So, while we were all busy living life, 30 June, end of financial year is almost here - again.
Before you sigh and think “oh I’ve got to get stuff organised for my accountant/bookkeeper and tax people” stop. Just take a moment to think about how much you, as a small business owner have achieved of value this financial year.
….Sales, processes, staff, promotions, new customers, investment…..
Now, think about your business Brand value. By “value” I mean the Brand equity and Goodwill you own.
• How long have you had your business and your Brand?
• How long have customers known about and bought your services or products?
• How many customers do you have in those lists?
• Where is your Brand visible?
All the above are pieces of the Goodwill puzzle of your business.
The stronger your customer database, Brand recognition and reputation and length of operations, all contribute to the Goodwill value and Brand equity.
Goodwill is seen in parts as intangible.
However, pieces of the Goodwill puzzle (dot points above) help it be measurable and highly sought after. Especially right now for a small business where almost all transactions, interactions and communications are digital.
So how can you begin the new financial year understanding more of your Brands value?
Take these 4 steps.
1. Review your customer databases.
Tidy up those lists. Sort into industry/sectors/location/$value/product. Take some time to delve in the demographics of your customers so you can target more neatly.
2. Inactive vs active.
How many customers are regulars – weekly/fortnightly/monthly/annual purchasers of your products or services? Do your customers needs more information about your business to make them connect with you more?
3. Check your Brands appearance.
How is your Website/street signage/car signage/point of sale/social profiles looking? Tired, faded, out of date information? Brand images all need a freshen up from time to time.
4. Your long-term customer relationships.
Do you have long-term customer relationships that need a little TLC? A bit of appreciation shown to your important customer connections will be noticed. A phone call to say hi, personalised email (not mail out) or an invitation to lunch!
As a small business owner, we often spend time working in the business among the daily grind. But if you follow the steps above, you will see areas of opportunities and improvements to help make your Brand even stronger.
If you need help in checking the Brand health of your business, contact me, Nicola at The Communication Place for a chat about how marketing can help your small business grow throughout next financial year.