“Your brand is the single most important investment you can make in your business.”


Steve Forbes

Forbes Magazine

Building your brand

People who like you will listen.

Trust you, and they’ll do business.

Your brand will be your business’s biggest asset. It’ll be important to convey trust, inspire confidence and be impactful with your target market.  There will be a value associated with your brand, so make sure you talk to your accountant to see how this can be factored into any valuation of your business.

Here To Help

 Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does “branding” mean? How does it affect a small business in particular?

Across all the pages in this section, we provide a series of guides to help you work out what you should be looking for, particularly when it comes to building your businesses brand, so when that time comes, we can help you…

CHOOSE THE ADVISER WHO UNDERSTANDS YOUR NEEDS.

What is a brand?

It’s your business’s personality.  It’s what you do, who you are.  It’s good to consider customer views of a business, the brand can’t only represent your views. It needs to be perceived positively and fit into your core customers opinions and needs. This may seem like a lot of boxes you have to tick before you even start your business, however there are lots of ways you can achieve this goal.

To define your business, you first of all need to know its identity.  Build your brand by stepping into a consumer’s shoes. What would they expect to be seeing? This could help you form any promotional activity and branding.

Know your customers

To be able to step into your consumers shoes, you first of all need to understand them.  Most businesses, although widely available, target a specific market.  Make sure you do your research to understand what customers expect from a business in the field you are starting out in. You need to be aware of things like:

 

  • Their age range
  • Their gender
  • Their marital status
  • Are they a family person?
  • What’s their work status.
  • What’s their income status.
  • Where do they live, country or city?
  • What do they value most (e.g. quality, speed, friendliness, convenience)?
  • What might their other interests be?

Identify your unique selling points and your culture

USPs are what make you stand apart from your competitors.  Such qualities as convenience, value, quality all help you to project a positive impression of your business and show the key values of your business. If you’re having an issue in thinking of a USP, make sure you communicate with your target market again to find out what they would be expecting.

Make sure you have established the culture of your business. Are you a fun or serious company? Are you friendly, formal, traditional or innovative with your thinking? This will help enormously when it comes to developing your brand.

Create a recognisable brand

It’s often believed that the logo is all it takes for a company to become recognisable.  However, there is much more to a brand than this.  The key elements to consider when creating a brand include:

 

  • Name–Your name is a key part of your brand. Make sure it’s catchy, not too long or confusing for consumers.
  • Your products and service– Customers need to know what they’ll get from you.  Why are you different from all the other companies offering them a similar product? What makes you the company to work with? Staying consistent with this is key.
  • Tone of voice– This will have an impact on all communications, from letters written to phone calls made. It is how you address your customers and what they can expect from you, so decide if you’re going to be friendly, professional, formal or to the point.
  • Visual style and logo– The colours and fonts you use to portray your business can make a big difference to your consumers perception. It may be a necessity that you call in a professional for this work as there can be a lot more to do it than just picking a colour you like.  There are many psychological and social roots to these elements, so choosing the correct one is quite crucial to present the right message.
  • Customer service– Your interaction with customers leaves a lasting impression. Make sure everything is consistent, from day-today contact to regular procedures.  Have a team in place to handle complaints, as well as any support consumers may need, and ensure those delivering these services have a positive manner when communicating with consumers.
  • Values– How will your business sit in the world? What will its roots and key ethos’ be? These can be helpful tools to help you promote your brand, and could even lead to collaborations with other companies and good PR.
  • Tagline and mission statement– A tagline is something the consumers remember and instantly associate with your business. It’s Nike’s “Just Do It.” Mission statements are often internally used and are not always consumer focused.
  • Marketing– This concerns all messages put out by your business. It covers everything from news, to adverts to website design, all of which help to create a solid brand. Consistency in marketing is key to deliver your businesses main mission and goals.

Developing your brand

It’s important to keep an eye on these newly developed elements to ensure they’re delivering the correct impression. You may need to change and evolve as consumers begin to react, or not react, if the case may be. Make sure you keep an eye on what your competitors are doing. 

A brand has got to be feature of your company that you keep building, it won’t all slip into place just like that.  But having a brand strategy will offer you some direction as to what you want to achieve and how you will achieve it.

A brand is the biggest touch-point with your customers, so make sure you pay it a lot of attention!

Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.

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