Over a third of small businesses say they have no brand values, according to a new survey.
Companies with between one and ten employees were the least likely to have built a brand according to the report by Microsoft, with 58% of those surveyed in this group ignoring brand values.
A further 35% of small firms said they did not acknowledge the strategic impact of marketing on their business.
“Creating a genuine identity for your business can have a major effect on the success of your company and a direct impact on your bottom line,” said Karl Noakes, head of small business at Microsoft UK.
“But, brand strategy can conjure up images of expensive management consultants and designers' fees. Almost half of small businesses are limiting their marketing due to budget constraints but developing a brand doesn’t have to be a costly process.”
The research also found that small firms’ marketing budgets were most likely to focus on product and pricing. Direct mail was the most popular marketing tactic, with 57% of businesses communicating with customers via post.
Companies more likely to have implemented brand strategies were growing businesses with between 10-50 employees – 69% of which had already introduced brand values.
Manufacturing firms were the most likely to have put some kind of brand strategy in place – 72% already had – closely followed by retail (68%) and business services (67%).
© Crimson Business Ltd. 2007
