It’s true, there are many successful businesses that have invested very little into the areas of branding. In most cases, they have been in business for the long haul, and their products and or services have become the anchor of their success.
The markets they serve confirm this truth in two significant ways. First, they have repetition of sales. What happens when we find something we like? We repent the experience and become loyal to the provider. The second point of measure is equality as fulfilling to any business owner, we tell others about our experience. With out a unique connection to the product or service experience most consumers or prospects will simply buy out of convenience, price and accessibility. Although sometimes “hard to admit”, we will drive extra mile(s) to purchase what we like or we will spend significantly more for the products and services that we trust.
So why does any business need to consider “branding” when they are experiencing consistent growth and profits through a loyal customer base? The answer for most businesses does not have a home on their profit and loss reports. It is hard, sometimes impossible to measure by quantitative metrics. Yet it continues to be one of the most under utilized strategies embraced by small businesses in the marketplace. For a business that has found a solid connection with a market, effective branding can be like high performance oil in a cars engine. The affects of making all the parts of an engine run smoother is exactly what a clean brand image and message does for great products and services.
When a customer can retain, recall and recount the simple attributes that comprise your brand, you have elevated the value of your customers experience to another level. Many of Brand3’s customers are successful businesses who are in the early stages of succession planning. They have great businesses that have measurable market value, but in many cases they are like well-built homes sitting on great locations lacking the curl appeal that will give them the return that they deserve. An effective rebranding effort can boast the sell price of a business just in the same way landscaping, fresh paint and new carpet can enhance the value of a home.
Also, the products and services that serve the marketplace with a well-defined brand position are very hard to replicate by existing or new competitors. In the end, many businesses will achieve some measure of success without the added benefits of branding. The question is, could a well-established brand delivered higher margins for their products and services and increased the market value their business? In most cases the answer is yes.