Branding is more than just slapping a name or logo on what you do. It lets businesses, big or small, connect to their audience by providing an impressionable and unique experience. If you’re a business owner - why should you invest in branding? Is it really worthwhile?
Why Invest In Branding?
No matter what industry or niche you are in, you’ll have competitors, and like you, they’re smart. So, the question to you is how can you box them out and set yourself apart? How do you push your competitors aside in a crowded market and show how you’re unique.
It starts with branding.
Branding is an essential asset because it provides businesses an opportunity to express how they’re different. Sadly, it is often overlooked due to its long-term commitment.
(Back to these guys) Google, Apple, Starbucks, Nike, Coke .. they’re the most well-known. With decades of consistent branding efforts, they’re identifiable and preferred by millions. You can’t expect the same results if one foot is outside the door. Here are some compelling reasons you should invest in branding ASAP.
Attract Your Ideal Customer
Losing time, energy and money on trying to sell to the wrong audience? Branding can help stop that.
Who is your ideal customer? What are their buying preferences? What does their journey map look like? These customer personas are central to branding. It involves in-depth and thorough research to narrow-down or determine those who are more likely to share the same values as your brand.
Armed with these specs, you can create clearer and more refined marketing efforts to target and attract your preferred customer.
Create More Effective Marketing Campaigns
Here’s a bit of an extreme illustration - ever wondered why some companies avoid some marketing approaches? It doesn’t align with their brand. Just imagine Manulife or KPMG collaborating with TikTok influencers. That would be weird and out of character.
There are many marketing strategies and branding helps narrow down which of them is worthwhile, relevant, and aligned with customer persona and company vision.
It helps you stay on track so you can develop more engaging, effective, targeted, and consistent marketing campaigns.
Be unforgettable in a good way. As we mentioned earlier, branding sets you apart from the competition. From a customer's perspective, it makes your brand recognizable. Let’s say, you see Apple’s iconic logo. You’ll immediately be able to tell that it's an Apple-made product. That’s brand recognition - the ability to identify a company without reading or seeing the brand name.
Don’t expect immediate identification or brand recall after just a few tries. A study shows that it may take five to seven times for an individual to remember you. Henceforth, Branding initiatives should always be consistent and persistent.
Builds Value, Reputation & Trust
It’s no secret that customers prefer to do business with companies that they can trust, and feel like the company shares the same values. By having a well-strategized branding initiative, lets you build reputation, value, and trust. Your brand narrative and value propositions will become so solid that you can articulate superiority against competitors.
If you're a startup, this applies to you in an additional way.
Investors are more likely to do business if a brand has an established and professional marketplace position. If you do ever decide to exit, effective branding can triple the worth of the company than its initial value.
Generate More Revenue with Higher Prices
Launching a branding campaign is easy. What makes it difficult is consistency. But if you do decide to stick to it, it's a worthwhile investment.
A report shows that you can drastically improve revenues by up to 23% when branding efforts are continuous and consistent. So, if you want to make more money, make sure that all strategies are aligned and unified across all platforms.
Strong branding is also a great strategy for building the “word of mouth” initiative. According to research, over 70% of consumers consider word of mouth as a key influencer to their purchasing decision.
Ever wondered why some companies have heftier price tags for a generic everyday item like a white t-shirt?
Well, because they can.
They’ve established their position in the industry so well that they can command the price. With effective branding, you can also place your business in the exact position.
With the market so heavily saturated, it’s more crucial than ever to start thinking about how to grab the attention of your audience. If you're a business owner and haven’t thought about your brand in a while, then you should consider that your audience may perceive it different than you intend it to be.
Invest in a branding strategy that lets you provide value and memorable experiences from initial interaction to post-sales support.