What is branding? Why is it so important for your business? In simple terms, your brand is the way your customer identifies and distinguishes your business from the rest. Ask any seasoned entrepreneur, and they would tell you that branding should be on top of the business strategy.
Your brand reflects what your business stands for. It reflects the ideals and personality of your business and what makes it unique. Strong branding goes way beyond just having a logo for your website or your brick and mortar business—it is reflected in everything your business does—from as simple as your day to day business transactions, to something as big as customer service. It can be a basis for your entire marketing and advertising ideas.
As an experienced entrepreneur would tell you, there are endless benefits of building and maintaining a strong brand for your business. Investing in branding should be on your priority list if you plan to launch your startup. Here are five of the major benefits of branding that no one told you about:
Brand awareness is what builds customer loyalty. When you have a strong brand, it builds customer recognition. This means customers are cognizant of your company when they are shopping for a particular product. Research has shown that customers are far more likely to choose a brand that they recognize rather than go for something unfamiliar. They stick to something they know, rather than foray into unfamiliar territory to buy their product. When you showcase your values through branding, it helps develop an emotional connection. Keep in mind, Customers are attracted to brands that share similar values. If your brand delivers as promised, your customers will remember you and keep coming back to you, leading to a bond that can last a lifetime. It also contributes to word-of-mouth, which as you may know, is an excellent form of marketing.
Branding gives You Credibility
Having an established brand will work for your business like a charm. It will make your business stand out as an expert. Customers are willing to put their money in a business that looks credible, and once they have experienced your product/service (and if you delivered your promise) they will stick to you. If you come across as a professional who knows what they are talking about, people will be more open towards buying from you.
It Gives You a Competitive Edge in Market
Your brand is what differentiates you from other businesses. When you have a strong brand—a brand that delivers its promise—customers are more likely to buy from you. This lends a competitive edge to your company. Recognition and having a competitive edge is contingent upon your branding. The more recognition you receive, the better your branding is. Also, the more recognition you get, the more you build your brand. The more you build your brand, the more it elevates your position and builds a competitive edge.
Branding Helps Your Business Stand Out
A good brand strategy helps your business stand out—even in an already saturated marketplace. Branding builds credibility, and customers want to buy from those who are credible. This means if you are seen as a trusted business, then they are more likely to buy from you, even if the marketplace is saturated with other businesses.
Branding Helps Save You Money in the Long Run
This is something which nobody tells you. Yes, branding is going to cost you money—but it is something that will pay for itself over and over in terms of boosted sales and returning customers. It can be easy to gloss over the importance of branding your business, especially if you are a startup and are strapped for funds. Believe us, invest in a good brand strategy, and you will be thanking us later. Having a good brand helps make the transition easier. It makes the introduction of new products and services easier and less expensive. It will make marketing for your new products easier. Overall, it will make your life easier in the long run!
Are You Planning Your Brand Strategy?
Many small businesses and startup organizations neglect to spend time and money for their branding and end up stagnant, or worse, go out of business. Some end up being out of sync with their own branding experience. While planning a brand strategy, it is imperative that you are aware of what you want your business to represent. If you want to create brand awareness, then you need to have a plan that is in sync with your business values. A good brand doesn’t just happen overnight, it requires critical thinking and careful planning. If you need help, there are several top management consulting firms and business development consultants that you could approach, and have a plan chalked out.
Remember, having a brand identity is important and should never be ignored in any stage of the business cycle.
Ourbusinessladder.com is one of the top management consulting firms in India, specializing in business advisory and market research. We have helped several startups launch their business and helped established businesses turn their game around.