Branding is key to any company, regardless of what industry your business is in or who your clients are. It’s arguably one of the more significant influences on revenue and growth as well. So to build a sustainable business, you have to realize how important it is to not only improve your firm’s branding but your product and service brands too. However, branding your products is quite different from branding your services.
Products are made, used, tangible and can be evaluated before buying them. When it comes to product brands, focus on high-quality, high-margin products and build excitement around them to make them stand out in the marketplace. With a successful product brand, your firm gains a competitive advantage, client loyalty and new prospects. Having a competitive advantage positions you as a representative of the industry and this perceived leadership creates automatic trust with clients. The greater your perceived leadership means the more prospects who will buy from you, increasing your revenue. Branding also builds loyalty which increases the lifetime value of each customer. A greater lifetime value means the more sustainable your revenue is leading to a revenue increase over time. As a firm with strong brand loyalty, you can more easily get referrals, attract new clients and increase your retention rate.
Branding your services, though, is a different challenge. Services are delivered, experienced, intangible and personal. What’s more important to branding services: what you deliver or how you deliver it? Delivery beats content every time and value-based services need to be accompanied by high customer service standards. Defining your service brand and delivering a consistent experience is crucial to sustainable growth. To do this, focus on four key aspects: addressing underserved needs, client insights, value and differentiation from similar offerings. Service branding is client-centric, address their needs and provide solutions for those needs. Your service brand should also provide value by highlighting your benefits and educating prospects on your value to them. Lastly, make sure your service brand is unique so it stands out from competitors or similar services. Service branding increases brand equity or the economic value of your service, and with higher value, you can charge higher prices upfront, creating greater revenue.
Branding helps others better conceptualize and discuss the services or products with prospects. Strong product and service brands play an important role in your firm's future success, leading to a greater financial return overall.
About the Author
Colin DunnDirector & Co-founder at PANALITIX
Colin is a Chartered Accountant who, having spent almost 10 years with one of the fastest growing and most innovative firms in the UK, has since invested over 20 years helping business owners to improve their businesses with a focus on attracting new clients, better managing existing clients, developing new products, building an engaged team and strengthening internal business processes.
Colin's primary focus at PANALITIX is on product development and business improvement content. He is the author of the bestselling book “Accountants: The Natural Trusted Advisors".