It’s great your are out there carrying on a business or aspiring to start one. However, it is important to note that there are a number of people out there doing the same thing you are doing. Here comes the need to distinguish your products/services which leads to today’s topic….. Branding Your Business.
A brand is a name, symbol, logo, or other item used to distinguish a product or service, or its provider.
Branding your business is all about distinguishing your products/services from others in the market. It’s about creating a competitive strategy for your business.
So, how can your brand your business. There are basically two main generic strategies to remain competitive in business. There are
- Cost Strategy: This implies offering your products or services at lower costs than others. This means obtaining better economies of scale (which includes favourable access of supply, raw materials , labour etc.) which will lead to lower cost of production and lower prices.
- Differentiation Strategy: This entails making your products/services unique in comparison to others. Businesses that pursue this strategy worry less about costs and seek innovative ways to improve characteristics of the products or services.
Whatever strategy you are pursuing, ensure it suits your business and you successfully distinguish your business.
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Originally posted on May 28th 2018 on www.thefinancialliterate.wordpress.com (A previous version of The Financial Literate)