Branding, packaging key to standing out in a noisy marketplace

Rule No. 1 for small businesses wanting to draw attention and win over customers? Good branding, according to Arthur Gallego of marketing firm Gallego & Co.

Entrepreneurs can build great products, but without a distinct brand, marketplace noise will drown them out, Gallego told CBS News, noting that successful products and services are "familiar, but different enough to stand out in a crowd."

Branding deserves as much -- if not more -- focus than product design and development. "Packaging makes a huge difference, as well as the platforms with which these business owners promote the product, whether that is on e-commerce, or social media, or traditional retail," he said.

Despite the challenges to running a small business Gallego says it's worth the reward. "I think the idea that you put yourself, maybe your life savings, into something and you create something -- a product or a service -- that makes people's lives just a little bit better, I think there's incredible satisfaction in that for any entrepreneur," he said.

He warned that business owners should always pay close attention to their profit margins -- and work to increase them. "That's critical for any small business," he said.