Business Branding for Solopreneurs: Part 1 What is Branding?

If I asked you, what is the most important aspect of building a successful business? You may answer leadership, marketing, key resources, value proposition or identifying your target market. While I can’t disagree with these, one of the most import cornerstones of any highly successful business is branding. However, this is often one of the last things solopreneurs ever take the time to think carefully about, their branding strategy.
There are many reasons why large multi-national corporations have teams of people dedicated to managing their branding. They know exactly the types of strategies and tactics to build global brands. Do you recognize any of these brands?

 
Fortunately, branding isn’t just for the big boys anymore. Solopreneurs can brand their business effectively as well once they know how. In part one of this blog series, let’s discuss exactly what branding is and how it can help your business.

What is branding?

We can think of branding as a sort of shorthand that enables consumers to make quick decisions about who to buy from, in order for that to be you:

1. They have to hear about you, in other words, know that you exist.
2. They have to understand what you do.
3. They have to understand your unique selling point (USP) or your particular value proposition.

If they try your product or services, they will then form an impression of the quality of your product and decide whether it fits in with their lifestyle, tastes, preferences, and budget. A good brand will achieve what we can refer to as instant recognition, good or bad, with your target consumer.
The perception of the brand will not just be influenced by cost, but other factors as well. For example, a lot of consumers are turning to a healthy lifestyle.
Let’s look at Kate S. to illustrate how branding affects her choice of a health and fitness coach. Factors that weigh heavy on Kate’s decision are availability and cost. She does a google search to find out what her options are.

1. Bob Harper, The CrossFit athlete and favorite Biggest Losertrainer.  Cost: $$$$

2. Kayla Itsines, The Fitness Queen of Instagram Cost: $$$ 

3. John Doe, local personal fitness trainer: $$

Based on her needs, which trainer do you think would best fit her? Which would the average consumer pick?  Kate ruled out Bob Harper as out of her range in both availability and cost. Kayla Itsines, while certainly accessible on some level via Instagram and her online app did not fit Kate’s need for in-person training.  The local trainer, checked all the boxes regarding personal sessions (availability) and is priced within Kate’s budget. So he was the obvious choice for her.
Even though the local trainer is one of the new kids on the block, he had to go head to head with well-known coaches. But he achieved market share because of what his brand represented, a budget friendly, local trainer.
The vast majority of people pick one of the brands they’ve heard of. They assume that because the company has a strong brand, the product is better and they have a higher chance of having a good customer experience. If they have tried it in the past, they will know which product they prefer. They will tend to buy it no matter what the price is. However, they can also be swayed into trying something new if the price is right and if it fits their needs, such as the local fitness coach.
But first, people have to know that these brands exist. Solopreneurs need to build brand awareness, in other words, make their target customer aware of their business. Studies have shown that it takes 17 exposures to a brand before the brand even starts to register on a consumer’s ‘radar’, and even then if they aren’t interested in that niche, they still will not try the product. For example, I’m sure you may be able to think of a couple of names of golf ball manufacturers, but if you don’t play golf, you’re never going to buy them.
However, I have a brother who is a golfer. When gift-giving time rolls around, I have looked in his bag to see what brand he buys.  You can also ask a friend for advice, or go to the local sporting goods store and ask the salesperson what sells best. Chances are that salesperson is going to recommend one of the name brands. In fact, the store is going to stock several name brands.
Branding is crucial whether you’re a small one-man operation or a large international web company. Your brand can make or break you in terms of market share and presence.
Fortunately, thanks to the Internet, it is easier than ever to brand yourself so that people will instantly recognize who you are and what you do. Your brand reputation will take the time to grow. However, there are a number of ways to build your brand effectively to gain market share and boost sales.
In my next blog, we will get into more detail on why branding is important for the solopreneur.
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A Solopreneur’s Guide to Business Branding Checklist
Branding is all about creating instant recognition in the minds of your target audience. There are a number of steps to building and growing a successful brand. As a solo entrepreneur, there will be a lot to do. Download this checklist so you don’t leave out anything.
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