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Have you established a recognised brand?
A brand is a name, term, sign symbol, or a combination of these, that identifies the maker or seller of the product. It is a marketing tool that allows consumers to recognise the maker of a product.
Branding is just as important for small businesses as it is for big names. It is a way of defining your business to yourself, your team and your external audiences. It could be called the business’ “identity”, but only on the understanding that it embodies the core of what the business is and its values, not just what it looks and sounds like.
Research demonstrates that creating brand value and establishing a recognised brand is something that many insurance brokers find challenging. For that reason, NBS has put together some useful branding hints and tips to get you thinking about yours:
Define your brand
Review your products and/or services, identify where they are within the marketplace and make sure you have an understanding needs and wants of your customers. Your brand identity should promote your company, engage with your target audience and ensure you stand out from the crowd.
Define your brand personality
Just like a person has values, beliefs and traits that define them, so should a brand. This personality dictates our behaviours, tastes and opinions. When you are building a brand it is important to establish both personality and character.
Establish your key organisational drivers
Your key organisational drivers will be based on businesses beliefs and objectives. These will help you to determine where your brand is positioned and identify, for example, the tone of voice and character of your communications.
Sustain and maintain ongoing customer relationships
Be clear about who your company is and the values that make you who you are. Sustain and maintain integrity through being honest and open with your customers.
Consistency will ensure a clear and concise business offering. In turn, this will lead to clear customer expectations of your product and/or service.
To avoid a disconnection with your customers, ensure that you are consistently communicating your key messages in varying ways. This will ensure a coherent identity.
Establishing your very own identity is a crucial part of branding. Avoid the urge to copy others in order to capture some of their market. Through your own identity you can stand out from the crowd and offer something authentic, original and attractive to your target market.
Go for it
The benefit of smaller businesses is that they usually don’t feel the bureaucracy experienced by larger organisations. Take advantage of the fact that you can be innovative, bold and daring and go for it!