More SMBs focusing on branding to build their business

Thursday 18 July 2013

Business meeting

As small and medium-sized business (SMB) leaders aim to grow their companies, they are increasing focusing upon branding, it has been claimed.

The latest American Express Small Business Monitor found that 93 per cent of SMB bosses believe having a unique brand, and standing out from the crowd, is more important than ever.

Some 71 per cent said 'brand experience' is the most important part of their business' overall brand - and crucial as they attempt to market their company effectively.

The majority (51 per cent) of survey respondents said branding is critical to attracting new business.

"Having a powerful brand is vital in today's economy, it can be the difference between a business that blends in with the crowd or stands out from the competition," said Athena Varmazis, vice-president and general manager for SMB services at  American Express Canada.

"It's refreshing to see business owners placing an emphasis on branding since it's their platform to tell their business' story with current and future customers."

Some 73 per cent of SMB bosses surveyed said the advent of social media has made it important for them to monitor their brand reputation online.

And 52 per cent have established their own website in a bid to build a stronger presence on the internet.

American Express also found that 36 per cent of SMB bosses are interested in expanding their brand, but are not sure where to start.

Ms Varmazis said that with this in mind, small firms should potentially consider accessing third-party resources to help them with their marketing.

"Branding plays a significant role in the overall success of their business and shouldn't be taken lightly by business owners," she stated.

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Posted by Jenny Arthu