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Tuesday, November 24, 2009

Marketing, Branding and USPs

I recently added this post to a discussion regarding branding and developing unique selling propositions. Some of it is out of context for you but you will get the gist of it. It isn't about CCTV but it may help someone with their business endeavors. Enjoy!

I have just been reading about this and wanted to add to the discussion. In general marketing terms there is a focus on "building brand equity". I came upon this because I am researching the word Equity as possibly being part of my business name. Like Kevin says you need something that says what you do and I am trying to convey a message of ownership, long term growth, asset building, etc.

At any rate here is a link to an article from a pure marketing perspective on that.

How that article relates to the individual Eagleprenuer and "free agent" as Kevin likes to call it.

First in building a brand you are really talking about what makes you unique. It is your unique selling proposition. It is that something extra that tells people they should choose you.

After you have a USP you have to build your story. Why are you doing this? How did you get here? What does the future hold for you and for those who work with you?

Then you need to tell that story over and over again. There are many ways to do that. I love the new book "Crush It". He talks a lot about this. This where web sites, blogs, social media, sites like this, etc. come into play.

By building your "brand equity" you are giving people reasons to choose you over somebody else. You are building a following and nurturing that following until those who are ready raise their hand and are ready to do business with you.

When you build equity this way you are building an asset. It has value in and of itself. It is something that can be sold and monetized in many different ways.

So choose a name like Kevin says that tells what you do. Then build "brand equity" by clearly identifying your USP, and shout it from the roof tops until everyone knows!!!

Thinking with this in mind we can have a better way for making decisions about what we do everyday. We need to ask the question, "Does this build my brand equity or will this take away from it?" Our focus as Free Agents (IMO) should be on those activities that are building equity. Anything that does not build equity we should eliminate. It is not different than taking money and putting it into a savings account. You put money in and it will earn interest. You take money out then the value goes down and so does the interest earning capability.

I will stop there. These were just some thoughts I had. Would love to hear others comments.