A small business can grow and become a large brand. It is important to define the brand when building a business.
Brands Have Value
Coca-Cola is a name known around the world. The company has a familiar logo and distinctive packaging, featuring instantly recognizable cans and bottles. Experts have assessed the value of this type of product recognition, and they believe that Coca-Cola is a brand worth $78 billion. That is the intangible value that the brand name adds to the value of the company. There are at least three dozen different brands worth at least $10 billion each, including retailers like Ikea, consumer products like Pampers diapers, and service providers like American Express.
These brands started as products offered by companies. While marketing products and services is often the goal of a new business, in order for a brand to be worth billions of dollars one day, the brand must be marketed as well.
Create a Brand Management Plan
Ikea, for example, is much more than a furniture retailer. Its stores stock everything needed for a new home or an apartment. Ikea furniture will almost always require some assembly, and the assembly instructions are always provided in the same format. Items are packaged in a way that makes assembly as easy as possible, and the entire process of shopping, unpacking, and assembly is a unique experience for the consumer.
Brands usually provide an experience, and marketing an experience could be the goal for a new business. When you allow the consumer to identify specific feelings for a product or service, you are building the value of your brand. A well-recognized brand name or logo can increase sales and also contribute to a higher value for your small business when it is time to sell the business in order to retire, or to diversify your finances.