I’d like to talk to you about building a brand, not just a business.
The distinction between simply starting a business and creating a brand for it is that your brand is what will assure your business’s success and ability to withstand the test of time.
The distinction between a company and a brand
Before we go into how you may establish a brand, not simply a business, let’s first look at the differences between the two.
There’s a lot of confusion regarding the differences between developing a business and building a brand. And, while these two are clearly in a relationship, if not married, they are still two quite different people.
You can’t develop a brand until you first build a business.
SO WHAT IS A BUSINESS?
The items and services you provide are your business. It is your business plan. A business has one and only one goal: to make money.
There is nothing to a brand if there is no business, which is why, before you can build a brand, you must first define your business strategy. So, how do you go about doing that?
You must first decide what you want to sell. That may appear straightforward; after all, you’ve opted to develop a business around something you’re skilled at. Something you’re enthusiastic about. That’s all there is to it. Simply build products or services around it.
I would start by asking yourself these questions.
- Is what you have to offer in demand?
- How soon do you need to start making money?
Is what you have to offer in demand?
Let’s start with the first question: in order for your business to succeed, you must first determine whether there is a need for your product or service. So, how do you go about doing this?
1. Determine whether others are doing it.
The simplest method to do this is to look at who else is doing it. Conduct some competitor research to determine how many businesses are doing things that are comparable to what you want to do. Take a look at what they have to offer.
If there aren’t many people doing what you want to do, it doesn’t mean you don’t have a viable business plan; it simply means that few people have considered it yet. If this is the case, you should conduct some market research.
2. Conduct market research
This can be challenging at first, but as an online business owner, whether you want to sell services, coaching, or digital products, there are surely ways to accomplish so.
In the early phases of your business, Facebook groups are the finest way to conduct market research. Facebook groups are a treasure of knowledge and people with whom you want to collaborate. Look into some related Facebook groups and conduct some research. Look at the questions that people are asking. Look into the services that customers are looking for.
HOW FAST DO YOU NEED TO MAKE MONEY?
Once you’ve determined that there is a demand for what you want to sell, you must decide how soon you want to make money.
Is this something that needs to generate a full-time income quickly? Are you content for it to move more slowly since you have the flexibility of, say, another job?
If you want to make a full-time income quickly and offer low-cost digital products but don’t currently have an audience, you may need to reconsider your business approach.
1:1 services are the quickest approach to attracting revenue into your organization. These often command higher price points, allowing you to make money much faster than if you sold low-cost products.
After you’ve defined your business plan, you can focus on developing your brand.
WHAT IS A BRAND?
Your brand is the emotional connection you have with your audience. Your brand is what makes it possible for you to sell your products and services. Your brand has a distinct identity.
Your brand is what distinguishes your company. It is what distinguishes you from all the other firms that do what you do. Your brand is what allows you to profit from your business.
There is no competition when you have a thriving web brand. Competition is only a concern when your company is the same as everyone else’s and you’re not creating an emotional connection with your audience.
Having a distinct brand removes the need to compete purely on pricing. If your audience has a greater connection with your brand than with your ‘competition,’ they will buy from you, even if what you’re selling is more expensive.
The vast majority of people will make purchases based on their emotions. They will buy because it feels like the correct match, thus the better you are at connecting emotionally with your audience, the easier it will be to close transactions.
People no longer choose firms to work with or buy from. They buy from brands with whom they have a personal relationship.
To summarize the distinction between a business and a brand.
The items and services you provide are your business. It is your business plan.
Your brand creates an emotional connection with its target audience. A brand has a distinct personality.
HOW TO BUILD A BRAND, NOT JUST A BUSINESS
Now that we’ve established the distinctions between a business and a brand, let’s look at how to construct a brand rather than just a business.
Building a brand is not something that happens overnight. It evolves through time and will continue to evolve as your firm expands. As I previously stated, your brand is the emotional connection that your audience has with you and your company.
Your job is to sway their decision. This is accomplished through a process known as branding. Again, I go into a lot more detail about branding in episode two, so if you haven’t already, I’d really recommend listening to that one after you’ve finished this one. But first, consider how you might create a brand that distinguishes you from others in your sector.
1 BE AWARE OF YOUR WHY
Knowing you’r why is the first step in developing a brand. What is the purpose of your company? What do you want your company to accomplish?
Knowing your WHY in business is what will keep you motivated when times are tough. Your WHY is the rationale for your company’s existence in the first place. When nothing seems to be going your way and you want to give up, remembering your WHY can be immensely beneficial. When you’re wondering why you decided to establish your own business instead of taking a safe corporate income, recall your WHY. This is what will lift you up, remind you of your dreams and goals for your business and life, and keep you moving forward.
2 DEFINE YOUR USP
The next stage in developing a thriving online brand is to identify what sets you apart. What distinguishes you from others in your business. It can be difficult to think of how you are different when there are so many other comparable firms out there, and it may not come to you right away.
It wasn’t until I was around 18 months into my business that I realized I had a unique selling point. And that I distinguished myself from other branding designers by utilizing my marketing experience to assist boost my clients’ visibility. Now that I no longer do custom design, I assist businesses to establish their brands by combining my brand strategy and design skills with my marketing experience.
3 MAKE STORIES
A brand’s personality is given via its stories. Your story is what sets you apart. Your story will elicit an emotional response from your listeners.
You may be thinking, but I don’t have a tale. We all have a story, believe me. Thinking about your why is the best place to start when crafting your story. What is the purpose of your company? It’s usually because you’ve been where your ideal clients are today. You’ve been through what they’re going through, and you’ve learned from it. You now wish to assist others in learning from your mistakes.
But stories aren’t only about you; they’re also about your ideal clients. If you haven’t already, I recommend reading Donald Miller’s Building a Story brand. It’s a fantastic book that will help you shift your mind to telling stories for your brand.
4 CREATE A CONSISTENT ONLINE PRESENCE
When it comes to developing a brand, consistency is essential. From making sure your visual presence is consistent across all of your platforms, to the words you write, the experience you create, and how you show up. Consistency is the quickest approach to developing the all-important know, like, and trust element.
5 JUST BE YOURSELF
You are the face of your brand as a small business owner, and it is you who will help develop connections with your audience. You will attract folks who want to work with you if you are yourself and allow your personality to come through.