Marketing Your Business That Doesn’t Negatively Impact The Value
We all know we need to do marketing and advertising in some shape or form in order for our potential customers to know who we are and what we do. Your branding strategy should be a part of this as well.
Depending on your industry and the size of your business, it is quite common for the owners to develop their marketing and their branding around themselves – whether it is by design or unintentional. They like to talk about how their own qualifications and who they are as a person makes their business different (and better). They put their name in the business. Their USP or MDP is centered around how they as an individual can make their customers’ lives better.
How to have Valuable Business Marketing
Focusing on the owner (or individuals) in a business as a differentiator in the marketplace will actually decrease the value of the business. When you are approaching your marketing/branding strategy, make sure it focuses on the business as a whole, and not the individual players that make up the business. This can be particularly challenging for professional service based businesses such as accountants, consultants, attorneys and other similar business types. Here are some quick suggestions to help you build a brand that is focused on the business, and not the individual(s).
Naming Your Business
If you plan on expanding your business beyond yourself, you would like to build your business to sell it, you need to keep your personal name away from what you call your business. When you are thinking of a name for your business, or are going to re-brand your business, think of more generalized names that speak more towards what you offer as a company. Generally, keep any first or last names out of the title, and try not to reference a geographical location in the title. All of these can limit your transferability (your business value) of your business and are generally not a good long-term strategy.
Even if you are a soloprenuer, always use the word “we” instead of “I” to build a brand around the company as a whole instead of the individual(s) that make up that company. When businesses are starting out, more often than not that company is built on the reputation, skillset, and network of the owner(s). This is great until a point, which is when your business needs to expand past you as the owner.
A good solid marketing and branding strategy allows the business to build value, regardless of the owner. Once your branding shifts to your company, rather than you, your value will continue to increases because the company brand builds the reputation and not any one individual.
Want to learn more about this topic? Denver Business Coach is partnering with Blue Steele Solutions! We’ll be discussing how to do your marketing and branding in a way that will increase the value of your company, not decrease it. Register at the link below to join us!