You have an excellent business concept and the strategy necessary to really see success, but success heavily relies on one primary thing: new business branding. If your business or company brand is not strong enough, what you offer to consumers can get lost in the mix among millions of other companies just like your own.
Making it to the top is all about knowing how to recognize your brand is not taking root in the minds of consumers as it should. Here are a few signs that your new business branding strategy is struggling and what you need to know to turn things around.
1. Even though the market for your product or service is growing, your sales are not.
This one is a big one, but still, it is often overlooking by new business owners. If you are in a business niche that is growing in popularity and the market for your product or service is steadily becoming more and more valuable, you should see similar results with your own sales. If this is not happening, there is a good chance it is because your brand is failing to be recognized among consumers, so they are simply going to someone else for what they need.
This could be caused by a lot of things, but most often, it is something to do with poor branding. A few examples of how your business brand can interfere with sales growth in spite of a growing market include:
- your brand is not recognizable as associated with a particular market
- the brand or image your business portrays is out of step with competitors
- the business brand you are using is simply not as effective as others
- your business brand is not unique enough
2. Your marketing campaigns return little improvement in sales or new recognition from consumers.
If you are like most business owners, you will spend a lot of time and money on marketing campaigns and efforts. If you are doing the same and seeing little ROI afterward, it is possible that your business brand is the problem. If there is a lack of connection between the target consumers and your marketing campaigns, there can also be a disconnect between your business brand and target consumers. If you suspect this could be the problem, it is not a bad idea to pull in a professional branding consultant to help you assess, readdress, and adjust your business branding concepts to see a better connection with consumers.
3. Your target consumer audience has no idea that your brand even exists.
If the people your business is geared towards are not connecting your business brand with the market, you definitely have some problems that will have to be addressed. Branding your business in the beginning involves three important steps:
- Define your audience.
- Define your product.
- Define your brand.
The first step of defining your audience is first because a business brand should actually be developed around this concept. For example, if your consumer audience is expected to be children, the last thing you will do is create a brand image that is not geared toward them. If your brand is not connecting with the intended audience, it may be time to go back to the strategizing phase of business development and revamp old ideas with better ones that are geared toward the consumers that matter. Remember, even the smallest business concepts, like your domain name and logo, will affect your overall brand.
All in all, new business branding can only effectively be achieved with the right level of attention to the brand development process. If you need help because you suspect your new business brand is failing, reach out to us at Brandgy for guidance and advice.