Brand Identity Value
If you own or operate a small business, you might be wondering why you would need to add yet another expense to your bottom line. That may be true if you look at branding your business as an expense. However, if you think of branding as an investment, one that will give you a return over time, then you’ll realize why a brand identity system might be important for your business.
Give your business a remodel
Lets say you buy a business or you are the owner of a business that does well. How can you do better?
Think of branding in terms of remodeling a home - you buy a house in an up and coming neighborhood. It’s a fixer-uper. You install new appliances, paint the walls, upgrade the light fixtures, and put new siding on the exterior. The house is now more attractive than before and now has a higher resale value. What was once a dumpy or nondescript home now has people turning their heads. Same thing with your business. Branding your business makes it more attractive to customers and makes it stick out in their minds.
In the same way that a home can have curb appeal, giving your business a brand identity that is differentiated can give your business curb appeal too.
Up your resale value
In addition to being more attractive to your current and future customers, your business now has a higher resale value if you decide to sell it down the road. Think about it. Would you rather buy a business that has an established, well known name and brand or a no name coffee shop? Who has a more valuable business, Cup of Joe’s down on the corner or Starbucks? That is an extreme example but even Starbucks started out with just one location. Had they not thought about investing in their brand, would they be where they are today?
Expanding your business and adding Value
Even if you don’t plan to become a huge company, or compete with one, you may be thinking about expanding you business to include multiple locations. Maybe you will be serving a small local area. But even in this scenario, where you are a big fish in a little pond, you’ll still be competing with other businesses of a similar size and chances are they already have a brand identity that is recognizable and is adding value to their business.
I’ll keep with the coffee analogy to illustrate my point:
You are a small family run, coffee roaster with one retail location. You are doing well because you have a great location. One way to grow is to supply other coffee shops and local grocery stores with your coffee beans. Another is to open multiple locations. Once you get to a point where your brand is known around the community, customers will come into these coffee shops where your product is sold because they know they can get a cup of your great coffee or beans. Because you have a well known brand, you can charge a premium for your product. You are charging a premium for attracting customers to their business and because you have a premium product. A great brand identity makes this possible.
A brand identity sytem that works
A brand identity can’t cover up a poor product. Not for long anyways. But a well put together system can really help bring a product out from obscurity and make it shine. Think of branding as an investment and not just another expense and you’ll be able to ad value to your business and see a return down the road.