“I’m too busy to think about branding.”
In small businesses, everyone wears a lot of hats from the CEO on down the line. You’re all busy with some combination of prospecting leads, meeting deadlines, putting out fires, managing employees, doing accounting plus more. It’s easy (and often reasonable) to say, “I’m too busy.”
Before dismissing branding and putting it on the “Later” pile, consider the business landscape we find ourselves in today.
In late 2021, it looked like the economy was getting better. There was cautious optimism that the small businesses that had survived to date could see light at the end of the tunnel. Supply chain issues were a pain but there was still some movement and they would be resolved eventually.
Then came February 24th. Russia invades Ukraine.
That (literal) bombshell is wreaking havoc with serious repercussions around the world. With inflation on the rise, people are being more cautious with their spending. Not what anyone was hoping for at this point, especially small businesses looking forward to the economic recovery that was supposed to accompany the easing of COVID restrictions.
In times like these, large companies tend to have a price advantage over small, local businesses. Yes, their prices will go up in response to increased costs, but they have more leverage with their suppliers and they tend to have more cash flow to play with.
However, all is not lost. Buyers these days are favouring Canadian-owned businesses, especially local businesses (if they exist). Seeing so many companies closing their doors for good over the last two years, hit home for a lot of us. Even if we kept our own jobs, we all know one or more people among our friends and family that lost theirs. The pandemic highlighted the importance of buying local and supporting one another in our own communities.
How can you compete against giants, especially when times are tough?
The answer is having a consistent and well-respected brand. According to a 2022 survey conducted by Salsify, 46% of consumers are willing to pay more for brands they trust.2
But first you have to build & promote one that is relevant, authentic, consistent, and communicates the unique value your company offers.
It’s more than just a logo or a catchy tagline.
It’s more of a “live-eat-breathe” thing.
And, it’s proven to increase revenues and profits.
Where do you begin?
At the beginning of course! The earlier you prioritize brand building, the sooner you will see the many benefits.
(Interested in (re)building your brand but not sure how to go about it? I can help!)
© 2021-2022 Tracey Copeland, Rolling Sands Consulting.