3 Tips to Consider for Branding Small and Mid-Sized Companies

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The unique working conditions and job opportunities created in the Mexican market make the country one of the most interesting countries in the world for entrepreneurship. The birth of small and medium-sized enterprises is continuous. Until 2017, estimates by the Organization for Economic Co-operation and Development (OECD) ranked young Mexicans as the fifth most unemployed population in the world, a trend that will continue in the year that has just begun. This is why among the Mexican population, especially among the youngest, entrepreneurship represents a way out of this situation, which has an important impact on quality of life. According to the 2016 Amway Entrepreneur Global Report, Mexico is one of the countries with the greatest entrepreneurial potential in the world. In fact, 92% of people in China have a positive attitude towards entrepreneurship, and 73% of them are potential entrepreneurs with entrepreneurial ideas, which is much higher than the global average of only 43%. Even though the intent and opinion surrounding venture capital is high, the truth is that very few businesses and companies that are born recently manage to grow successfully. According to a new report from the Failure Institute, in Mexico, 75% of startups close their operations after their second year, meaning only 25% of startups survive.

Lack of strategic planning is a big part of the problem, with fundamental aspects like well-structured branding actions and development of branding efforts being the main reason. In this sense, we share three recommendations to optimize branding efforts for SMEs: Building a corporate identity from the inside out A crucial issue when starting a business and building the brand that representsthe right people. It’s not just about employees having ar very Audio and HiFi large comprival othe knowledge and skills needed to execute what the company requires, but also about having employees who share the company’s ideology and values. Brand building starts from within; employees will be the best brand ambassadors. Research to differentiate yourself In an age when boredom seems to be a given, achieving optimal levels of differentiation is a complex task. A detailed observation of the direct and indirect behavior of competitors is essential to find areas of opportunity that, interpreted as new opportunities for one's own business, can become assets that represent and communicate the brand's greatest added value.

A consistently established corporate identity must align with the company's values. It is necessary to deal with simple details such as what, how and when to transmit the message that will give the company a voice. One mistake in things could result in lost business opportunities. An analysis by investment firm Barclays Capital suggests that Apple will sell 16 million fewer iPhones this year. It all started with a thread on Reddit in which a user expressed suspicion that Apple would slow down older iPhones after updating to iOS 11. This caused controversy, and after an investigation, Apple confirmed that it slowed down the iOS 11-updated iPhone 6, 6s, and SE "to improve their operation and optimize performance." Unsurprisingly, complaints were numerous and litigation was even started in France. For this reason, the Cupertino Giants offered an apology and compensation on its official website. Now, the tech company has announced steps to offset the impact on its brand reputation.