Many small businesses have limited budgets and may use a lot of their financial resources to reinvest in their organization’s operations, manufacturing, human resources, or other areas they feel are more important. However, sufficient resources should be allocated to building a company’s brand and position in the marketplace. To elevate any business, it is crucial to create a brand that resonates with its target audience. There are several ways to elevate and position brands on a limited budget. There are many cases of creative organizations that have used their limited resources to build powerful brands.
When advertising and marketing budgets are tight, it is important that the funds allocated to these communication programs be used wisely and effectively. Limited funds mean creativity and consistency are vital in finding new ways to inform, remind, persuade, and connect with target audiences.
Demonstrating that the company has meaningful and valuable differences from others in their industry is the first step in creating a meaningful brand image. Companies that reinforce their competitive advantages and points-of difference create meaningful associations to their brands over time that strengthen their brand equity.
Small businesses must distinguish themselves by creating awareness. This may be achieved by encouraging trials or samples of a product as ways to familiarize the audience with their product. If a consumer tries their product, they will be more apt to purchase in the future. A company that is known for offering a sample of its offerings may create the image of a company that is so confident in its quality that it is willing to give something away in hopes of creating a loyal customer.
Using an effective digital strategy is paramount in creating brand awareness and building brand equity. Implementing blogs, using social media influencers, and creating content that is accessible through YouTube, Facebook, Instagram, and Twitter can reach a large audience and have the capability to target specific audiences. These digital strategies help create a brand personality and establish a tone that resonates with users and create the associations that companies are seeking to resonate with the audience.
Creating an active brand community online among current and future customers is a cost-effective way to create a buzz around your brand. Word of mouth is an efficient way to spread your brand message and creates interest in potential customers and loyalty in current ones. Eventually, these loyal customers can become power users and brand ambassadors who help to influence and persuade the online communities they frequent.
Of course, developing a distinctive, well-organized set of brand elements is important to build brand awareness and identity. This includes establishing brand names, logos, and packaging that are meaningful and recognizable. The associations that are established in the marketplace add to the brand’s personality and influence.
None of these methods of brand building and positioning are possible without market research. Knowing the markets and target audience businesses are trying to reach will make the positioning and building of the brand even more effective despite their small marketing budgets. Therefore, it is possible for a company to successfully position and brand itself despite having a limited budget. However, it takes creativity, planning, and using those limited resources wisely.