If you’re running a business, you most certainly see yourself wearing more than one hat. You work tirelessly to build a strong customer base, supervise a workforce and, at the same time, ensure that your financial commitments are met. It can sometimes be difficult to define your priorities at work. Every task seems to be equally important, and before you know it, you find yourself overwhelmed with things that need to be done yesterday.
The branding process does involve quite a bit of work, but if approached in a right way, it doesn’t take long to promote a brand that potential customers can identify and connect with.
Everything we know about every product we use is because of branding. It is the link that connects the company to the customer and vice versa. Branding is a must for every small, startup, partnership and corporation, and here are some reasons
Branding is important for your Business:
- United: Branding links your name, logo, online presence, product/services and appeal to the masses. Make marketing skills consistent and the content the same across all channels. This brings a united and clear message to customers, future partnerships and their competitors.
- Asset: A brand is an asset. What you present to the public is a huge chunk of your business. The worth is just as much as revenue and sales. A lot is at stake; finances, creativity and time is on the line. Branding will make the difference between revenue/sales and debt/liquidation. Your brand is the sum of the prompted and unprompted associations that people have of you; your brand is expressed in the ways that you are remembered.
- Sales: Speaking of sales, branding will create sales and revenue for your business. You will make money based on how the branding marketing strategies work out. Customers will be tempted to test you out, and your results will determine if you make more sales.
- Builds Trust: A professional appearance builds credibility and trust. People are more likely to purchase from a business that appears polished and legitimate. Emotional reactions are hardwired into our brains, and those reactions are very real influencers. As customers get to know your business they will begin to trust you. In order to build trust you must give customers a reason to test you out. The branding must be spot on as the first customers will determine how many more (or less) you will receive. Exceptional customer service, experience with the product/services and positive online communication on social networks will keep them coming back for more.
- Supports Advertising: Advertising is another component of your brand. Both the medium chosen and demographic targeted for advertisements builds a brand. Too narrow an advertising focus, and a company risks being “pigeon holed” and losing their ability to expand into new markets. Too broad a focus, and the company fails to create a definable impression of the company in the minds of would be customers.
- Builds Financial Value: Companies who publicly trade on a stock exchange are valued at many times the actual hard assets of the company. Much of this value is due to the branding of the company. A strong brand usually guarantees future business. The greater a company’s devotion to build its brand value, the better the financial return from its efforts.
- Branding Generates New Customers: Branding enables your company to get referral business. Would it be possible for you to tell a friend about the new shoes you love if you couldn’t remember the brand? A large reason ‘brand’ is the word used for this concept is that the goal is an indelible impression. As the most profitable advertising source, word of mouth referrals are only possible in a situation where your company has delivered a memorable experience with your customer.
- Your brand tells people about your business: Brand consistency is more than just using the same colors, logos, and images across your marketing materials. Although this is important to your brand’s image, the experience your customers have with your business matters just as much.
- A strong brand provides your business value: A strong brand will provide value to your organization well beyond your physical assets. People often ask me how developing a brand will help their business. As a concept, I think it may be easier to see why big companies create brands and the benefits of it. But it can be more difficult to understand why it’s relevant to your specific business or organisation. Or why you should invest the time or money in building your brand.
- Your brand represents you and your promise to your customer: It is important to remember that your brand represents you, you are the brand, your staff is the brand, your marketing materials are the brand.
- Brand Identity: Your brand identity is the way you present yourself to your customers. Your brand identity encapsulates the core values of your organisation and the reasons why your customers or clients would want to purchase your products or services. When you are thinking about your organisation’s brand identity, consider how you want your organisation to be viewed by customers and competitors. Are you exciting and innovative, or are you stable and dependable? Once you have determined which qualities suit your organisation, your presentation and dealings with customers need to promote these qualities from your logo, to your website design, product packaging and the language you use to communicate.