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Branding a Business? Benefits and Costs

Many business owners consider a company's brand to be one of its greatest assets. How can you create a brand for your small business that will deliver this value premium? How much will it cost? And, perhaps most importantly, is it worth it?

Branding: Inherent Part of a Company

A brand is more than simple logo development, although the way the company name is displayed is an essential component. Every customer interaction contributes to their perception of your brand - from communicating with the sales staff to how a purchase is shipped and packaged to messages from customer support. All indicate what values your company holds. Identify what is important - honesty, level of product quality, and post sale customer satisfaction - and implement plans to achieve them.

Your branding strategy needs to be an integral part of your operation. If your branding strategy requires high quality customer service, you need to consider your customer's needs during order taking, billing, returns and exchanges, and then during a post sale thank you by mail or telephone and by sending a buyer satisfaction survey.

What will it cost to brand your company? Because we think of "brands" as large national or international corporations, we often assume it takes huge advertising budgets. This is not the case. Many companies build grand brands without investing in pricey television or banner advertisements.

A Visual Connection

An early step is creating an eye catching logo. A logo design usually begins by meeting with a graphic designer. Preparing for this meeting is more efficient and ensures better quality results. Know your target market. Bring examples of the competition, of preferred logo styles and those to be avoided.

After a designer presents initial logo concepts, request outside opinions to gauge public opinion. Be selective in soliciting opinions. Depending on your target audience, ask your family, friends, the guy at the grocery store or your kid's soccer coach. This will help guide you in the right direction. For example, you might not realize that a certain color is seen as negative or unattractive to your target audience.

A logo can cost anywhere from $50 to $5,000, and many designers are available to match your style and budget. For the cost conscious, you may even find someone willing to exchange services.

Use Your Logo - Nike does it

Once you have a great logo, put it to work. The success of a visual brand is partly measured by how often it is appropriately displayed. Most companies do not leverage their logos often enough.

The logo can be effective in many ways - with your product or service materials, company stationery, invoices, email signatures, shipping labels, indoor/outdoor signs, flags, and promotional giveaways. These are all repetitious uses and serve as persistent reminders. Employees may take pride in wearing a classic logo shirt or an owner or executive proud to carry a logo on a high quality portfolio or handbag.

Constant Continuity

Use your company brand consistently - in its elements of color, font and tag line - and on a paper quality reflective of your business.

This also means consistency in experience, for example, when customers are always greeted in the lobby or when the product is shipped as ordered.

It means consistency in depicting your values. If a goal is to be an environmentally aware company, make specific programs or processes and track or measure results.

Costs versus Benefits

What are the benefits of brand management? Why does it matter that the UPS van color matches the UPS workers' socks? Branding creates an experience whether or not its planned. Consciously or not, customers expect predictable and positive experiences.

When values are aligned and communicated, a potential a heavenly with your customers may be result - and brand loyalty often follows.

Costs of Building Awareness

Since most consumers react to branding after repeated exposures, what does building awareness cost? It will vary depending on the size, goals and budget of a company.

Some approaches can be created with little to no out of pocket costs, such as offering automated service reminders, answering the phone consistently, or offering purchasing options.

Some strategies cost more money so plan wisely and carefully. For example, if you are on a budget, it is wise to base Internet advertising on a cost-per-click pricing. If promoting via printed products, choose items with longevity, such as promoting your business on a magnetic calendar rather than a paper flier.

Decisions in business branding can be adjusted to suit any budget. The key is to have a plan, follow it, and be consistent and then let it grow based on your financial resources and profitability.

About the Author

Mary W. Brophy is a writer, serial entrepreneur and creative force behind a new handbag trend - personalized logo bags. Her company, Bizz Bag, Inc., gives business people a fashionable way to flaunt their logos on handbags and shoulder bags. To see a savvy and innovative promotional product that creates brand staying power, visit BizzBag.com

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