Five Reasons Why Small Businesses Needs Branding

Most of us think rather believe branding is a big guns thing; we don’t need branding because we are small business, well wrong! I will give you five solid reasons that why your small business needs branding perhaps more than the big guns.

So let’s get to it

Five Reasons

Over A Million

Each year over a million small, medium businesses starts in United States alone that excludes online startups ^(1,2). Majority of small, medium businesses tend to be imitative than innovative, so they are actually similar and that’s where you need branding, branding to differentiate yourself (business) among millions.

People Choice

You not only need to brand because there are millions similar businesses out there but also because people have more choice, they can select from hundreds of products/services therefore you need to associate your brand with something, position your brand in a way in your target customer mind that they pick you up, your product/service the moment the need arises, you don’t want to be 100^th option but the 1^st option.

Symbolic Value

According to a research people choose one product/service over other product/service in terms of their symbolic value when there are different brands dealing in similar product/service with similar useful value or utility ⁽³⁾.

And that’s what you do as a small business, dealing in similar stuff like million others so what you need is to focus on symbolic value (symbolic value is an abstract value of product/service or brand like iPhone for instance have symbolic value of extreme technology with class for most of its customers so on and so forth) and you can get a specific symbolic value by branding or positioning your product/service.

Branding is Easy

Yes, it’s not rocket science, branding is way too easy only if you know how to do it effectively, well, don’t worry I am going to help you in that.

Check these articles!

Branding Strategy: Learn When & How To Brand Effectively

Brand Positioning: How To Add Value To Your Brand

Competitive Advantage

Effective branding gives you competitive edge over your competitors, like for instance branding helps you differentiate your brand, product/service from others in a way that leads to increase in demand of your product/service, sales etc this is actually a competitive edge. And well being different among million like you (Businesses) is a competitive advantage.

That's it, now I would like to know, what you think why do or do not small businesses needs branding, let's explore! :)

References:

1.      Heidi M. Neck, Andrew L. Zacharakis, William D. Bygrave, and Paul D. Reynolds, Global Entreprenurship Monitor: National Entrepreneurship Assessment-United States of America, 2002 Executive Report.

2.      Small Business by the Numbers (Washington DC: Small Business Administration, 2004)

3.      Bagozzi, R.P. (1975) Marketing as exchange. Journal of Marketing, 39, 32–39