NEW YORK — Say the word “Coke” and your mind probably conjures up the refreshing image of “a cool, bubbly drink.”
Now say the name of your coin laundry business. What image comes to mind? More important, what image comes to your customers’ minds? If the picture is as compelling as the one for the world’s largest beverage company, you have succeeded in creating a “brand” that can add real dollars to your bottom line.
As attractive as a shiny brand sounds, chances are your own could use a little polishing. Or maybe you have not given the idea of building your brand very much thought in the first place, given that you are not a giant corporation like the Coca-Cola Co.. When it comes to working on your public image, though, size is not an issue.
“Branding is not just for big businesses,” says Ken Banks, CEO of KAB Marketing, a consulting firm in Florida’s Tampa Bay area. “It also helps small operators stand out and get noticed. Indeed, a strong brand can help any business compete with larger operators.”
A BUSINESS APART
What makes a successful brand? The best way to answer that question is to start by busting a common misconception. Creating a brand has nothing to do with dreaming up a creative advertising campaign.
“When business people think about a brand, they often equate it with a logo,” says Adele Cehrs, president of Epic Public Relations, Alexandria, Va. “But the best logo in the world means nothing without a larger strategy. Good branding is really about repositioning your business in the marketplace.”
In other words, the famous Coke logo would do the company no good if the soft drink were not known as a brand that promised a dependably refreshing experience. Coke has created and communicated a unique story. And that’s what makes a profitable brand.
“A brand differentiates you from all the other companies out there that offer the same products and services,” says Banks. “Branding is the essence—the DNA—that makes up your business.” And that DNA is of necessity all your own.
So how do you go about engineering a unique DNA? Start by finding out where your business is currently positioned in the marketplace. While market position can encompass many factors, Banks suggests starting with two that are of proven potency: 1) your price and 2) service reputation.
It’s important to get insights on these factors from your customers rather than relying on your preconceptions. That’s because the two can be in conflict, and only by understanding and modifying the public perception can you increase sales.
To find out customer perceptions, just ask.
“Here is the amazing thing about customers,” says Banks. “Most are honest and will tell you how they feel. As a result, they can be your best source of information on where you stand relative to your competition.”
Check back Wednesday for Part 2!
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].