Today: January 29, 2023 4:24 pm

Top 7 Brand Strategies that work for SMEs

Part 1 Leveraging your Brand’s Identity

Building a Brand Identity

A ‘brand’ is perhaps the most valuable asset of a product-service enterprise. If this is true, developing a stronger brand is an important task. There’s no need to rush the process of developing your SME.

If you’re starting a small-scale business anytime soon, then this is a timely piece to lay your hands upon. Also, if you wish to grow your existing business and make more marks as an enterprise, you have to set SMART goals to start with.

A brand strategy is the sum of all managerial contributions input from creating a brand identity, through representing it before the audience to selling its services & products, accompanied by reviewing method.

The itty-bitty features of naming your product, creating & placing adverts, staffing, etc., contribute to the overall salesmanship of your business.

The basic goal of any brand in whatsoever niche is to sell. Whether you are a product-based or service-oriented company, you need strategies to employ in:

1.       Branding

2.       Recruiting/Hiring

3.       Production

4.       Marketing

Brand Strategies

1.   Review your overall business identity

A strong and differentiated brand will make it much easier for SMEs to grow. But what kind of brand do you want? Are you planning to grow organically? Your overall business identity is the context of your brand strategy, so it should start here. Being clear with what you want your brand to serve will help your brand get there. The first step in strategizing is to correctly align your brand identity with your business goals.

You’ll be messing around with three things if your brand strategies don’t align with your brand identity:

·         Target audience and Marketing

·         Conversion and Retention

·         Market share/entry/advantage

2.       Know your identity Clients/Customers

Who are your target clients? If you say “everybody” you are making a very big mistake.

Your product/service market research must show you that high-growth, high-profit competitor brands are focused on having clearly-defined target clients. The narrower the focus, the faster the growth of the SME. The more diverse the target audience, the more diluted your marketing efforts will be. So how do you know if you have chosen the right target client or customer base? That’s where the next step comes in.

Continued in the next part (Part 2)

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