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A business is more than just a company that employs workers and produces a product or service. It also has an identity and reputation, which builds the basis for its brand.
If you don’t think that branding is necessary, consider that research found that companies that maintain a consistent branded look across all of their marketing platforms increase their revenue by 23%.
If you need more convincing, here are several reasons why building a brand is important for your business.
It Differentiates You
No matter what industry your business is a part of, chances are you have competitors. So how do you make your company and offerings stand out to consumers and entice them to choose you over them? Develop a branding strategy.
Having a logo, tagline, and messaging helps you stand out from your competitors and show your target customers what makes you and your product or service unique. This is especially important when you’re a new business looking to gain market share in a saturated industry.
Every element of your branding should be chosen carefully to reflect who you are as a company and who you plan to serve. That includes your logo’s colors, your website’s copy, and even your social media posts. Branding gives your business a personality that can make customers feel warmly towards you.
It Helps People Remember You
Establishing a brand helps prospective customers remember you. Think of how easy it is to recall the logos of famous brands such as Apple and Nike. A well-designed logo and overall branding strategy will help people remember your company and what makes you different.
Humans are visual and likely to retain images and color, which is why having strong branding is important. By remembering what your logo looks like, customers are more likely to remember your company’s name.
Increasing your visibility is also vital if your business is a start-up that needs to attract investors, shareholders, and the media. Good branding affects not only customers’ perception of you, but that of anyone in the public eye who make take an interest in your company.
It Builds Trust
Consumers are more likely to trust businesses that have branding versus ones that have nothing to show but a name. If you had to choose a pediatric dentist to take your child to, would you rather take them to one that has a friendly logo and a website, or one that is just listed on a directory? Branding makes a difference and builds trust.
Businesses with branding also come across as more professional and demonstrate that they’re making an effort to connect with their customers.
It Helps You Connect With Your Customers
Branding helps you establish the right communication with your customers. Once you do research into who your target customers are and their likes and dislikes, you can create branding around that to reach them.
If you’re selling products to baby boomers, you wouldn’t use language in your advertising and on your Facebook page aimed at millennials. You would use messaging that resonates with your intended audience.
Customers like to feel like you understand them and that you’re speaking their language, and appropriate branding can help you accomplish that.
You Can Charge What You’re Worth
When you’re a new business that isn’t really known yet, you may need to charge less initially for your product or service to attract a customer base. But once you have a clear brand that people begin recognizing, you can often get away with charging what you’re worth. A strong brand can help you justify charging a premium for what you’re selling.
Just keep in mind that your customers will expect your brand packaging and other materials to reflect the higher price. This may mean splurging on high-quality gift boxes and wrapping for your products or offering an extra service.
It Creates Longevity
Without an identity, a business isn’t likely to stay in business for very long. Branding not only gets you noticed, but it can help your company remain competitive and thrive for a very long. Repeat exposure to your branding creates familiarity with your customers and therefore, brand recognition that can boost your revenue over time.
It Makes Marketing Easier
Promoting your business is a lot easier if you know what your branding is. This goes beyond knowing what fonts and colors to use when designing your print ads or direct mail pieces—it makes speaking to your target customers much easier.
Branding also helps advertising agencies understand you and your desired goals better, and therefore how to better position you and your product. When you launch a new product, you’ll have an easier time getting people to buy it if you have a trusted, established brand.
It Creates Employee Satisfaction
Branding won’t just make customers proud to buy what you’re selling; it will also help your employers be proud to work for you. Having a strong brand presence can also help your company attract better job candidates and increase employee satisfaction.
Your workers may also show more loyalty if they understand exactly who they’re representing thanks to your branding. When they speak to people outside of the organization, they’ll be able to explain exactly who their employer is and what makes your product or service stand out.
Building a Brand is Essential For Business Success
As you can see, building a brand should be your priority when you launch a company, even if it’s a start-up. No matter what kind of business you run, you need it to help you stand out and develop a loyal relationship with your customers.
Visit our Business section for more tips on building a successful company.