Family-owned businesses make the world go ‘round – really! Two-thirds of businesses worldwide are family-owned. They also account for 50-80% of employment in most countries. It’s not surprising, being family-owned does wonders for brand perception. There are countless success stories that back up these claims. Read on to learn about family-owned brand perceptions and the successful businesses with famous family-owned names.
3 Benefits of Being a Family-Owned Businesses
There’s plenty of reasons to position a business as family-owned. Here are 3 of the most important ones.
Family-owned businesses have the advantage of being perceived as authentic and the brand story comes off as very personal. Many businesses struggle with coming off as too impersonal, and customers are tired of businesses that promote, rather than connect. Coming off as a very personal, genuine brand helps the business build brand relationships and loyalty.
Proof is in the Pudding
Although previous family successes don’t mean that the newest generation will find the same success, previous generations do some of the work to convince potential buyers of the business’s competence and stability.
Differentiate From the Competition
Differentiation is key when trying to stand out from competition, and what better way to differentiate than by being family-owned? It’s a strong, positive, and relatable message that can trigger an emotional response among potential buyers. They also trust family-owned businesses more than others.
A Drawback of Family-Owned Businesses
Families can be messy. If branding the company as family-owned, it’s important to realize that the actions of family members can have a negative perception on the brand. Generally, the pros outweigh the cons, but there’s definitely more at risk.
3 Tips for Family Branding Success
How to make sure family branding is a success? Try any of these tips below.
Weave a story. It’s important to tell an authentic story, unique to the family and the brand.
Use a timeline. Timelines can be great aides when telling the brand story. Highlight key moments in the family and brand’s journey.
Include it in training. Employees should be familiar with the family-owned brand’s story and keep it in mind with everything they do. Also, encourage them to be brand ambassadors, sharing the brand story with others.
3 Successful Family-Owned Businesses
There are countless family business success stories. Here are some that stood out.
SC Johnson: is the privately held household cleaning giant based out of Racine, WI. They use the now famous tagline, “A Family Company”.
Walmart: One of the world’s biggest corporations is public, but closely held by the Walton family.
Goorin Bros. Hatmakers: This brand plays on its family-owned status really well, as evidenced by their website. They highlight their family roots with a personal story and use vintage sepia tones in the design. Nothing feels more like family than that.
Castello Fonterutoli Mazzei 1435: One of the 10 oldest family enterprises in Italy, the company has been family owned for 24 generations. Wow!
If you have the opportunity, do it.
Obviously, not all businesses can brand themselves as family-owned, but if your business has the opportunity, it’s worth major consideration. Simply labelling the company as family-owned does a lot of the work for you. There’s great trust, confidence, and more.
More on Family-Owned Businesses: