According to the Small Business Administration, there are over 30 million small businesses in America. It’s now easier than ever for entrepreneurs to open a business, but that also means there’s some stiff competition. Crafting your brand identity is so important.
So, how can you use a personal brand to stand out from the sea of other companies in your industry? What you need is a strong brand identity; something that will make you distinct from the rest and pique the interest of your target audience.
Brand identity refers to the visible elements of your business such as a logo, design, and color scheme, as well as trademarks and advertising materials. Brand identity is one of the best ways of communicating your company’s value proposition with the public.
What are the characteristics of a good brand identity? It should be distinct and capture people’s attention enough so that it leaves an impression on your audience. It’s also essential to have a brand identity that can adapt to changes in your business.
For brand identity to be effective, it needs to showcase what your company stands for and the solutions that you can offer. Of course, all of this is easier said than done. That’s why we’ve put together this helpful guide to help you create a memorable brand identity:
- Determine your value proposition, mission, and core values. What do you want to achieve? How can you add value to your customers’ lives? How do you want to be known in public? Creating brand identity starts with knowing what your business is and what it believes in.
- Know your target market. Do your research and find out who your potential customers are. Understand their buying behavior, needs, and wants. If you don’t know your target audience, you will not be able to create a brand identity that is relatable and appealing to them.
- Study the competition. It’s important to know what you’re up against. Find out their strengths and weaknesses. Understand how they present themselves to the public by looking at their offerings, color palettes, product designs, and marketing materials. Doing so will help you create something unique to stand out from the crowd.
- Create a style guide. Equipped with information about your value proposition, target market, and competitors, it’s time to let your creative juices flow. Create some visual ideas that will give the public an idea of what your business is all about. Once you’ve decided on aspects like color pallets, logos, fonts, etc. make sure to create a brand style guide. These guidelines are important to outline how your brand elements should be used, both within your company and externally. With this guide, you can be sure that your brand identity will always be consistent.
Brand identity is a fundamental aspect of your business. And, just like any other business asset, it should be protected. How? Make sure to carry the right insurance policies. Here are some of the policies to consider to protect your brand identity and brand reputation:
- General Liability insurance: This policy protects your business against financial losses due to claims that are associated with third-party bodily injury or damage to property.
- Media Liability insurance: As you publish your company’s content across media platforms you expose yourself to more liability. What if someone accuses you of copyright infringement, plagiarism, defamation, or invasion of privacy? Without this policy, you could be left paying for legal fees and settlements out-of-pocket.
- Product Liability: As the name suggests, this policy covers the expenses for the negative publicity that your business may face in case of a product recall. It’s your security blanket that will help you bounce back and regain your customers’ trust.
These are some of the things to keep in mind when creating a brand identity. Creating a memorable brand identity entails a lot of research to better understand your industry and target market. It also requires creativity to come up with visual concepts that will make you stand out. Keep in mind that your brand identity is a valuable business asset that needs to be protected, so make sure to carry adequate insurance coverage. It will give you some peace of mind and enable you to focus on growing your business.
By Emily Lazration, CoverWallet
Emily is the Content Marketing Specialist at CoverWallet, a tech company that makes it easy for businesses to understand, buy and manage commercial insurance online. She has written for several outlets including Inc., Ooma, and Fundera covering small business news and advice.