When we dreamed of becoming entrepreneurs, we all had an idea of what our lives would look like. Whether it was financial freedom, flexibility, or not having to answer to anyone but ourselves, we all had our own motivations for starting a business.
I can only speak from my own experience, but my entrepreneurial dreams include all of the above. And I know I’m not going to get there without a solid foundation.
You aren’t going to get anywhere without a brand. You need to make a name for yourself and you do that by creating a bomb ass brand.
Now what the heck is the difference in a business and a brand? Allow me to explain.
Your business is the service you’re providing or the product you’re selling. Your brand is your image and identity.
You might be asking, “why are your image and identity so important?” And I would love to tell you.
Your brand is so much more than just your logo. Your brand sets the foundation for how your audience will perceive you. Your brand creates a lasting impact. It reflects your values. It holds your story, your vision, and your purpose. Your brand focuses on the relationships with your clients and their experiences. When you have a solid brand, there are more opportunities for growth.
Find something that you want to be known for and stick with it. For me, I want to be known as a thought leader in the digital marketing space. I plan to do this by creating endless amounts of value for my readers. I want to be their go-to resource for all things digital and social media marketing.
What do you want to be known for?
If this still isn’t clicking, allow me to break it down in a different way.
Look at Chick-Fil-A. They’ve mastered customer service. Meanwhile, they’re a fast food restaurant. This has also become their competitive advantage. Something that no one else in their industry has spent time on - properly training their employees to just have manners. This is incredibly simple, but yet no one else thought of it. Mind-blowing!
So how can you utilize social media while building a brand? Another great question. Here are a few tips:
-Consistency is key.
-Provide endless amounts of value for your readers.
-Let your personality and values shine through.
-Don’t be afraid to put yourself out there!
What happens when you build a brand instead of just a business?
You gain brand equity. This means that there’s a perception around your brand. Consumers know what to expect and there shouldn’t be any surprises.
With brand equity, comes premium prices. When there is a perceived value surrounding your brand, people are more comfortable paying more and it feels less risky. A real life example of this is generic vs a name brand item. For this example, let’s say Diet Coke vs diet cola. Would you rather pay $2 for a Diet Coke that you know you’ll love or $1 for diet cola that you’ve never had and know nothing about, so it could taste terrible. Even though it’s only $1, it’s still a risk. But yet, the $2 you’re spending doesn’t feel risky because Coke has such solid brand that you know exactly what you’re getting every time.
As I mentioned earlier, there are more opportunities for growth. You aren’t tied down to any one specific product or service. When you focus on growing your brand, you open yourself up to more revenue streams.
For example, in my own business, I started by offering social media marketing services. I grew to offering advertising services. Now I’m educating other entrepreneurs about digital marketing/advertising and creating marketing plans for them - on top of working with freelancer platforms to promote their services.
Work on growing your brand - not your business - and you will flourish!
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