What is important about your brand when you are a small business owner? Who cares, right? Everyone cares and you should care the most.
Brand is defined by Wikipedia as follows: “A brand is often the most valuable asset of a Corporation. Brand owners manage their brands carefully to create shareholder value, and brand valuation is an important management technique that ascribes a money value to a brand and allows marketing investment to be managed (e.g.: prioritized across a portfolio of brands) to maximize shareholder value. Although only acquired brands appear on a company’s balance sheet, the notion of putting a value on a brand forces marketing leaders to be focused on long term stewardship of the brand and managing for value.”
The word “brand” is often used as a metonym, referring to the company that is strongly identified with a brand.
When you hear the name Coke… What goes through your mind? The taste, the color of the can, the type of containers you drink it from or maybe the last commercial you saw. Coca Cola has probably one the most recognized brands in the World and has for decades.
Now, let’s put things in perspective and relevant terms for your business. Think about local businesses in your city. The leading air conditioner service is a good example since they are generally not a franchised business. Here are some good subjective questions to evaluate your view of that company and its brand:
- When did you see their last commercial, billboard ad or perhaps their truck driving down the road?
- Do their vehicles and signage look professional? Do you readily recognize their logo?
- Do their employees dress in professional uniforms?
- Maybe you have used them before. What was your experience with them? What have you heard other say?
- Do you know the face of the owner(s)?
- Have you called upon them more than once? Was the experience consistent in quality of delivery of their service? Was the price reasonable?
Creating a brand should be an obsession. A good brand is the most valuable asset your company can have. You want a favorable impression by everyone that comes in contact with your company. After all, the experience anyone has with your company is a measurement of what will be expected in future business interaction.
What does your Brand look like?