Ditech : Can You "Brand" A Small Business?

One of the household responsibilities I've taken on is that of "remote control manager." I just don't need to hear about "losing another one to Ditech" and I've gotten pretty good at flipping to a few other channels and getting back to the program just in time to keep peace in the family. But, it stuck, didn't it; and I'll have to admit that, were I looking a mortgage, Ditech would be among the first providers that I would think of.

That's the way big companies with deep pockets brand themselves. They hook you with their tag line, or a catchy tune, or a little humor. They go for repetition. They make you identify with what they are selling. They try to create an emotional bond with you that makes it easier to trust them. That's a great approach, if you have millions to spend - but you don't, if you’re a small business!

So, without a huge advertising and marketing budget, can a smaller business be successful at branding itself? Yes, but a more focused, strategic approach is needed - and doing three things really helps the process.

First, define very clearly what your business is and what you want to say about it. You need to be concise about this. Branding a small business is about building your reputation for what you can do, explaining what benefits you can provide, and showing customers how you can provide them value. Spending what little money you have saying the wrong thing, or saying it the wrong way doesn't make any sense.

Second, know specifically what market you are going after. This requires some analysis, but, again, funds are limited, so why spend your money talking to the wrong people? Remember, effectively branding your business means potential customers think of you first; talk to the wrong people and they are simply not going to care.

Finally, be able to measure the return on your marketing and advertising investments. This, too, requires doing a little homework and making assumptions; but, if you’re limited in what you can spend to establish a brand for your business, don’t you have to know whether or not the small amount you do have is hitting the mark?

That all may sound simple, but, if it was, everyone would do it - and you know that doesn’t happen. Saying the right things to the right people and knowing how much money you made in the process requires a lot of thought, but if done well, you can create real competitive advantage for your business.