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Welcome to Day 3 Challenge!

Your Business Identity

Day 3 Challenge  
Today we’ll clarify what is meant by brand and how to define yours.
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Reflection:

Do you know what your brand is? Most entrepreneurs don’t.

Since you can’t be all things to all customers, getting clarity on your brand will help you to connect with your ideal customers. Figuring out your specific niche is crucial.

Entrepreneur.com contributor John Williams explains branding concisely:

"Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does "branding" mean?

Simply put, your brand is your promise to your customer... what they can expect from your products and services, and it differentiates your offering from your competitors’.

Your brand is derived from who you are, who you want to be and who people perceive you to be.

In other words, your brand is not primarily about a logo (although that is important) or website colours. Your brand is what sets you apart from your competitors. What makes your business remarkable.

It’s what makes you unique. It’s your competitive advantage, your secret sauce.

Strong branding allows you to charge more because customers will have a desire to choose you over other businesses. So, in addition to your mission, you must get clear on your brand.

Action:

  • Answer these questions in detail.

  • Where possible, put the same questions to an outside party, such as devoted customers. Their feedback helps you to see what customers value most.

You have completed your challenge today. Well done!

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