What is the first name that comes in your mind when you think about phones, doctors, TVs, airlines or food? Each and every one of us will have a different name or list of names that they can refer to. If a friend asks you this question, there are certain brand names or personalities that you will refer to. If you compare the lists that you will come up with as a result of this exercise, there will be some names that will come up repeatedly. The one thing that these names have in common is brand recognition. Whether you are talking about fashion, watches, shoes, etc. brand recognition is very important in business.
Cutting out a niche for yourself as the go to man or woman for a particular service or product means that you have identified yourself as the crème de la crème in a certain line. Once you have identified yourself as the top dog in that field, then you become the reference point for all others. Building your brand name makes it even easier to get referrals as you continue building your name. Whether it is by being on time to your appointments, great after sales services, quality products, and so on and so forth, the one thing that you are doing is growing the trust that your clients have in you and the business. In this way, they can always rely on what you offer.
As a business, you should never stop selling yourself. Marketing and branding yourself as the go to person for a certain product or service eventually reinforces this message in the minds of the clients. With a strong brand name, it becomes easier for your business to get referrals, in some cases even from strangers. With a strong brand name, you can now command a lot more for your name than what you actually do. A strong brand name is the reason why you will have one lawyers being paid one thousand dollars an hour and another ten thousand dollars an hour to argue the same case. Your client’s will be comfortable paying you the asking price since they believe that what you offer is intrinsically much more valuable than the amount of money that they will fork out.
From the example shared above, you can see how it becomes a lot easier for you to earn more on the strength of your name or for who you are in this case than for what you do. The work in this case, lies in actually building your name and your brand. This at times can be pain staking, but the results are often a lot better in the long run and more beneficial. In business, you should always continue promoting your brand and making sure that you live up to the name that you are building. In this way, eventually you can charge more for the same product that has been in the market simply by attaching your name to it.