How to build your brand in an uncertain economy

vise 3Many businesses are still recovering from the recession in 2008. It’s been a roller coaster of uncertainty. Revenue is down and costs are high at your organization, yet other companies are doing well. So what are they doing differently?

While you’re looking inward and spending as little as possible, your competitors are investing in new products and services to meet market demand. In addition, they’re implementing brand strategies and setting long-term goals, regardless of the current state of the economy.

Don’t risk becoming obsolete. Consider the following strategies to strengthen your brand:

Aim high. Think big and set ambitious goals. Focus on expanding your business and consider ideas you haven’t tried before. For example, you might decide to double your sales, increase your Web traffic by 100 percent and attend two more events than you did last year.

Polish up your sales strategy. Even small changes can help increase your sales. Try these two tips:

  • Blow the dust off your sales pitch. Pitches that worked years ago may not be effective today. Tweaking your pitch with phrases such as, “We work with companies like yours” and “We understand your challenges,” can improve the value of your brand. Think about updating your elevator speech and include benefits and success stories rather than your name and job title.
  • Make your sales presentation shine. Simple updates to your presentation materials can give you an advantage over your competitors. Make sure your materials stand out from those of your competitors.

Revisit your marketing initiatives. This step goes hand in hand with updating your sales presentation. Your marketing should align with your brand strategy. If they don’t, an overhaul could be in order.

Attend relevant trade shows and events. Networking is key to expanding your leads. Get out there and meet prospective customers. Make sure you’re going to the right shows: Take time to research them before you register.

Add value. What differentiates your brand from your competitors? You must show how your business is unique. Focus on this differentiator and include it in all your materials.

Growing your company in a volatile economy can be a challenge. No matter what business you’re in, there are always obstacles to overcome and opportunities to be made. Always keep your customers top of mind and you’ll do fine.

How do you keep your name in front of customers during challenging economic times? Share your thoughts in the comments below.

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