Building a great brand is the first thing any business owner should do, it has been claimed.
Julie Cottineau, who is the founder of brand consultancy BrandTwist, has stated that branding is a job that should be completed long before any product is sold or any marketing material is sent out.
In a blog for econsultancy.com, she explained that business owners who fail to follow this rule will end up losing money in the long run.
She said: “When you take the time to think about your brand – who you are targeting, what you are offering that’s unique, why targets should choose and stay loyal to your product and how your promise comes to life at every touch point – then you are essentially defining your market and the potential of your product.”
Of course, the creation of a fantastic brand isn’t something which can happen overnight. In fact, the challenge of building a successful brand is what leads some business owners to research franchise opportunities for sale. Those who do this can purchase a brand and a business model which is already proven to be successful.
Weighing in on the debate, Torque Consulting Group managing partner Mark Healy suggested that many successful businesses may feel the need to rebrand during the holiday season.
He told theglobeandmail.com that a change in a company’s target demographic or the rise of a competitor are both solid reasons to rebrand a business.