Consider these 2 scenarios
Your brand strategy is at its best: Prospects and customers know exactly what you deliver. It’s easy to begin conversations with new prospects because they quickly and easily understand what you stand for. You close deals more quickly because your prospects’ experience with you supports everything you say. You can charge a premium because your market knows why you’re better and is willing to pay for it.
Your brand strategy is a work in progress: The market may not have a consistent view or impression of your product and company, but in general you think it’s positive. You haven’t thought a lot about branding because it doesn’t necessarily seem relevant, but you admit that you can do a better job of communicating consistently with the market. You’re not helping yourself but you’re not hurting yourself either.
Where does your brand fit?
If you’re in Scenario A, hooray for you! You’re regularly soliciting client feedback, exceeding expectations, getting excellent referrals, your vendors are excited to do business with you, and you are enjoying a steady increase in business.
If you’re a work in progress, or if you don’t know where you stand, you’re in Scenario B. This means your brand is limbo, so listen up! Here are just a few of the implications of being in Scenario B:
- Your sales may be steady, they could be better or worse
- Your brand is not clearly defined
- Prospects and clients may have a different view of your
brand than what you think they do
- Your pricing strategy may be inappropriate
- You’re sending your clients and prospects mixed messages,
which can ultimately hinder your brand
- Your competitive position is vulnerable
- Competitors are standing by, ready to snatch your customers!
If your brand is anywhere except “at its best”, consider hiring a marketing strategist who can evaluate your existing marketing strategy and develop a cohesive brand strategy for your company. Think you’re not ready to hire a consultant yet? Review my earlier branding posts, in this order:
Once you begin to understand the branding concepts and complete the exercises, your company is on its way to becoming stronger and your brand will be more clearly defined. You’ll have a much better understanding of where your company’s brand is positioned in the market, and you’ll be able to identify opportunities to showcase your brand “at its best”. Put a plan into action to develop a Scenario A brand strategy that resonates with your clients and gets you hired!