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Early branding of a small or emerging company is key to business success. It is the quickest way for your company to express what it is and what it can offer. Inaccurate branding of a new business can make it difficult for people to grasp why the business exists in the first place.
For startups and small businesses, branding can often take a backseat to other considerations, such as funding and product development. This is a mistake, as a company’s brand can be key to its success. Dollar for dollar, it is as important and vital as any other early steps.
One software management company, temporarily named TallyUp, decided to invest in a branding overhaul. Its flagship product, a software suite that tracks and runs bonus incentive plans, needed a clear identity and platform to appeal to its target audience — primarily financial executives. The name TallyUp, while somewhat descriptive, didn’t capture the level of sophistication needed to attract the appropriate clientele. TallyUp hired a branding consultant, who recommended the name Callidus (Latin for “expert and skillful”) to effectively communicate its positioning in an instant. The new name communicated a similar concept but on a completely different level. Callidus positions the software product correctly.
A brand is a company’s face to the world. It is the company’s name, how that name is visually expressed through a logo, and how that name and logo are extended throughout an organization’s communications. A brand is also how the company is perceived by its customers — the associations and inherent value they place on your business.
A brand is a kind of promise. It is a set of fundamental principles as understood by anyone who comes into contact with a company. A brand is an organization’s reason for being and how that reason is expressed through its various communications media to its key audiences, including customers, shareholders, employees and analysts. A brand can also describe these same attributes for a company’s products, services, and initiatives.
Apple’s brand is a great example. The Apple logo is clean, elegant, and easily implemented. At a certain point in time the company began to use the apple logo monochromatically (as opposed to the rainbow stripes), signaling a new era for Apple. Smart branding allowed the company to clearly communicate a change in direction while continuing to build its reputation. Think about how you’ve seen the brand in advertising, trade shows, packaging, and product design. It’s distinctive and it all adds up to a particular promise: quality of design and ease of use.
The heart of your business success lies in its marketing. Most aspects of your business depend on successful marketing. The overall marketing umbrella covers advertising, public relations, promotions and sales. Marketing is a process by which a product or service is introduced and promoted to potential customers. Without marketing, your business may offer the best products or services in your industry, but none of your potential customers would know about it. Without marketing, sales may crash and companies may have to close.
Getting Word Out
For a business to succeed, the product or service it provides must be known to potential buyers. Unless your business is known in the community and have communication with your customers readily available, you have to use marketing strategies to create product or service awareness. Without marketing, your potential customers may never be aware of your business offerings and your business may not be given the opportunity to progress and succeed. Using marketing to promote your product, service and company provides your business with a chance of being discovered by prospective customers.
Once your product, service or company gets on the radar screen of your prospects, it increases your chances that consumers will make a purchase. As awareness becomes a reality, it is also the point where new customers start to spread the word, telling friends and family about this amazing new product they discovered. Your sales will steadily increase as the word spreads. Without employing marketing strategies, these sales may not have ever happened; without sales, a company cannot succeed.
The success of a company often rests on a solid reputation. Marketing builds brand name recognition or product recall with a company. When a company reaches the high expectations of the public, its reputation stands on firmer ground. As your reputation grows, the business expands and sales increase. The reputation of your company is built through active participation in community programs, effective communication–externally and externally–and quality products or services, which are created or supported by marketing efforts.
Marketing also fosters an environment in the marketplace for healthy completion. Marketing efforts get the word out on pricing of products and services, which not only reaches the intended consumers, but also reaches other companies competing for the consumers’ business. As opposed to companies that have a monopoly on products and services that can charge almost any price, marketing helps keep pricing competitive for a business to try to win over consumers before its competition does. Without competition, well known companies would continue to sell while lesser known companies or new companies would stand little chance of ever becoming successful. Marketing facilitates the healthy competition that allows small businesses and new businesses to be successful enter and grow in the marketplace.
Although marketing is hugely important for a business to succeed, it can also be very expensive. In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent–sometimes more–of the annual sales. A marketing program that gives your company the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events.