Is branding important? How does a strong brand make a difference to the bottom line?
These are questions that have gone through my head on many occasions. When we think brand, we think about the brands we know; Coco Cola, Marks & Spencer, you know the high street norm that we have grown subconsciously accustomed to without even knowing. But is there an answer to why branding is so important to a business? Does a strong brand remain within the thinking process of the brain, we see a colour we think of a brand? We hear a little tune associated with a brand and we end up singing it or finishing it off “I’m loving it” is a great example, need we say more?
So, I think already we are seeing why businesses do need a strong brand. Let’s state right now that brand is more than just a logo although a key part, it goes way beyond this. A brand needs to encompass the whole business experience for your customers. This means it goes from logo to your website, your social media posts, advertising, how your emails look to how you answer the telephone. Don’t fall into the trap that brand is merely a logo.
In simple terms, a brand is all about perception. How your customers perceive you when they think about you, hear about you, see your content or advertising. You must make sure this includes everything they think about your brand, this extends to your packaging colour and branding (think Amazon) should that be part of what you do, the information you provide, to the words you use. It’s actually that extended, your brand must build the complete business picture and experience.
Here are six reasons that you should take your time and build your brand the right way…
Become Recognised Through Your Brand
When you do brand the right way, you will be recognised. Brands that achieve recognition will make their customers make them feel more at ease, that helps with business engagement and conversions. As humans we adhere to a rule of familiarity and if you establish yourself as a quality experience, product, service or offering you will encourage customers to choose you repeatedly and more importantly choose you over the competition.
Post-It’s, Coke, Google can be associated to the terms note, fizzy drink and search engine. The brands mentioned here have become so recognisable that they have replaced the word or term in our language with a recognised brand use. How often do we hear “I will Google that” over “I will search that?”
Brand Sets You Apart from The Competition
You must stand out in a crowded market. New businesses appear every day in their thousands globally, so you need to have a point of difference, you need more than a USP you need a brand. The internet has become the global market and you are no longer competing in a local economy. If you want to stand out, then you need to get serious about your brand and what that means to you and the impact you want to have on the market you seek to dominate.
Your Brand Will Generate Referrals
Brands that become strong create referrals, people love to tell others about brands that matter to them. When a brand is adopted by people they constantly tell others about it. It’s a fact that consumers act based on recommendations, so when you have raving fans of your brand is becomes extremely powerful.
This is why creating a strong brand is so important to a business. You can’t tell someone about something that you can’t remember!
Have a Brand That Meets Expectations
Create a strong brand that has consistency and the customer will know what to expect every time. It’s all about trust and creditability, deliver brand consistency and expectations and people will be more likely to purchase from you.
Your brand is, in fact, your promise, it’s like an unspoken contract and it forms legitimacy and trust for your brand advocates so don’t break it.
Your Brand Will Add Value When It’s Strong
Get your brand strong and it will add value to your business. In fact, the value of your brand can outstrip many of the physical assets of the business. Create a strong brand and the value of your brand could be more than you ever imagined.
You only need to understand that 54% of Coca-Cola’s stock market value is its brand to understand the value a strong brand can add to a business. Build a brand the right way and see you company value rise as you brand builds.
Trust Is Gained by Strong Branding
Strong brand recognition creates trust with your audience when this is achieved it makes the process of converting your audience to purchasing customers so much easier. People that are familiar with your brand feel more comfortable with engaging with your brand, service, products and offerings.
Today’s business landscape needs your brand to be strong but don’t be fooled that creating a strong brand is going to happen overnight. It will take planning, investment and development. Many businesses fail to focus on this key factor of developing their business through a strong brand.
Don’t ignore the fact that a strong brand provides direction, creates clarity for employees and motivation plus value, that makes gaining new customers so much easier.