Thank you to CO–U.S. Chamber of Commerce for providing the content on 5 Steps to Building a Successful Small Business Brand Strategy.
Establishing a brand strategy helps small businesses reach their goals.
Building a successful brand strategy takes time, consideration, and deep knowledge of the marketplace. However, first-time entrepreneurs may have difficulty getting started. Here are five vital steps for building a successful brand strategy.
Explore your target customers’ preferences
A brand strategy is all about crafting an identity and message that makes your business recognizable to your customers and establishes a relationship between them and your products and services. Nearly 60% of consumers have a preference for buying from either smaller or larger brands. To identify what audience you’ll be targeting, understand the four types of consumer brand preference groups:
- Agnostic brand buyers: Consumers who don’t think deeply about what brand they are buying.
- Unintentional small-brand buyers: Consumers who have some preference for buying smaller brands, but only when it’s convenient and accessible to them.
- Exclusive small-brand buyers: Consumers who prefer to only buy smaller brands.
- Exclusive large-brand buyers: Consumers who prefer buying well-known larger brands when possible.
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CO–by the U.S. Chamber of Commerce.
