10 Steps To
Building Brand Value
For Small Business
Brought to you by M2 Results

STEP ONE
Know your market

Think of your brand as a living organism within the broader market ecosystem. Like it or not, brands are not built in isolation - they´re complex systems that continuously change and develop, constantly influenced by the world around them.

You must start the process of brand building by understanding perfectly all of the industry trends, competitive forces and consumer preferences that provide context for the environment in which your brand will live and grow.

STEP TWO
Know yourself

Have you stopped to consider what makes you tick? Identifying the core values of your business is essential to building a meaningful and powerful brand. As people move from marketing collateral to human interaction, your brand simply must ring true. No good will come of creating a smiley face to paint on and peel off at will. A brand is something
that you are and something that you live. So, you´ve got to start by honestly evaluating your virtues, strengths and, yes, weaknesses.

Maybe we´re just paraphrasing Bill Shakespeare: ". . .this above all: To thine own self be true and it must follow, as the night the day, thou canst not then be false to any man."

STEP THREE
Differentiate

It used to be cool to fit in, right? Not anymore. Identifying and communicating what makes your company better than the competition lies at the very core of creating a brand that people can latch on to (and believe in).

Unless you can succinctly explain what (you believe) makes you better than the competition, you´ll be restricted to selling on price instead of on value. And unless you want to sell a million widgets in order to make a million dollars, selling on price is not a solid business strategy.

STEP FOUR
Define your core essence

Speaking of differentiation, what are you really selling?

If Coke sells refreshment, Disney sells magic and Simmons sells better sleep, what´´s the special je ne sais quoi( formula or ingredients) behind the wares you´re peddling?

Your core essence should successfully drive directly to the heart of the benefit you offer. And since consumers buy benefits before they buy features, it´s essential that you know precisely the value you provide. Once identified, your core essence will be a measure for everything you do and say.

STEP FIVE
Understand the benefits your brand offers

Your product or service delivers both tangible and intangible benefits. Performance benefits define what the good or service does for the consumer, while relationship benefits define how they feel about it. For example, you can buy a luxury German sports car (insert brand of choice here) because you want superior handling and zippy acceleration, but you´re also buying status and a sense of accomplishment.

Are you perfectly clear about the benefits your business provides consumers? Maybe you should talk to a few customers and get their thoughts on the subject.

STEP SIX
Stake a brand position

Let the market know who you are and what role you play. If you don´t stake your claim, consumers will do so for you. Or worse yet, competitors may relegate you to a position that´s advantageous to them.

Be clear about what you want to accomplish and go after it. You´ll find that everyone in your organization will benefit from a well-articulated brand position. Write a brand positioning statement that defines your specific target market, references the industry you´re in, differentiates your company and provides proof points to add credibility to the position you seek to establish.

STEP SEVEN
Create branded experiences

In an area trademarked by ubiquitous advertising, information overload, material excess and hyper-consumption, most consumers aren´t just looking to buy productst - hat would be too boring. Rather, today´s loyal customers are attracted and retained by buying experiences that captivate their emotions and imaginations and provide value for money.

(Exhibit A: Walk into an Abercrombie & Fitch store. What are you buying there?)

Powerful brands provide consumers with engaging experiences and cultures.

STEP EIGHT
Analyze your touch points

Brands are created in consumers´ minds as the sum of all human and symbolic interactions they have with an organization. Analyzing your touch points will help you determine whether or not you´re consistently conveying the same messages and experiences. Mixed signals will leave people feeling disconnected.

And don´t think that a brand´s most important touch points are embodied in marketing communications. Just the opposite, in fact. As with an iceberg, only a small portion of a brand´s heft is embodied in an outward or visible expressions, such as logos, brochures and websites. Its real power lies below the surface, characterized by ones actual experience.

STEP NINE
Articulate your messaging

Concise. Compelling. Consistent.

If these three words don´t describe the way you talk about your business - whether on your website, in person, or through your marketing collateral - your target audience is likely missing what you have to say.

To be concise, don´t use ten words when five will do - you´ll only cause distractions. To be compelling, speak in terms of your audience´s self-interests. To be consistent, repeat your perfectly crafted messages throughout all your communications media.

STEP TEN
Train and protect

Would you ever buy a valuable asset and not protect it?

So it is with your brand. The time and money you´ll spend building a successful brand is a significant investment, one that requires vigilant protection.

Establish buy-in across your entire organization and train every employee on their role in living the brand. As you empower employees to proudly own the brand touch points they´re responsible for, you´ll find much greater success than you would trying to police your staff at every turn. Your brand must become part of your internal culture.