Many small business owners and independent contractors ( for example, real estate agents) work all their lives and when it’s time to retire, they just close their operation. They don’t have a business to sell because they have not “branded it”. I will use the example of an insurance agent; he sells insurance for a company, the brand is the company, not the independent insurance agent that is out in the trenches. When he retires, he has a “book of business” that he may try to sell, the problem is that the his clients bought him, not a branded name, and while there may be some value to the client base, it’s not any where near as valuable as a branded business.
Marketing is branding. The essence of the marketing process is building a brand in the minds of consumers. Branding “pre-sells” the product or service to the user. A successful branding program is based on the concept of singularity. It creates in the mind of the prospect the perception that there is no product on the market quite like your product.
Consumers will come to a brand name even if the original owner is not there. A classic example of branding is Coca- Cola. In 1942, Coca-Cola launched an adverting program called, “The only think like Coca-Cola is Coca-Cola itself. It’s the real thing” Look around at all the brands; Kodak, Hertz, Visa, Heinz, etc…. When you don’t have a leading brand, your best strategy is to create one.
It’s hard coming up with a name but once you decide on one, technology today can help you with getting your name out into the market place. Social media and news release via the internet allow you to compete with any company of any size. at virtually not cost. Branding is achieved with publicity not advertising.
A brand should strive to own a word in the mind of the consumer.
Have a great day!
As always, comments are greatly appreciated.