By Mason Frederick
credit:mymagneticblog.com
Running and managing your own business can be very exciting and fulfilling. However, there is bound to be fierce competition that could even threaten the existence of your business. In order for you to stay ahead and achieve success, you must have a strategy in place.
Building Your Business Brand
Customers prefer to buy from brands they know, like and trust. For example, when you hear the word ‘toothpaste’, there are certain brands that come to mind that you would rather purchase. Successful brands are known for specific things. Just as you identify Etisalat with affordable and innovative products, HP with quality printers and computers for businesses, and ConnectNigeria with relevant information, your customers will identify your brand with certain values.
In building your brand, you need to decide what values you want your customers to identify you with.
These questions will help you define your brand.
Why are you in business? What is your mission?
What are your products? What do you specialize in?
Who are your products for? Define your target market.
What do you want your target market to think when they hear your business name?
What are the advantages you want your customers to associate your business with?
What is strategy?
A strategy is about communicating your brand and your values to your customers, through different activities and processes.
Michael Porter in his article, ‘What is Strategy?’ defines Strategy as; ”the creation of a unique and valuable position, involving a different set of activities.”
A strategy is about enforcing your brand, through your business activities and processes. For example, Connectnigeria provides information about businesses, cars and properties for sale, events, and even articles; all to enforce its strategy of offering relevant information.
”It means performing activities different from that of rivals, or performing similar activities in different ways” and integrating all your activities so they reinforce each other.
So, with all your activities, all your products and services, and with every contact your business makes with your customers, you must consistently enforce your brand. That is strategy.
It is your strategy that will set you apart from your competitors, and will preserve your competitive advantage.
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