Branding in Canada
Your brand is who you are as a business. Creating a strong brand is about creating a strong identity, and make the perceptions about your business consistent and positive. Branding is not a push to sell your products but a pull to customers to communicate the values, characteristics, and attributes of who you are as a business. And unlike marketing which works on a case by case basis, a strong brand is what gains loyal customers. Whether you’re selling a product, service, or a charitable mission statement- business branding is as vital to your success as having a vision or financial coherence.
Recent research by the American Express Small Business Monitor highlights the growing focus on branding for Canadian small businesses. As a small business owner, you’re likely already aware of the importance of building your brand. Ninety-percent of the 529 Canadian small-business owners surveyed in the research reported viewing a “unique brand that differentiates them from the competition” as more crucial than ever before. Eighty-four percent surveyed consider branding critical for overall business success and over half surveyed claim that branding is a necessary factor to gaining new customers. Toronto businesses know the power of a strong brand.
Big Branding Payoffs
This shouldn’t surprise anyone. Brands are incredibly valuable and they outlive products. Many companies list their brand on their balance sheet. In 2010, when Kraft bought Cadbury for US$18.9billion, they weren’t spending that kind of money to own new factories or recipes, they were buying a brand. Athena Varmazis, the Vice President and General Manager of American Express Canada explains that good branding can be “the difference between a business that blends in with the crowd or stands out from the competition.” Although the importance of branding is recognized by Canadian small business owners, only slightly over half are currently using an online presence to build their brand. More