Nowadays, it’s easier than ever before to have your own business. Many people drop their 9-5’s for owning and operating their own company. Challenges pop up out of nowhere and there are things you’ll need to think about that you might never even dream would be a problem for you. And while having a business is much more easily achieved at this point, many owners miss out on a key aspect of building and growing their business; branding. There’s a huge difference between building your business to sell a product or service and building a brand that will amass a following of loyal customers that endures for years to come.
When you first start a business, you’re probably thinking about all the ways you want to make a profit. New products, services, and all the things you’ll do to get a loyal customer base. That’s great! But the real place you need to begin when starting up a new business is with building your brand.
Building you brand is one of the quintessential aspects of maintaining your clients/customers and having a steady stream of profit. When you build up your business and brand at the same time, you’re providing your company with a legacy that you can continue to build upon in the future. If you only decided you wanted to have you own business “because” without a plan to build then it isn’t going to last.
Without customers with brand loyalty, your business can easily become obsolete; forcing you to sell or just close. Competitors could have better prices, better quality, or more variety and lure your clients away from your company. But if your customers have brand loyalty, it almost won’t matter what your competition does; they’re going to buy from a brand that’s familiar that they trust.
Some brands with extremely successful branding and customer loyalty:
- Amazon: brand value $150.8 billion
- Apple: brand value $146.3 billion
- Google: brand value $120.9 billion
- Samsung: brand value $92.3 billion
- Facebook: brand value $89.7 billion
Your brand is bigger than your business. It’s not just about having an eye-catching logo or memorable slogan. Your brand is how your business and products/services are perceived by your consumers or potential consumers. Jeff Bezos, founder of Amazon, said that “Your brand is what other people say about you when you’re not in the room.”
Brand = Reputation
So build you brand, build your reputation, and reap the fruits of your labor down the line; get that profit!
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