Small Business Branding – How to Strengthen It with Economic Strategies

Sneha Hull | September 17, 2021 | 173 views

Branding is critical for every business, large or small. It is a widespread misunderstanding that small business branding is unnecessary and that many business owners do not need it. However, branding is critical for small organizations just as much as it is for large ones. Choosing the proper brand for your business can make it or ruin it.

Your brand identity encompasses more than your logo, signs, and other tangible objects used to promote and sell your products or services. Your Brand is a commitment to your consumers explaining what they can anticipate from a small business and what sets you apart from the competition. Branding is about who your business is, its brand identity, voice, and mission, and is therefore separate from the word "marketing."

"One of the most common mistakes companies make is implementing a brand strategy that isn't aligned to the organization's overall business goal."

-Maliha Aqeel, Director of Global Communications at Fix Network World

The biggest challenge is to brand your business with a small budget, minimal resources, and limited staffing that small business owners face.
In addition to a small budget, small businesses also face various other branding challenges such as:
  • Inability to correctly describe your brand's mission and how it differentiates itself from competitors
  • Failure to maintain brand consistency
  • Failure to have a brand personality and voice
  • Creativity issues

Overcoming these challenges to the best of your brand’s ability will determine your customer’s interest in your brand and your business’s success. After all, without your customers, you can’t survive in the industry. However, one might wonder how branding connects with your customers? This blog highlights just that by focusing on few branding tips for small businesses to help you overcome these challenges and establish a long-lasting relationship with your customers.

Before figuring out the different ways to brand your small business you need to understand the significance of branding.

"A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well".

- Jeff Bezos, founder and CEO of Amazon.

Why and How Branding is Important?

Often, small businesses believe themselves to be businesses rather than brands, yet it is essential to brand your business. Small business branding enhances their worth, provides direction and incentive for staff, and simplifies the process of gaining new clients.

According to Reboot study, employing a distinctive color may boost a consumer's awareness of your brand by up to 80%.

Correct branding gives you some control over how people identify your business. Small business branding enables more people to recognize your firm, fosters confidence, enhances advertising and marketing efforts, cultivates loyal consumers, produces additional income, and, most importantly, inspires staff.As per the Fit Small Business survey, 59% of consumers prefer to purchase from familiar brands. Hence it is crucial for your business to invest in certain Brand Development activities.

Crucial Steps Involved in Brand Development

Below are few branding strategies for small businesses to stand out.

Outline the Purpose of Your Brand

Brand purpose is the first step and the most essential for small business branding. A brand's purpose establishes a stronger emotional connection with customers. Brand's purpose help to build a strong brand identity for your small business.
Here are few questions that you need to ask yourself before defining your brand's purpose and be clear about:
  • How is your brand unique?
  • What issues do your services or products address?
  • Why should customers care?
  • Does the purpose of my brand align with the specific brand promises I'm making?
  • Having a brand purpose results in higher sales and loyalty.

Figure out Your Target Customers

Determining your target audience helps you build a strong brand identity and is crucial for small business branding. Determine specific consumer habits and lifestyles to determine your target customers and further narrow your target audience emphasis. By focusing on a specific client segment, you will develop powerful and successful branding strategies and a crystal-clear brand message.

It plays a key role in branding a new company with limited resources. Small company owners may identify their niche by examining demographic data, comparable or competitors' brands' target audience, sales, marketing statistics, and existing consumer surveys.

Competitive Research

Researching your competitors' brands is very necessary and one of the best branding tips for small businesses. Researching your competitors' brands provides you with knowledge on how your competitors' brands are being positioned and the branding tactics they are employing. Additionally, it aids in identifying and establishing your brand's positioning.

Choose 2-4 competitors for the comparison and aim to Benchmark your brand against the competition. Differentiation from the competitors is a primary brand-building objective. Finally, convince a consumer to choose you over another vendor.

Decide Your Brand Voice

The "voice" of your business is the language and personality that you and your staff will use to communicate your branding message and connect with consumers. It is, however, frequently missed. The brand voice covers everything from the words and language you employ to the personality and image evoked by your marketing collateral.

You must select a brand voice that makes sense and connects with your target audience.
Here is the finest illustration from a prominent brand on how the decision-makers enabled their brand voice to increase brand awareness and sales. Pedigree, a well-known pet food brand, ran a campaign called "The Mutual Loyalty Program" that focused on the adoption of homeless dogs from shelters. Here is a page from their success story.

The brand used this social awareness campaign to target its music streaming users using an array of innovative and interactive audio advertising strategies. By drawing attention to a prominent social issue- the plight of the homeless dogs, the pet food brand was able to demonstrate its support to shelter dogs. Through their ad campaign, Pedigree assisted the owners willing to adopt stray dogs by providing a welcome home care kit as a gift. The advertisement concluded with a query about the listener’s interest in the campaign. If the listener expressed interest in learning more about the gift’s contents, they shared extensive information and routed those customers to the landing page. At the same time, others who picked a different response were briefed on learning more about assisting shelter dogs.

Thus, this campaign proved to be successful by increasing the product’s sales, helping in brand identification, and assisting in creating a social-inclusive brand image.

“The campaign tone and style reinforced the brand's long-running commitment to the importance of pet adoption using an approachable-but-energetic voice,” 

-Stas Tushinskiy, CEO, Instreamatic (the interactive audio advertising platform used by Pedigree).

Conclusion

Small business branding plays a vital role in today's digital market world. However, for the future success of the small business, it is a need of an hour to build a strong brand identity and stand out among others. This blog provides the details of branding tips for small businesses; read and effectively implement them to brand your business.

Frequently Asked Questions:

How important is branding for small businesses?

Branding for small businesses is important because it creates trust, differentiates you from the competition, supports your marketing efforts, generates new revenue, gives recognition, adds value to your company, and builds emotional ties.

How can a small business create a strong brand identity?

There are various techniques small business owners can utilize to create a strong brand identity.
  • Outline the purpose of your brand
  • Figure out your target customers
  • Competitive research
  • Decide your brand voice
  • Choose an impactful slogan

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How to Choose the Right Small Business Accounting Software?

Article | February 15, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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Article | November 25, 2021

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Article | February 11, 2020

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Savana, Inc. | December 14, 2022

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Multiple SBA & Valley Small Business Lending Awards for Oak Valley Community Bank

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On 09 January 2023, Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp, was recognized as the "Most Active SBA 504 Lending Partner" by Success Capital - Certified Development Corporation and the "Most Loan Guarantees Funded & Largest Total Dollar Aggregate Funded" by Valley Small Business Development Corporation during the most recent Success Capital and Valley Small Business fiscal years. Oak Valley’s team offered $13 million in SBA 504 loans through Success Capital, and it aided the funding of $27 million in total projects, resulting in the creation or retention of approximately 100 small business jobs. Oak Valley Community Bank winning the "Most Active SBA 504 Lending Partner" award marks its 7th consecutive win. In addition, senior vice president and commercial banking officer Jeff Hushaw received the accolade of "Most Active 504 Lender" in 2022, both of which cover lending activity in San Joaquin, Merced, Stanislaus, Tuolumne, Mariposa, and Calaveras Counties. It is the first time the bank has received the Valley Small Business accolade. The Oak Valley team funded over $3.5 million in Valley Small Business guaranteed loans for the year. The SBA 504 and Valley Small Business lending programs offer loans to develop small businesses. Success Capital offers low down payment and fixed-rate financing via the SBA 504 Loan Program for business owners to purchase or construct facilities for their businesses. Similarly, Valley Small Business facilitates direct lending and guarantees loans to small businesses or family farms to ensure increased access to capital. About Oak Valley Community Bank Headquartered in Oakdale, Oak Valley Community Bank specializes in commercial lending, commercial banking, SBA lending, business banking, small business lending, agricultural lending, treasury management, commercial real estate financing, CRE lending, and Ag Lending, offering its plethora of products to individuals and small businesses. With 30 years of history, it has transformed from a single-branch operation in Oakdale to 18 locations and nearly $2.0 billion in assets.

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Primis Bank Launches on Savana's Digital Delivery Platform

Savana, Inc. | December 14, 2022

Savana, an industry leader in financial software for banks and fintechs, today announced that Primis Bank has successfully launched its new all-digital consumer offering leveraging the Savana platform to unify and orchestrate its technology ecosystem and automate processes between its Finxact core and customer channels. Led by President & CEO, Dennis Zember, Primis' initial rollout is focused on deposit products for retail customers, with small-business checking and savings expected to become available in Q1 2023. To be a different kind of bank, we have to bring a different kind of offering to customers, including a modern, frictionless digital experience," Dennis Zember, President & CEO, Primis Bank. "Savana's processes, paired with our beyond-competitive products, create a streamlined and attractive experience that brings our vision to life. With the Savana platform, Primis was able to get to market quickly with a single, end-to-end solution for real-time orchestration of all processes and transaction requests across the enterprise. "We are honored to be the digital delivery platform powering Primis' new digital products and services,Primis customers are sure to benefit from the fast, consistent digital experiences Dennis and his team centered the bank's development around." Mike Wolfel, CEO, Savana. ABOUT SAVANA Savana unlocks next-generation, customer-centric banking operations through the industry's first and only Digital Delivery Platform. Leveraging unmatched banking expertise combined with API-first technology, Savana removes the complexities that arise during digital transformation or in creating and launching a new bank. Redefining customer-first operations, Savana is powering the future of banking. For more information about Savana, visit www.savanainc.com. ABOUT PRIMIS Managing more than $3.4 billion in assets, Primis is the first bank to get it right. Primis brings the backing of a FDIC institution with the brains of a tech company—offering both security and ease; a solid foundation that's future proof; and sophisticated offerings that are super simple to navigate. Primis breaks through all the fine print, wait times and red tape—bringing to market services that actually serve and solutions that solve real problems. Some say Primis is doing things different; Primis says we're doing things right.

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