Developing and managing brand potential requires a new perspective. It’s important for brand owners to take the time to gain fresh perspective and unlock the true value of their brand name, before introducing it into markets that are ready to accept it. This can be done by following a three-step process.
1. Invest in Your Brand
Branding doesn’t just help your company stand out from the competition; it can also increase your profits over time by increasing customer loyalty and enabling you to charge higher prices. It’s important to invest in branding from the start, especially when establishing an LLC.
The first step in creating a successful LLC is choosing the right name. Ideally, the name you select should tell customers what kind of products or services you offer and catch their attention. It should also be memorable enough that they’ll recall it when they need your products or services again.
You should also choose a name that’s available as a web domain (if you want to establish a website) and isn’t being used by another business entity. You can check availability by visiting your state’s filing agency website or using a domain name availability checker. You can also trademark your LLC name or register it with your state’s business regulatory body to protect your brand.
2. Invest in Marketing
Investing in marketing is a key element to brand growth. As a general rule of thumb, your budget should be at least 5% of your overall revenue. This amount may be adequate if you just want to stay afloat, but if you are looking for more significant growth, this number should increase. Like a 401(k) account, you need to regularly rebalance your marketing investments so that they continue to drive business growth. The right digital marketing firm can provide you with the ongoing support and guidance necessary to get the most out of your investment funds.
When choosing a name for your LLC, be forward-looking. Choose words that evoke your product or service, but don’t be too specific. This will allow you to expand your offerings down the road without causing confusion or pigeonholing.
3. Invest in Your Team
As a business owner, you have a responsibility to invest in your team. This investment can have real financial returns, including higher productivity, morale, and retention rates. It can also save you money in the long run, as employee turnover costs can be expensive.
Investing in your team can be as simple as providing the tools and resources necessary for them to do their job well. This can include things like a clear job description, training opportunities, and feedback opportunities. It can also be as complex as creating a culture where employees feel valued, engaged, and supported.
The key is to make sure that your investments are aligned with the overall goal of the company. This can be done by choosing a name that evokes the work you do, but doesn’t limit your growth potential. This includes not using words that imply a governmental entity, such as “City” or “Township,” or words that indicate the work you do, such as “Lawyer” or “Medical.” It’s also important to consider your web presence and ensure that the domain you want is available.
4. Invest in Your Business
If you’re ready to scale your brand, it’s important to remember that the money you spend on marketing and other growth-related activities must come from somewhere. And that means you’ll need to invest in your business first.
Depending on your needs and the size of your business, that could mean investing in video equipment, hiring new talent or expanding into new product lines. But before you start spending, you should always have a clear hypothesis and a clear rationale.
Whether you’re launching a new product, trying to generate reviews or driving trial with influencers, investing in your business should be about building relationships first. And that starts with a strong foundation and a robust team. Reach out to Social Nature today to learn how we can help you unlock your brand’s potential and increase revenue! We’ll create a strategy that will maximize your investment and grow your sales over time.