Whether you’re starting out in the business industry or you’re a well-known established business owner it’s important that your business is successful, and we all have our own views on what will make a business successful.
We think the most important part of any business building procedure is the brand marketing, understanding what your brand is and how you are marketing it will have a major impact on the success of the business and that in turn will impact the overall value in the future.
Simply put, the definition of “brand” may seem obvious, but this is what many owners misunderstand about their business. You might be asking yourself, doesn’t the brand just refer to my company’s logo, the colours, or the name? or is it defined as the overall identity and perception people have of the company within the market? The contradiction to this is that owners believe that their brand should be the core of their company for its success.
In this article we are going to first break down what is a brand, what is brand marketing and how a business valuation is an integral part in your business success.
What is a Brand?
Branding started out as just placing a label on the product or company to indicate that it belonged to a specific person or company. Many companies are recognised by their trademarked symbols/logos, and this alone can build trust and recognition for the product. Even today branding still stems from the logo and name of a product or company. But it continues to become more dynamic and multifaceted in its purpose.
And if correctly done a strong brand today requires a personality that resonates with potential customers. From social media, billboards to its packaging all this needs to be cohesive into what you are portraying your business to be. It’s an art of representing the identity of the company from who you are, what is offered, and the level of quality offered and received.
What Is Brand Marketing?
You now know what your brand will be identified as, now it’s how you wish to promote your product or service as a whole. Marketing is defined as telling a story by emphasising the brand overall. Brand communication is the goal of your brand marketing strategy to link your identity, values, and personality of your brand to its audience.
Your brand is the bridge that captivates the customer to the product or service you are offering. When it comes to brand marketing, it’s not about having numerous places where you place your logo or business name to generate sales. This process of marketing gets overlooked on numerous occasions; owners are focused on short-term goals rather than building the brand for long term future goals for a successful business structure.
It’s important that you understand the difference between the two, so they can be effectively used together. Building awareness of your brand and the products to generate sales is all related to marketing, compared to how you express or identify your business and what it’s all about is the brand itself.
Marketing is an essential tool for business generation whereas branding will be your approach to reach your target audience. The key building block for any marketing strategy, no matter what industry you are in, whether your business is a start-up or well established, it’s important before you create a marketing plan that you understand who and what your business is as a brand.
By doing this you are identifying your company’s personality, defining the brand so to say, this includes these key features that will embody your brand’s values. These design decisions are the foundation for any marketing strategy success.
- Business associated colours
To be successful you need to ask yourself these three questions as part of your brand marketing strategy
- Who is your target audience?
- What is your primary brand’s goal?
- How would your brand define success?
Why a business valuation is important
As a business owner, there are many situations in which a business valuation will be needed, this includes the selling or buying, preparing for retirement, or transferring a business to another person.
Firstly, a business valuation is an investigation that a senior business valuer will conduct to provide you with a comprehensive report detailing multiple facts and figures that relate to the true value of the company, keeping note the competition within the market, asset values, income values and the overall condition of the business.
When you know the ins and outs of your business you are increasing the potential of success as well as protecting yourself and the business in the future. Knowing the true condition of your business, its financials, benchmark for growth and most importantly the strengths and weaknesses will help to be a step ahead so you are not open to exposure for any external factors that may arise which may affect the future growth of your business.
So, whether you’re selling or buying, or are in a certain situation related to your business, getting a fair and independent valuation is pivotal to establish your position as a business owner within the company financially as well as the current market within the industry. Having a valuation report that is tailored to your business-related purposes is important for any business owner to have, giving them an insight into the business positioning and the future potential of the business to determine what changes and decisions need to be made to increase the value as well as the success of the business in the future.
Your business is one of the biggest assets you will own it’s important that you have a strong foundation to build and develop a successful business, your brand is your identity and how you wish to be perceived through your brand is all down to how you market the branding of your business.
Tyla Wood – LinkedIn profile
Tyla Wood is an expert in valuations services for a range of property types. With over 20 years’ experience completing valuations for across residential, commercial, and industrial properties, Tyla has taken part in multiple large-scale valuations for various government agencies. Tyla often speaks at local career seminars for both TAFE and tertiary courses and enjoys engaging with her peers and clients in regard to her local market knowledge within the Perth metropolitan area.