At the end of this episode, you’ll understand how building a brand will raise you above the competition.
Branding is a Bridge and it’s like an M&M. I’ll explain everything, just keep reading or press play.
You hear most often online tips for building and marketing your business. But that’s what your peers and competitors are probably doing. Here’s why you should build and market a brand instead.
Here is the definition to keep in mind:
A Business is defined as: an organization or enterprising entity engaged in commercial, industrial, or professional activities. Which in a nutshell is business is a transaction. While important if your focus was on building a business, you will be entirely transaction focused.
When you build just a business all you can market is your product or service. Then you are driven to have to compete on price and features and you are only remembered as long as your customer has use for you. You are only chosen because on that day that person saw your product as a better choice and they will move on.
A Brand is defined as: an identifying mark or a product sold under a particular name. That’s a dated definition and why there is much confusion by what branding really is.
What a brand has evolved into is a concept and identity formed in the minds of others. It’s the recognition, perception and reputation. That comes more than just the visual and verbal aspect shared by a company.
When you build a brand you are building the reputation, experience and distinction of your concept and the identity of that idea and concept.
10 – 15 years ago people trusted businesses and corporations more than they do now. The times are shifting, and the strategies are shifting. People trust people and trust brands that have more similarities to people than they do businesses. A brand is not just a business, but a business is not a brand at all.
There are 3 parts to what we call a successful business but we are not taught what each part is.
One last note:
If you were to ever sell your business. What makes it valuable? It’s profits and BRAND.
An undergarment store could be worth a half a million, maybe a million if you were good. Or like Spanx founded by one of my favorite brand idols Sarah Blakey. It could be worth 1.2 Billion.
Even your service based professional business is worth exponentially more with a R.E.D. brand. A brand with Reputation, Experience (a client experience that is desirable and share worthy), and Distinction in your industry.
Build a brand not a business. As soon as you start thinking that way you're on your way to getting way ahead of your competition and industry.
Even my best clients had outstanding services and impactful offerings but were struggling to grow their revenue, client or investor list, and gain more recognition because their inferior competitors had created a strong brand.
Even with your current success you’re likely working harder than you need to - to attract and retain clients and are missing out on quality referrals.
If your ready to become incomparable with a stronger brand schedule a discovery call with me or download the brand trust accelerator guide at Onthentic.com