SMEs prioritise ‘value for money’ above all other brand values in challenging economic climate

  • By Nicholas Green
  • 8 August 2012

In Britain’s continued age of austerity, there has been a shift in how start-ups and existing small businesses define their brand values, perhaps in an effort to match the current economic and social climate.

New research conducted by and Creativepool, reveals that ‘value for money’ has been ranked as the number one brand priority amongst new businesses when defining their proposition. In these economically challenging times, it is clear that businesses are keen to offer a good value proposition to attract customers and ensure their company thrives. Our study, which took in the views of almost 1,000 creative professionals on their work with start-ups, also suggests that reliability and trust also rank highly as brand values which are desirable to new businesses.

However, the findings indicate that many new businesses are making mistakes when defining their brand, with more than half (54%) of creative professionals feeding back that start-ups fail to consider their target customer. Creating a strong brand is crucial to the eventual success of any enterprise, so it’s somewhat shocking to discover that 52 per cent of the designers who participated in the research believe that brands fail to create a brand for their company altogether.

For any SME, the ultimate goal is to grow and flourish as a company, and as a business expands in size it’s crucial to protect the brand identity. However, the research reveals that two thirds (64%) of creative professionals indicate that small businesses are not trade marking design assets such as company logos. The research highlights the values and priorities of start-up businesses and exposes the key areas these small businesses are missing which could consequently jeopardise the success of their company.

From the perspective of the design industry, it is essential for creative professionals to be provided with a quality brief if they are to deliver their best possible work. However, when questioned in the study, more than a third of creative professionals’ fed back that they are not given a solid brief to work towards, inhibiting the creativity of the ideas and designs they can provide.

Small businesses must embody and exude the most appealing brand values for their target customer if they are to have the best chance of success – particularly in turbulent economic times. Keeping the customer in mind is essential, particularly when developing those crucial brand values which will define the business and act as a huge deciding factor on whether or not people choose you, or one of your competitors.

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