As a small business owner, it is easy to think of your brand in terms of the logo and trademark. But your brand goes beyond the beautiful logo and trademarks. Your brand is how your clients view you as a whole in terms of quality product/service, customer service, and reputation. As a small business building your brand involves working on developing the whole package. If you have a good product but terrible customer service, your brand will be reputed as being terrible in customer service. Working on your brand has huge benefits.
This is where your business name and products become easily recognizable when people see your logo or trademark. A good example is the leaping horse of Ferrari or the curly trademark of coca cola. Strong brand recognition gives you an edge over the competition as your client will associate the type of product you sell with your brand.
A strong build will find it easier to advertise as the ad will be based on prior recognition. In the case of an n unknown brand, an ad for a product sometimes misses the point as the audience does not recognize the brand behind the product/service. It is easier for Uber to advertise for discounted taxi services than it would be for a relative newcomer offering 25% discount. Look at advertising to grow your brand first.
Better financial value
A start up business can reap big from a strong brand. Tech startups are good examples. Facebook, Airbnb and Uber all started off relatively unknown but grew their brands for offering unique products/services. A strong brand gives you an upper hand when negotiating for a buyout by a bigger entity.
A strong adds a premium to your products. Think of small clothing designers with highly visible brands like Prada. An added financial benefit comes in when you are licensing another entity to use your trademark. You can ask for hefty licensing fees.
Create market trust
Having a strong brand creates trust in the market. For example, if Mercedes did an ad that they have the best green supercar, few would question it. This is because this is a brand that has been associated with high quality and innovative vehicles.
Expand your markets
Good branding does half the job you would do in marketing and advertising. This is because clients pleased with a certain brand will mention it to others. This is free advertising which will draw you more customers.
Your employees and other business associates will be happy and proud to be associated with a strong brand.