Building your brand and differentiating yourself from others can be challenging for small to medium businesses. On today’s The Small Business Show, we’re joined by Greg Monaco, Founder and CEO of Fearless Brands. Greg will share some strategies for building your brand, the power of storytelling, and how to stand out in a crowded market.
If you find yourself attempting to differentiate yourself from your rivals, Monaco asserts, “One thing you could do is an inquiry.” An inquiry is the act of seeking information. So, Monaco adds, “Look inside your organization and ask yourself or your staff: What makes you special?” However, if you remain uncertain about what sets you apart, then your inquiry could also be from your customers. Monaco expresses, “Talk to your customers about what they find special or unique about you. Because your business is special and unique, it just may be in the same category.”
“Your unique personality is what makes your small to medium-sized business unique by default.” — Greg Monaco
Additionally, Monaco notes how you can leverage your customer base. By leveraging their insights, even big corporations practice it, either from focused groups or analysts, turn those inquires and turn them into products, or build a brand around it.
According to Monaco, “A category of one is like breaking through the mold. Meaning you have a home in a particular category, but there’s something you bring differently to the game.” You may own a car wash, a yoga studio, or a coffee shop, but your category is different because you are. How you serve and provide for your clients automatically sets you apart. For example, one of Monacos’ clients helps teams and leaders with their performance. Sure, several other organizations do the same thing. But, his specialty is filling the gap between the conversation and the 8% that people don’t remember. Therefore, he reorganizes companies’ communication and emphasizes the last 8%.
Monaco expresses, “The bottom line is, I would advise you to pick a persona and leverage that. Find the type of customer that you want to work with, who can afford you, and who really needs you.” Moreover, learn how to tell the story of your brand. Storytelling is the way we as people learn from each other. Storytelling is also how we impact people in their way of life, it’s how we include people into our worlds. “The brand you build is essential to your bottom line.”