Tags: building | brand | awareness | small | businesses

How Small Businesses Fare in Building Brand Awareness

calculator with small business in display window
(Dollar Photo Club)

By    |   Monday, 25 February 2019 07:15 AM

Building a brand is usually an uphill task because it somewhat requires a lot of time, effort, human and material resources. Also, building brand awareness is a personal effort and the strategies for building it don’t produces expected results immediately because it’s slow and long-term.

In fact, 66% of SMB owners are personally responsible for three or more of the following areas of their business: operations, finance, sales, marketing, human resources, customer service, product development, or IT. Hence business owners who aren’t patient to go through the rigors of building a brand either remain on a certain level of business success or get out of business.

Let’s look at the top concerns of small business owners; Studies show that driving sales (51.3%) and building brand awareness (48.4%) are the two top digital marketing priorities for small businesses. Also, 66% of small business owners say that finding new customers is a top concern, yet 32% of small businesses invest in social media only, 25% are investing in online marketing and 17% are investing in SEO. It’s somewhat not surprising to know that two-thirds of all businesses survive at least two years, half of all businesses survive at least five years, and one-third of all businesses will survive at least 10 years.

One can simply deduce from the stats above that most small business owners are too conscious of profit maximization, which is rational. But in doing this, most of them have not consciously and adequately prioritized building a strong brand that will outlive them. Established brands, as we know, are sort after by old and new customers but they didn’t get to such level by accident; they worked very hard to the top of their respective industries.

In a business environment susceptible to intense competition and unbelievable number of startups every day, one has to do the needful in order to be build a strong brand and competitive by;

  • Engaging in excessive online ads no matter how much its cost. As of June 2018, studies show that the most valuable startup worldwide was the ride-sharing app Uber, which was valued at 68 billion U.S. dollars. This is a company that prioritizes advertisement despite its amazing business model and other factors that have propelled its growth.

Halong Bay Cruises understands the efficacy of price slash as a way of attracting potential customers. Truth is, the more people see your publicities and mind blowing offers, they have little or no choice than to respond. Note; ads cost will hardly put you out of business, it only enhance the capacity of your business to increase sales and maximize profit.

  • Utilizing cost-effective digital marketing strategy like SEO, podcast, content, video and email marketing to build brand awareness. Engaging content attracts page-views, traffic, website’s search visibility and expand brand presence.
  • Organizing events that are geared towards showcasing your products and services, rewarding loyal customers and attracting new ones. Lean Startup’s Networking Event, Spotify’s Diversify, SpaceX’s Yearly Holiday Party and NetBet Compettion are good examples.
  • Creating amazing online customer experience by optimizing your website and having non-stop interactions with your customers. Ensure that your customers can find the products, services, or information they seek, and be quick to receive resolve complaints.

Most branding campaigns take a lot of resources from small business owners and have little or effect on attracting customers and increasing sales in their early stages. But it’ll grow over a period time and have intended impact if only you think long-term.

Building a brand requires constant implementation of marketing strategies in order to keep the attention of your old and prospective customers in the direction of your business. Hence implement you small business’ marketing plans and strategies piecemeal by piecemeal because the results are not immediate but it’s worth the wait.

Richard Agu is a researcher, entrepreneur and freelancer, passionate about entrepreneurship and self-development. Currently, Richard writes for Entrepreneur.com, Goodmenproject.com, among others. Follow him on Linkedin.com by clicking here now.

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RichardAgu
Building a brand requires constant implementation of marketing strategies in order to keep the attention of your old and prospective customers in the direction of your business.
building, brand, awareness, small, businesses
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2019-15-25
Monday, 25 February 2019 07:15 AM
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