Building a compelling brand
It’s extraordinary how many companies believe price is the only basis on which to win business, but this race to the bottom benefits no-one, including the client, who often ends-up with a poor-quality product or shoddy service as a result. The trick is to differentiate yourself from the pack and to articulates this difference to your customers.
Here, your brand is important, whatever size you are. It represents your personality and who you are as a business. It allows you to distinguish yourself from your competitors and clarify what makes your business the better choice. It builds confidence. You only have to look at thriving local businesses in your area that have earned your trust and your repeat business.
Remember, a brand is not simply a logo or a product. A brand is the perception others have of you. It represents your promise to your customers. It helps you create clarity and stay focused, and enables you to build emotional connections with your audience. Consistency generates trust and makes memorable impressions, encouraging further engagement with your business.
Many SMEs work hard to improve product and service quality, but undersell the value. Successful companies, on the other hand, take care to leverage their hard-won brand reputation to increase revenues and margins. Focus on winning business where your specialisation and track record set you apart from your competitors. Reconsider your business strategy. Seek out profitable niche markets and add products or services that differentiate you. You may end up with less work, but at higher margins. It’s a much safer model.