Despite what you might think, branding isn’t reserved just for Apple, Google, Coca-Cola, McDonald’s, and and it’s not just your logo or mission statement. Branding is important for your company. It defines who you are and what do you do; how you see yourself and how do you want to be seen; where do you want to be and how will you get there; and what makes your business unique out of all the others. Branding requires your attention since it can also increase the value of your company, help you grow, make it easier to connect with customers and determine your success. If you’re still unconvinced, here are seven reasons why branding matters in business.
1. Makes Companies Relatable
When people first heard Apple’s “Think Different” ads they were immediately able to identify themselves with the brand because they shared that vision. Even if most people at the time didn’t own an iMac, or didn’t want one for that matter, they could still relate to the brand message. Since a company is something artificial and distant, branding brings it closer to people, shapes their opinion and how they perceive it.
2. Delivers a United Message
Branding connects all aspects of a company. For example, a creative professionals from Studio X achieve this by developing brand strategies that combine physical features (interior and graphic design) with virtual architecture (web design and development). This consistent presence delivers a united message across all channels of communication. Everyone involved with your company, from clients to partners, will have a clear understanding of what your business represents.
3. Supports Marketing Efforts
Marketing plays an important role in building your brand. It allows you to gain visibility with key demographics and creates brand awareness. As your brand awareness grows, marketing can rely on that recognition to support its own efforts. This mutual dependency between branding and marketing will allow your business to grow. Once you start dominating one specific market, the reputation of your brand will make it easier to market yourself to target a completely different audience.
4. Drives a Premium Price Point
Brand awareness can increase the value of the products or services you sell. As people start associating your brand with quality and it starts trending, what you sell becomes more desirable to your audience. This allows you to increase the price of your products. Quality brands are able to put a price on their brand name because people are willing to pay extra to be associated with it. That’s one of the main reasons why Starbucks coffee is more expensive than regular java at your local coffee shop.
5. Encourages Employee Endorsement
A company can improve the extent of its reach if it encourages employee endorsement. Branding helps with this since employees will tend to be more productive and promote the company when speaking to others. By feeling the value of your brand, they associate themselves with its message. This makes them more likely to endorse a positive experience about your brand, and can even turn employees into brand ambassadors that regularly share the company message at their own free will.
6. Creates Trust Among Customers
A strong brand is centered around its customers. When you have your customers (and their desires) in mind first, and profit second, it creates trust among them and marks you as a professional. As customers perceive a company’s intentions as sincere, authentic and transparent, they will transfer those feelings to the products or services you offer. They will believe that what you offer has enough power to improve their lives, and that justifies their decision to buy from you, instead of the competition.
7. Builds a Loyal Customer Base
Branding can inspire loyalty among your customers. After they convert from prospects, customers will ultimately shape their future feeling towards your brand through their experience. If you do introduce the feelings of trust, they are far more likely to make a purchase again.
Not only that, but great branding values customer loyalty and will look to reward it. In turn, your loyal customers will want to repay for your care by promoting your brand. They will become brand ambassadors and will spread a good word about your company, even remaining loyal during bad times.
Tracey Clayton is a working mom of three girls, passionate about traveling, marketing and everything tech related. Her motto is: “Live the life you love; love the life you live.”