Brand Recognition – How Important Is It If I’m Selling My Business?
Business branding has become an art and it all starts with a vision! A little moxie can go a long way if your business is in a competitive market.
A unique brand identity that distinguishes your business from your competitors is the route to success for all companies. The better the brand position you have in the marketplace, the better you will perform over your competitors, which lowers the risk of taking over the business by a new owner. This translates to higher value.
How is your business perceived by your target market? What unique attributes do customers and prospects associate with your business? Is your business name trademarked? Are your logos or other intellectual property protected? These all represent your brand and are valuable.
Not only do you recognize companies by their products or services, you can identify them by their logos, signs, commercials, or theme songs.
Branding does not have to mean spend lots of money. Beating the competition means a better bottom line, which means a higher price paid for your business.
“If this business were split up, I would give you the land and bricks and mortar, and I would take the brands and trade marks, and I would fare better than you.” – John Stuart, Chairman of Quaker (ca. 1900)