How to Brand your business in a Troubled Economy

1. WE HEART ENTREPRENEURS MAGAZINE BUSINESSADVICE PAGE15 HOW TO BRAND YOUR BUSINESS IN A TROUBLED ECONOMY BUSINESS ADVISE FOR ENTREPRENEURS BY EDITORIAL TEAM Are You Recession-Proof? A good business brand is one that can withstand an ailing economy. In today's times Branding seems to lose its vigor during recession. wherein majority of the world is suffering People tend to buy based on logic and needs, rather from financial crisis, small- to big-time than impulse buying or perceptions. Therefore, you businesses are feeling the impact of this have to maintain or improve the value, property, and downturn. benefits that your product promises. This is something that you must not forget in your branding and marketing efforts, but its significance becomes more evident during times of recession. If you want to add more value to your brand to make it better withstand the challenges, here are the areas to focus on: • During a recession, most businesses would tend to cut back on their marketing efforts and investments. On the contrary, this is the time wherein you need to This is when your branding campaign will be put to strengthen your marketing efforts. the test. Indeed, when businesses are competing for • Create more aggressive marketing programs to be what remains of the market, you have to double able to capture a bigger share of the market. your efforts at making the brand enable your • Assert yourself to consumers largely affected by the business to thrive. What is also essential in these recession by offering better value on your products. times is to never discount the impact of quality and • Your advertising campaign must highlight quality, improving value statements. These are important economic benefits, and real benefits as opposed to factors that hold promise to deliver more to the appeal to their superficial concerns. clients and keep your business afloat.

2. WE HEART ENTREPRENEURS MAGAZINE BUSINESSADVICE PAGE16 HELPING YOUR BRAND SURVIVE THE RECESSION Helping Your Brand Survive The Recession Try using the following practices to keep your business thriving: 1)Never change your brand identity. Doing so will When recession has hit the consumers, buying reduce the trust you have built on the customers becomes a less desirable practice. This will and will also ruin your reputation. Merely try to largely impact your business' efforts and this is restructure the messages you are trying to deliver made worse by the intensity of competition but make sure that it stays within the context of amongst various similar businesses. your basic brand identity. Try using the following practices to keep your 2.) Utilize this time to appeal to your customer's business thriving: needs by performing a more thorough market research. This will produce an impression that you are concerned about their needs and are seeking for ways to deliver that. 3.) If your business' products are mostly high-end, do not simply revert to dropping prices. Instead, try improving the value and quality of your products so that customers will have a better quality spending habit. 4.) Be open to potential new customers. In times of recession, people are in the process of re-evaluating their spending habits. This is your opportunity to come into the picture and offer your business as a possible solution.

3. WE HEART ENTREPRENEURS MAGAZINE BUSINESSADVICE PAGE17 HOW TO ENSURE BRAND STABILITY Consumers change their buying patterns during recession, but business owners must remain committed with their branding strategies. However, you do have to make slight and appropriate changes though, such as increased sensitivity to this new buying attitude exhibited by consumers. During times of recession, you have to stay committed in helping your customers attain quality service and products that add more value to their money. This is your winning formula. And with increased dedication to your business brand, you will also increase the loyalty of your patrons. For more business advice, visit www.weheartentrepreneurs.com