Businesses and companies that are currently making a killing with huge profit margins are those that have capitalized on building a brand for their company. This is because the majority of consumers prefer buying goods from businesses that they are familiar with.
One Nelson Survey found out that as many as 95% of consumers prefer buying from brand companies. As a small business, you may want to brand your business name as soon as possible, so that you can create a selling products that is memorable and can compete healthily with other top brands in your niche.
What is a brand name?
A brand name refers to what your customers perceive your business to be. It can be summarized simply as what people would say about your business in your absence. In essence, it is the reputation you build with your customers. Brand building takes a considerable amount of time to actualize. To aid you out, here are a few steps on how you can build your company brand name.
1. Know the purpose of your business
Successful brands get to where they are because they discovered their purpose and built upon it. You should look to do the same for your business. As a good entrepreneur, you should understand why your business exists in the first place, what differentiates you from other businesses offering a similar service, and the problems you can solve for your customers. You should also understand why people care about your business. This can provide a solid base for starting and building up your brand name, especially when it comes to generating taglines, stories, messages and slogans.
To better aid you in your company incorporation process, engage in an accounting firm to ensure that your business setup is on the right track. We aid small startups and large companies with incorporation services in Singapore, and provide admin support to the necessary business registration requirements so you can have more time managing the growth of your business to the fullest.
2. Look up your competition and learn about them
Brand success stories are inspiring but their strategies might not work for everyone. Research on how they have managed to maintain to become a top brand and take inspiration from there. You can even learn from their mistakes and model it to the advantage of your company. You can also learn a thing or two from your competition, and adapt that knowledge to your business.
3. Establish a mission statement for your brand
Your mission statement is what your brand should be passionately pursuing. It is the reason you get up early for work each day. Having a mission statement will provide a sense of direction for the business strategies you are using to build your brand. Most importantly, your brand statement is the messaging you should stand by on when customers seek to learn about what your business does.
4. Narrow your target audience
Your strategy should be focused on the people you are seeking to serve with your product and/or service – this can help you to create better brand awareness and relevance to help build your brand name. For instance, your company may be interested in selling products to female customers, but narrow down the specifics: age, marital status, job, location. When you are able to finetune your target audience, you can ensure that you will appeal only to the right people.
Building your company brand name is not something that happens overnight. With hard work and smart decision making, you can take some cue points from successful brands in your niche and achieve your goals with your business idea.
Outsourcing certain functions of your business, such as accounting services and tax filing services in Singapore to an accounting firm can ensure that your business remains operational at the top level. We know how sales is a major factor to the success of a business. You can look forward to tapping on to our expertise in branding strategy, as well as corporate financing so you have the resources to build your company brand name.