Branding is all around us. Think about the last time you went to get groceries; you were probably met by many different brands all competing to get your attention. Perhaps you reached for a specific product because it felt trustworthy and would deliver on its promises? Or maybe you avoid certain products because you don’t like certain aspects of the packaging? We all do it and that’s the power of branding.
A brand represents the sum of people’s perception of a company’s customer service, reputation, advertising and logo. And when all of these parts of the business are working well together, the overall brand tends to be healthy.
So creating a strong identity for your business is vital. It is all about showing your customers or clients what you’re about and why they should choose you over your competitors. This is just one of the reasons why it’s definitely worth the investment.
#1. Strong Identity
In today’s competitive market, standing out from the crowd is more important than ever. When your brand is seen and heard, it should establish who you are. People are incredibly quick to form judgments and to make sure their judgment of your business is positive; you need to stand out for all the right reasons.
#2. Builds Emotional Connection
By establishing yourself as a brand, you can deeply connect with customers, employees and the general public. This connection is a gradual process which happens with time, but it starts by establishing a good reputation, letting your audience get to know you and ultimately finding memorable ways to communicate.
#3. Connects Your Values to a Like-Minded Audience
Highly successful businesses have well-established missions, visions and values. But it’s not just for big companies and do-gooder nonprofits. Smaller brands can take a more casual approach while still developing a core set of brand principles.
Your beliefs play a large role upholding your brand identity and communicating it with others. But how you do this is up to you. Some brands take a more subtle approach, while others opt to weave values into a logo itself.
#4. Let’s You See a Different Perspective
While you may think that you know your business inside out, investing in branding forces you to really learn more about your company and what you’re offering. You need to consider what your product or service looks like to you, to your employees, and to your customers.
By seeing your company’s image from a different perspective, you will gain clarity about your business, and you can assess where you should invest further, and where you might be able to cut back. Branding can also make you more aware of where you stand in the market, which helps you to grow and beat the competition.
#5. Maximizes Growth
Perhaps you are looking to expand and take on some new team members, or you want to make some big changes and release some new products; either way, investing in your branding is a great way to maximize your growth.
It’s always a good idea to hire professionals to ensure you get the best possible return on the money that you spend. Ask businesses in your local market for recommendations and don’t be afraid to ask potential partners for case studies on how they helped businesses in your niche.
#6. Attract Valuable Customers
Branding is not about bombarding your audience with logos, advertisements or promotions – this will not attract a long standing customer.
Gathering in depth information means that you can sharpen your offering and efforts so that they are specifically aimed at your target audience – you know what they engage with and WHERE they engage with it.
Not only are the right customers going to purchase from you, but they will also be converted into loyal brand advocates who will speak highly of you and become an influence to others.
#7. Command a Premium Price
People don’t buy products, they buy brands. And people are willing to pay premium prices for premium brands. Branding gives you the power to position yourself as an industry leader with a compelling set of value propositions offered by none of your competitors.
Those brands that establish meaningful differentiation are able to justify their worth and command higher prices for their products or services. And increased prices, as we all know, equal increased revenue.
#8. Finding Finance to Invest in Branding
Creating great branding comes at a cost, and to get it right can be hard work, but if you put the effort in now, it can pay off in the future.
If you cannot afford to pay out of your pocket right now, why not consider taking out a personal loan? With many different options, finding one to suit your needs might be easier than you think, and you can also get matched with your loan options in less than 60 seconds.
Another option is to reach out to potential investors who may be willing to give you some capital for a small percentage of your business. Or maybe you have some family members who would be willing to give you some money to tide you over? Make sure you explore all your options as investing in branding could be the best move you’ll make in business.
It’s time to reconsider your opinion of a company rebranding; rather than view it as yet another cost that needs covering, view it as an investment.
Furthermore, customer loyalty, market leadership, and brand equity position you for an exponential return on investment. If ever there were a no-brainer investment for your company’s future, rebranding is it.
An investment that will help you to become more authoritative, attract loyal brand advocates that are willing to pay higher prices; all elements that will build brand equity while making you a market-leader.
In a world where innovation is considered a key element for successful, to avoid branding yourself as a bold, innovative company would leave us wondering if you even want to be profitable at all.