Branding is probably the most overlooked strategy that a small business should be doing.Â Most small businesses are focused on growing sales and entering new markets.Â However, they should also be focused on building a brand.
Build a Cult Brand
You donât have to be the largest company on the block to become a successful company.Â By making your brand a must have, you can be successful even with a small group of followers.
Having a small group of rabid fans can often times be more profitable and beneficial than a large group of mildly interested fans.Â By creating a product and focusing creating the appearance of an absolute need among a select group of people is a lot easier than competing against the big boys.
If people see your product or service as essentially the same as all the others on the market then the main determining factor will ultimately end up being price.Â Price is the last thing a small business needs to be competing on.Â Donât get me wrong; keeping costs down and selling a reasonably priced product is still important, but not as important when you have a customer base that really doesnât care what it costs.
Connect With Your Audience
Your marketing efforts and product development efforts should really focus on connecting with some aspect of your target audiences lives.Â By doing so you will create the impression that they need your product rather than just wanting your product.
This is where it all comes together.Â Focus your efforts as if you were building your customer base one customer at a time.Â By doing this you wonât get caught up in trying to compete with companies larger than yourself.
Marketing For Free?
The beauty of creating a cult brand with a rabid fan base is that they will share with their friends or people they know how much they value your product.Â Word of mouth advertising = free advertising.Â This is also the best advertising you can get.
Imagine how you would base your purchase decision on a product.Â Would you carry more weight on a television commercial or on what your best friend says is the best product out there?Â I think the answer is obvious.
In the end, remember, if you want to create a cult brand, make sure you focus on the customer as if they were the only one you were selling to.