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Brand building once focused primarily on five P’s: product, package, position, price and promotion. But a world of seemingly limitless consumer choices, the old rules just don’t work anymore. Brand building today requires that you react to customers in real time and employ something called “brand democracy” where users help decide the characteristics of your product or service — often via social media interaction.
Unfortunately, many small business owners still believe that building a brand is only for big business. That’s false. Even a single individual has a personal brand that can and should be carefully built and nurtured. Small business owners often discover – sometimes the hard way – that branding is a surefire way to make or break a product, service, or company.
Every business can benefit from branding, including professionals and independent contractors working alone. It’s vital to keep up. Buyers — either business or consumer — have shorter and shorter attention spans. Business owners must constantly recharge existing brands and devise new ones.