The Tribune

By IAN FERGUSON BAHAMIANS love brands! We are without question a society of individuals who are loyal to certain trademarks and skeptical of the newcomers trying to make their mark. The small and medium-sized company is already challenged with limited resources, access to capital, smaller economies of scale and minimum buying power. Added to the list of challenges facing the vast majority of smaller companies is the vastness of their established competitors who usually have developed strong brands. How does the local chicken shack measure up to KFC where, 'they do chicken right', 'and its finger lickin' good'? How does the local shoe manufacturer increase his capacity to sell more school shoes in the local market where 'Clarks' is the standard? For services as critical as the education of our young, most of us dare not chance the latest wave of schools making their entrance on the Bahamian educational platform. We are far more comfortable with the church schools that have a long history of academic success. There are a number of factors, justifying our allegiance to certain brands. For many of us it is the obvious quality and track record of excellence that we respect. We strongly believe that we get the highest value for our consumer dollar when we purchase certain goods and services. Coleslaw and potato salad without a certain brand of mayonnaise just won't do. For generations, we claim, it has been this way. Clothing detergent in The Bahamas is called TIDE and liquid detergent is called JOY. These brands are so well established that all others become a distant second in our minds and on our shopping lists. For some, the purchasing of certain brands signifies a sense of self-actualization feeding our desire to associate ourselves among the elite. Brands sometimes compensate for a low self esteem and poor self image as products and services become extensions of our selves. The very shallow among us dare not come out without the latest fads or freshest ride. Whatever the reason, obvious or oblivious, we cannot question that companies with strong brands fare better in times of economic recession, have deeper revenue streams and are able to demand more for their goods and services. This article is designed to provide basic tips for the small and medium sized company looking to strengthen their brand and promise of value to the customer. While success will not happen overnight, consistent adherence to these principles will reap tremendous results: 1. Make daily investments in your brand. You've heard it before, you have to spend money to make money. Your brand will go nowhere if you have no budget for training, marketing, reinvestment, basic expansion projects etc. 2. Establish basic standards and stick to them. If your products and services change every time your customers use them, they won't know what to expect from you and will naturally be skeptical to utilize your products and services. 3. Do your homework, find your niche and differentiate your products and services. Make people remember your brand as one that had the twist that no one else thought about. 4. Keep your brand fresh. You should be constantly looking for ways to enhance your existing products and services. Conduct surveys and focus group analysis with your customers often to keep a pulse on new trends and best practices in your industry. 5. Make your branding efforts the established organizational culture of your organization. Everyone on your team should know who you are and what you stand for. The vision, mission, values should not only be on the walls of the building, but also on the tablets of your employees hearts.