BY ABBIE MALON
Every business needs a strong brand. It differentiates your business from others, better positions you against your competitors, and fosters brand loyalty. A strong brand is essential to the long-term growth and success of your business.
However, creating and establishing a strong brand is more than starting and naming your business. It entails a series of strategic actions and activities to position your brand.
All these activities and actions require a lot of financial, human, and intellectual resources. As a small business owner or a startup, you may be wondering: Is it possible to build a strong brand on a budget? We think so.
WHAT CAN YOU DO TO ESTABLISH A STRONG BRAND ON A BUDGET?
Establishing a business and selling your products or services is not enough. You may need money for marketing strategy, advertisement, customer awareness, and social media campaigns to spread the word about your company.
A marketing strategy to build your brand can cost between $10,000 - $ 40,000. That’s a lot of money, especially for a small business owner or a new startup. This prohibitive cost leads many entrepreneurs to ignore branding altogether. But can you really afford to ignore branding and other marketing-related activities?
Research suggests NO. Companies with a documented marketing and branding strategy are 313% more likely to succeed. The same study shows that marketers who proactively plan projects and campaigns are 356% more likely to succeed.
So, what can a small business owner do to build a strong brand on a budget? Limited finances should not keep you from working on your brand, and there are cost-effective ways to ensure your company stands out in the market.
Five Ways To Create a Strong Brand on a Budget
1. PICK A UNIQUE BUSINESS NAME
It doesn't cost you anything to pick a name for your business that your customers will easily remember and clearly identify with what you are selling.
Consumers should automatically think of your product or service when they hear your business name.
When customers struggle to remember the name of your business, they will move on to the next memorable choice. Therefore, picking the right business name is the first step to creating a solid brand on a budget.
2. CREATE AN OUTSTANDING LOGO
There are many businesses with logos advertising products similar to what you are selling. How do you make sure customers pick yours over the others? By simplifying it and making it eye-catching.
Creating a logo for your business doesn't have to cost much, and a low-cost graphic designer can help you with this part of your branding journey. You can also create a business logo yourself by using online apps such as Canva.
Remember that your company logo will serve you for years to come, so make it timeless. You can even go a step further and trademark it, a sure way to ensure your brand remains unique in the market.
3. NETWORK AND COLLABORATE WITH ESTABLISHED BRANDS
Many entrepreneurs are working on branding just like you are doing. You may reduce branding costs by finding ways to collaborate with them.
Try hosting a business fair with them to showcase your items, especially if you sell complementary products.
For instance, if you specialize in cosmetics, it makes sense to partner with makeup artists.
Choose businesses that are doing exceptionally well in the industry. Working with them will uplift your brand and open your business to a new customer base by association.
4. FOCUS ON YOUR NICHE MARKET
It's not enough to sell quality goods and services; you should have a target market aligned with your brand. Your business must be associated with a particular type of good or service targeting a specific customer.
Ask yourself who you want to buy your products or services. Then focus on that group of customers to strengthen your company’s reputation as a business that serves that niche.
You could sell quality items at affordable prices or offer high-end luxury products and services to a select group of customers.
Focusing on the type of customer you want to attract will guide you through creating products and services that are precisely right for their needs. And meeting the needs of your ideal customer will make your business stand out as a strong brand.
5. KEEP YOUR BRAND VISIBLE EVERYWHERE
Use anything associated with your business to advertise your brand to current and potential customers. Your storefront, staff, and marketing materials should visibly promote your brand.
Print your logo and business name on your business cards, stationery, brochures, employee uniforms, shopping bags, and online platforms.
Build your social media presence to ensure your brand is constantly seen online. Posting information about your company or product on social media channels is a low-budget branding option.
Remember to use imagery that attracts the attention of your clients and clearly depicts what you are selling.
Last Word
You can use these five methods to build a strong brand on a budget, but ultimately, your goods and services will speak for you.
Consistently providing excellent products and services is the best way to establish a reputable brand. Customers want to feel they are getting value for their money by purchasing services or products they cannot get anywhere else. Work on this aspect, and your business will stand out from the rest.
And if you hardly have any funds to get started, consider getting a loan for a marketing campaign. There are affordable loans for small businesses looking to invest in marketing projects.
If you need help building a strong brand identity, look no further than My Rich Brand.
