How important is branding for solopreneurs?
I get asked this question frequently by my micro business clients. Why should you worry about brand when it's just you wearing all the hats in your company? Isn't branding something that only big companies worry about?
The answer is: Branding is critical for solo business owners! Your "brand of one" is an important part of your marketing strategy.
How do you start building your brand?
Think about what makes you and your business unique.
The most important thing when running a one-person business is to be authentic. It may have been different thirty years ago, but in today’s world there is no shame in being a brand of one. So own it… turn what could be seen as a negative, into a positive.
Don’t think about that big company selling products or services in your category as your competition. They are not! Figure out what makes you unique as a one-person business, and focus on that. This is your USP (unique selling proposition). That might include personal service, one-on-one relationships with the CEO (you!), fast customer response, customization & personalization of products or services, etc. You get the idea.
Think about the aspects of your business that are uniquely you, and that customers in your target niche will value. This is your Unique Selling Proposition (USP).
Write down your USP - this is your Brand of One!
"Your Unique Selling Proposition (USP) is those aspects of your business that are uniquely you, and that customers in your target niche will value."
The key to building a successful Brand of One is to focus on the bullseye - who is your ideal customer?
Your ideal customer is NOT everyone in your market segment. As a one-person business there are 2 important tips:
(1) Keep a Focused Mindset
(2) Have a Targeted Niche
Branding for solopreneurs is all about your mindset.
Don’t think about that big company selling products or services in your category as your competition. They are not! Figure out what makes you unique as a one-person business, and focus on that. This is your USP (unique selling proposition). That might include personal service, one-on-one relationships with the CEO (you!), fast customer response, customization & personalization of products or services, etc. You get the idea.
Focus on targeting that narrow subset of customers who really truly value these unique aspects of your business.
The customers who value your uniqueness are the ones who are willing to pay more for it. Those are your “ideal” or “most profitable” customers, and you need to be laser-focused on meeting their needs in a way that that big company cannot.
As you build your brand, always have a picture in your mind of your ideal customer. Speak to them, and only them.
Own the fact that you’re a one-person business, and build that into your brand. Here are some ideas for potential brand attributes that celebrate the “solo” in solopreneur:
In summary, as you plan and design your lifestyle business, don't forget the importance of branding for solopreneurs... or for any business!