The Brand Gap

A few weeks ago I received a flyer in the mail advertising a new fitness center located three blocks from my apartment.  The flyer caught my attention because the images oozed sophistication and the copy read class.  They claimed that the center was just remodeled into a chic and elegant gym, perfect for the working professional with a busy schedule.  I was astonished when I saw that the seemingly exclusive fitness center was also offering a special for five sessions with a personal trainer for only $100.  I was sold.  So, a few days later, I threw on my gym clothes and headed to the fitness center to purchase my personal training sessions.

As soon as I walked into the gym, I knew that I had been deceived by the flyer.  The small fitness center was not only dirty, but extremely hot and stuffy (apparently they didn’t have any air conditioning).  The woman working at the front desk didn’t even know about the flyer that the center had mailed out, nor did she know about the personal training special.  Even though I had the flyer with me, her manager was gone, so she said I would have to come back to redeem it.  I quickly left, and recycled the flyer on my way home.  There was no way I was ever going back to that establishment, not even for an amazing deal.

This is a good example of a brand gap.  That is, a business that claims one thing, yet does not fulfill that promise in all arenas.  In this case, the fitness center promised me a sophisticated, refined gym to work out in.  They also promised me a great deal, once I joined.  However, when I actually arrived at the gym, they did not follow through on that promise.   The flyer and the actual place of business were two completely different brands.

It is important for all small businesses (whether you are a life coach dealing with clients via the telephone, or a yoga studio) to decide what position your brand is going to take, and then follow through on that position in all facets of your business.  Your website, advertising, and customer service must work together in harmony, which in turn will help you build your business.

For more information on how to build a better brand for your business, check out www.smallbusinessbranding.com.

Financial Reform Bill Passes, But Is It Good or Bad For Small Businesses?

In response to 2008’s failure on Wall Street, President Obama recently signed a bill that will result in the largest overhaul of financial reform since the Great Depression.  Entitled, the Dodd-Frank Wall Street Reform and Consumer Protection Act, this legislation will set new restrictions on banks, stopping them from making risky investments with consumer dollars, and in turn becoming “too big to fail.”

This legislation comes at a time when consumers are skeptical of Wall Street and government in general.  By passing the bill, the U.S. government is making a statement that they will no longer allow the banking industry to make faulty investments with consumers’ hard earned money and hopefully restoring trust.  But what does this legislation really mean for small businesses?

With significant changes and restrictions on the credit card industry, some believe that this bill may hurt small businesses.  Since most financial institutions’ capital will drop with new investment restrictions, many will have much less money to lend, making it harder for entrepreneurs and small business to get the funding they need to succeed.

While it is no secret that this new legislation will result in fewer business loans, at least we can count on the loans being given to sensible, responsible business owners that will no doubt equate in successful ventures.  After all, that is the responsibility of a bank.  At any rate, it is important for all business owners, big and small, to understand what this new reform entails, and what it means for your business.

We found a great article which outlines the new reform well.  Click here to check it out. (http://bit.ly/dBebPj)

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