not able to properly articulate their value. And I don’t mean they are unable to tell me what they do.
On the contrary, they all know exactly what they do, the only problem is that it sounds like this: We are Company XYZ and we provide xyz services to x industry. Does that sound like you? Yes, that sounds like you and your thousands of competitors. No matter what your market is, there are bound to be competitors who offer a very similar service to you.
When you and your thousands of competitors all “do” the same, there is absolutely no value in that. It all becomes a price war to determine who gets the customer. The truth is no matter how much effort you are putting into Google ads, Facebook ads, social media, etc. you will never be able to escape this trap.
And if your company is facing this situation, you are not alone. In fact, 99% of the thousands of small businesses that I’ve met with over the last decade have been in your same position.
So what can you do to distinguish yourself from all of the others in the same market as you?
Be The Only One – Stand Out With Branding
The first thing needed to transform your offerings from a service to a valuable commodity is to identify your brand. A brand is your promise to your customer to deliver what your brand stands for, not only in terms of functional benefits but also emotional, self-expressive and social benefits. What can you offer the customer that will help them achieve their goals or make their life better in some way?
Rather than a race to the cheapest price between brands that all offer the same thing – what would happen if your brand offered something unique that no one could replicate?
So before you decide to build that fancy website, redesign your logo, or start a lead generation campaign; go back to basics. Being able to communicate your value (your promise) to your customers, STARTING WITH WORDS is key. Then, once you have identified this very important aspect of your brand, you can build up from there.
If explaining your business takes longer than 30 seconds and includes unnecessary waffle, it’s time to think about refining your brand and clearly defining what you do. Not sure how to get started or who to contact? We can help!
At Bold Entity, we help small business owners craft their story and spread these stories digitally; through their website, social media and more. In fact, we’ve successfully helped hundreds of business owners just like you to lead with brand value. To learn more about what we do and how we can help you, please feel free to contact us at any time.