Knowing how branding adds value to your business can be quite challenging, especially when competing for a place among many industrial top guns. Nevertheless, there is an element that can quickly change the dynamics and can also make your business gain visibility without the high budget possessed by the big boys. It’s called BRANDING.
What is Branding?
Branding is defined as the act of giving a company a particular design or symbol to advertise its products and services.
Basically, it is a way of Identifying your business, away at which customers recognize and explore your business. Branding is more than just the use of a logo, an effective brand is reflected in everything beginning from your customer’s service style, employer’s uniform, and business cards to your marketing materials and advertisement scheme.
What are the Characteristics of A Good Brand?
To gain much visibility and the attention for your brand and business, these are the following features it must possess which are as follows:
a. Loyalty:
Top of the list on how branding adds value to your business is customer loyalty. Branding creates a connection with your proposed target audience which makes them come back to repeat patronage resulting in loyalty towards the brand.
b. Awareness:
For your brand to be noticed, your target market and audience need to be aware of the attributes, and values it provides through adequate marketing events, television commercials, use of digital marketing skills, and social media platform to propagate the awareness of your brand.
c. Higher Sales and Profits:
After increasing the level of brand awareness showing its unique features in the proposed target market/ audience. Hence, your business reaches its objective by getting higher sales and profits.
Why is Branding Important?
Branding is very important and critical to a business because of the impact it makes on your business. Basically, it changes how people see your brand, drives new business, increases brand values, and generates more leads to the growth of your business.
Here are the top benefits that branding adds value to your business:
1. Customer Identification
Whenever a prospective customer identifies a business brand’s color, logo, and theme, they are likely to that particular product that the brand is offering over others. The reason is that they have already familiarized themselves with your brand and what it represents.
2. Stay Ahead of Competitors
Peradventure you have so many competitors and you are just starting, it would be a tough one to get ahead of them. However, a unique brand will help attract the right kind of customers to you which can also make you charge extra for top-notch quality products with good branding.
3. Improvement of Company Values
Your brand having a personality makes it easier for people to relate to your business’s values and motives. However, whenever prospective customers relate to your company values, they are likely to want to do business with your brand.
4. Credibility
Most prospective customers have trust issues when it comes to using new products or services. However, a very strong brand will help place you apart in a well-structured manner with strong values that your customers can relate to. Furthermore, an innovative marketing strategy combined with unique products and quality services will help a small business stand firm as a professional business.
5. Consistency
A business or brand that will thrive will always set the foundation itself. Once a business has found its rooting (branding) which includes color, typography, etc, all other things will be modeled around it. This will create consistency within the business and will help customers relate more to it.
Imagine a brand changing its logo every month, it will pose an unserious act and a sense of confusion on the part of customers who would not want to even get associated with the brand( buying products and services) from a very inconsistent brand. Consistency remains one of the strongest foundations for understanding how branding adds value to your business.
How Branding Adds Value to Your Business
To have a successful business and to gain visibility amongst other competitive businesses, here are some tips on how branding helps add value to your business and its growth:
- It helps builds trust and business name recognition
- It pushes consistency within your business.
- It keeps your employees motivated
- It adds a quality financial value
Read Also – Online Positioning and Branding For Small Businesses
1. It Helps Build Trust and Business Name Recognition
Irrespective of the industry you are in, there are more competitions than before, However, the internet has made it very possible for other companies all over the world to compete for your services. For example, if you’re a pastries delivery company, you will now compete with companies all around the world that deliver freshly made pastries directly to the homes of people or customers every day. This implies that you will need to devise a way to distinguish yourself from the rest of the companies. The best way to do this is through strategic branding.
More importantly, branding brings about a feeling of trust. When people get aware of who you are, there is a sense of familiarity that makes it convenient to do business with your company. This makes it a lot easier for your business to find and retain your prospective and prominent customers or also obliges them to refer new ones.
2. It Pushes Consistency Within Your Business
Concentration on your branding makes you make a decision exactly to what your business visual language should look like, the colors attributed, knowing the marketing materials both visually and emotionally you should communicate, and even the kind of message you should use when speaking with your prospective and consistent customers. Having made all these decisions will make your strategies in the future easy to put together and help keep your business brand consistent.
As a result of these, your customers will see a brand that is stable and professional at what it does and ensures that you are always leaving a definite impression on them.
Another thing consistency does is that it takes advantage of any collaboration you have already built since your customers will know who or what you are at a glance.
3. It Keeps Your Employees Motivated
When working with you to understand what your company stands for and what it’s aiming to project, it will help them brace up, allowing them to think about what your brand is all about in all of their interactions with their colleagues and the clients they deal with. Perspectively, they will start living your business brand values by themselves. Given these, they will be more eager to keep the business policies, and strategies, and point out when things seem to be inconsistent.
4. It Adds Quality Financial Values
The contention is that when your business that has a strong brand presence is worth more than a business brand without any. According to CoreBrand’s Corporate Branding index, it was discovered that on average, a company’s brand is highly responsible for between 5 and 7% of its total market capitalization. In face of these, it is very impossible to compete that proper branding does not have a tangible addition to its financial performance.
Botton Line
However, if you need help bringing together a strong brand or a brand strategy within your business organization, Iconic Digital World is here to help your brand. We create digital footprints for your brand to adequately interpret your business values, humanizing your brand and making it stand out amongst its competitors.
