How to Grow Your Business – Top Tip # 10 – Have a Brand strategy

Posted by Bennie Groenewald on 23 May 2018.

Bennie Groenewald

LLM Tax Law, B.Proc, HDip Tax

The Tax Shop Head Office

More about Bennie Groenewald

After having qualified and practiced as a Commercial lawyer Bennie worked in the Banking and Financial services industry for 25 years across multiple market segments in South Africa, Sub-Saharan Africa and the UK, the last 14 years of which in senior and executive leadership positions. During this time, he dealt extensively with cross-border banking and finance including project finance, asset finance, debt capital markets and derivatives, including the legal aspects thereof. In recent years, Bennie has played an active leading role in investment, credit and risk management as well as sound corporate governance.

The brand of your business is not just a visual representation of your products or services; it is the essence of your business. It represents your core business, which, aside from your products and services, includes your reputation and essentially, the overall experience you have promised your customers.

In life, people associate with brands, some are passionate about certain brands and others may even be fanatical about a brand. Think Ferrari, a lot of people may never drive one but know what it is and what it stands for.

A brand must capture the space in a customer’s mind that defines their overall perception of what you are offering and, as we covered in Tip No. 8, it’s important to be mindful that a customer’s perception, experience and association with a brand, is driven by emotion.

Why have a brand strategy?  Here are some points to consider why:​

  1. Differentiate yourself from your competitors with your unique product and service offering – make sure you stand out.
  2. Clearly define your business’ purpose and communicate what you can do for customers – don’t be shy.
  3. Simplify customers’ choices by stealing the limelight with the qualities and benefits that goes hand-in-hand with your brand.
  4. Ensure to establish a clear identity and unique top-of-mind position by creating awareness in your business target market.
  5. Minimise price competition, remember that out-pricing the competitor does not always work. It is a misnomer that price is the only way to grow the business.

When defining your brand strategy, answer the following questions:

  • What elements of your brand (remember it’s the comprehensive essence of your business) inspire customers to buy from you.
  • What are you currently doing to reinforce the above elements with your customers?
  • What new activities/actions will you initiate to communicate these elements?

Remember a brand is the set of expectations, experiences, memories and relationships that, taken together, account for a consumer’s decision to choose one product or service provider over another.