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Why Branding is Critical for Family Owned Businesses

May 8, 2020 /
1 Comments

Many family owned businesses overlook the significance of branding simply because they consider themselves to be a business and not a brand.

Even though you are making more turnover than a bigger brand but don’t have a branding budget, you are missing out on immense potential of what effective branding can do to your business.

What is branding?

Is it a memorable logo, impactful communication, disruptive designs or white glove social media strategy? To be honest, it’s everything mentioned above. Branding is how people perceive your brand, your reputation in the vast advertising ecosystem. If you run a family business and believe that it’s only great superficial packaging, there is a high probability that you are behind the curve. It’s everything you do as a business to stick to your competitive advantage.

Family businesses are quintessentially authentic ad have a distinct personal voice. Branding underpins profitable growth and trust. It’s the bedrock strategy supporting and directing your whole business, hence it’s fundamental to your business’ longevity and growth. Effective branding is essential for family businesses because that is a catalyst in increasing your visibility, reducing customer acquisition costs and positioning your brand as the preferred choice for your customers.

According to a research report by the Institute for Family Business, the family business brand enhances perceptions of trustworthiness, social responsibility, quality-orientation, and customer-orientation.

Branding your family business is predominantly creating a story and legacy that can place the business on equal footing with its larger rivals. It is the driving force behind WHY customers trust you and purchase from you. The top-of-mind recall is utmost to inspire your customers to consider you their first choice and not other options available to them.

Family businesses (in particular) should be attentive to branding strategies – according to Forbes magazine, “family-owned businesses seem more stable, more customer-friendly, more approachable and more trustworthy”.

You need to have a branding expert or agency that can hand hold you to dive into the world of personalized branding which entails getting into the heart and soul of your business and then articulating its hidden brand message that deserves well deserved attention.

Tips for success:

  • If you are a family owned business that has a great customer success history and legacy, you need a brand-defining identity. This is possible by finding memorable ways to communicate. Effective and impactful communication stays with your customers for long and lends your brand the competitive advantage it deserves. Express your underlying motivations, your love for what you do, then your customers will pick up on it too. Consumers want to feel good about how they’re spending their money. And if they are convinced that they are putting their eggs in the right basket, you’re sorted!
  • If there’s one thing that ties your brand with them at all times, it is trust. Having a robust communication strategy, credible branding roadmap and impactful designs will reinforce the sense in customers that you are a trustworthy, reputable and consistent expert of the services you offer.
  • Employees don’t just want something to work for or something to work on, they want something to work towards. They must be aware of your mission critical values and your reason of being in the market, employees will be more motivated to achieve the goals you have set for your business. Having a strong branding plan is like turning the company identity into a flag everyone else can rally around.
  • Good branding for family business owners can generate more referrals and customers. The most profitable family owned companies, small and large, share one thing in common.
    “They have established themselves as a blue-chip leader in their particular industry by building a strong brand and communication plan.” Case in point, Vicco Vajradanti, Haldiram, Motorola, Paradise Biryani and Marico are ruling the roost.

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1 Comment

  1. dr sundar kataria

    Nice article giving importance of branding for a family business to ensure business sustainability and continuity