In the course of starting a new business, branding is one thing that very often gets put on the back burner. Sometimes the pot is stirred and checked on, but even more often it is completely ignored. Is it a coincidence that most new small businesses ignore branding, and also that most new small businesses fail? It is a coincidence that those small businesses that do survive have a strong brand, and those that go from floundering to successful often do so after they rebrand themselves? No, it really isn’t.
Branding creates a market of value. It creates demand, and where demand already exists, it creates more of it and sets the business apart from others. But how does a business rebrand when it is failing?
Know Your Customers
Who are your current customers and who are you trying to attract? The simple answer is everyone, of course. But the truth is, you cannot please everyone. It is best to focus on a specific clientele that will desire your product. Of course, in the case of a restaurant this is everyone that eats, and in the case of a women’s clothing boutique this is all women and men who might buy clothing for women.
The category can be broad, but you have to make them want to come to you, whoever “they” are. This is where branding comes in. Make yourself unique. Focus on giving them something that they want that no one else does. To do that, you have to know something that they want and are not getting. Is it a family friendly restaurant where mom, dad and the kids can watch a game together? Is it a clothing store that offers unique items that no one else in your small town will not be wearing?
Another way of standing out from the competition is to be better. Place a huge emphasis on quality. Use the best ingredients, offer clothing that lasts, and make your customer service the best around. When your logo and name are associated with the best around, word will spread and your brand will become strong.
If there are a hundred great burger joints around, what is going to make yours stand out? All other things equal, people are going to go for the fun. Create an atmosphere that appeals to the crowds. Whether it be a home town diner appeal or a corner pub vibe, find what works and work it. It will work to your advantage.
Of course rebranding sometimes means remodeling, among other things. All of these things require funding, which is many cases means financing. Biz2Credit is your one stop source for all your small business financing needs. We have an extensive network of lenders that offer a variety of financing options for small businesses. Visit Biz2Credit.com today to get started.