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Are you focusing on business growth, or are you growing a brand?
Should you even care about these concepts? Or do you believe that they are one and the same?
Both are important, but you need to understand the differences so that you can get your priorities straight.
Growing your business and growing your brand are both important for success, but these concepts are vastly different. The former focuses on improving the day-to-day operations of your business. The latter refers to establishing a name and reputation for the business.
Let’s consider some differences between these two concepts.
The aim of any business is to generate an income or achieve some kind of profitable goal. In contrast, building a brand centers around creating a community.
A community, sometimes called the business audience, supports the efforts in your business. They allow your business to exist and create loyal supporters who may become customers that purchase products or make use of services.
For example, Coca-Cola grows its business by adding more products like carbonated beverages, water, or energy drinks to their range. Their brand, however, is known for spreading happiness among friends.
There is a mutual relationship between growing a business and growing a brand despite the difference between them. Generally, you have to expand your product or service offerings to facilitate business growth, while brand growth requires focusing on one main idea that your brand embodies.
A business brand is always much larger than any product or service offered by the company. Public sentiment and perception are the focus for branding which allows a company to create a community with shared beliefs.
Successful marketing has a lot to do with branding since the business has to promote itself to create a community in the first place. A business can change its products and services, and the public won’t take much notice, but they will definitely respond to how your brand treats them.
A brand will also inform how the business operates and what it does. Your community might let you know about a specific problem they have which allows you to create a product or service that solves this issue.
Your brand cannot be taken away from you—even if your business was to fail. Nobody really realizes when businesses change hands or go through a period of stagnation.
The values and goals of your business are expressed through brand identity which is built over time. If your brand doesn’t attract an audience as it should, then you can always shift the focus or change its direction.
A brand is a powerful tool to have in your arsenal. Your business might suffer income setbacks or struggle to survive, but you can rely on your brand to carry you through regardless of these circumstances.
Another difference between business and brand is how growth is measured. When a business measures its growth, it considers factors like revenue, operating income, and expenses. It focuses more on numbers and the value of the company over the course of a year.
To measure the growth of a brand, it’s much better to concentrate on measures like reach, engagement, and recognition. This is a bit more challenging to measure but still important if you want to understand your community.
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Before you even open your doors or start thinking about your brand, you have to sort out your business plan. Building a business is the first step to success.
As you come up with a business idea, you start fleshing out the details. You need to create a name, target market, and idea about how it will operate on a daily basis.
Growing a business isn’t child’s play—you have to think about everything including the brand and what you want to be known for.
Start by creating a proper business plan. Cover all the sections like financing, marketing, and operations. Don’t skip a single section because it will cost you later on.
While you’re at it, figure out your corporate vision and goals. You can’t go anywhere without knowing this information, so spend sufficient time to form these ideas properly. It will guide all your actions in the future and provide you with the direction you need when it comes to business decisions.
Let’s think about growing your business a bit more.
When you first came up with your entrepreneurial idea, you had some basic concepts nailed already. Initially, you should understand what products you are selling or which services you will be offering.
Now, think about all of this a bit more:
If you want to grow your business, then you have to think about expansion at some point. You can start this process during your initial planning or consider it during your annual business plan review.
Expansion is possible in many ways. You could add new products or services to what you currently offer, create new variants, or customize offers. Another option is to open another location or branch out into a new target market.
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Step two focuses on brand growth. This is where you do a deep dive into what your brand stands for, how it interacts with its audience, and then determines how the community will be built.
Customers are the people who will shop at your business, but you need to appeal to the wider public and build an audience among them. Every single person in the world could potentially become a customer, so building a brand is important.
Creating the idea that a person already belongs to your audience and fits in with the brand fosters feelings of goodwill. It makes the business more appealing.
Start the process by embodying your brand. Give it values, a spirit, and characteristics. Match these ideas to your target market and capture the voice of the brand so that your audience will listen.
You cannot build a brand overnight—it requires patience and perseverance. Every day, you need to work on your brand, make it known to the public, and communicate with them to let them know what the brand is all about.
A strong brand will grow incrementally, but this growth cannot be taken away from you. Year by year, you will see the audience increase in number if you are doing the right things to promote the brand and business.
Tracking brand growth can be useful to help you determine the success of your efforts. Figure out how many people you are reaching, log their interactions with the brand, and get them to engage with you in all areas of your business.
A large contributor to growing a brand is marketing. Nobody knows about your business or brand automatically—you have to tell them about it.
Think carefully about your marketing strategy, ensure that you will reach your target market, and identify measurements for success. Put all of these concepts into a marketing plan and create steps to put the plan into action.
Spend time daily on marketing your brand. Do this by letting people know about the brand’s values and story, communicate on social media, and respond to any contact from the public.
Your brand is almost like a person in its own right. It has to remain consistent for the public to view it as reliable and trustworthy. This comes through in your brand messaging and communication strategies.
Ensure that every interaction with a customer aligns with the brand’s voice so that they have a consistent experience. Create similar imagery and messages for your social media accounts, in-store, on your website, and anywhere else where you communicate with customers.
The world is at your feet, and your brand can make it into the big league! All it needs is you. Yes, if you decide to take control of your current reality, then you will change your future and open yourself up to a business breakthrough and ultimate brand growth.
Reserve your spot at the Business Breakthrough Challenge and become privy to all the business secrets you didn’t even know you need. It will change your life, make your brand stronger, and result in exponential growth.
