Many times, businesses overlook the value of branding because they view themselves as just a business and not a brand. Brands should not be viewed as something only concerning Fortune 500 companies. Regardless of the size of your business, branding can provide support to your marketing and communications efforts and, if implemented correctly, will increase the value of your company.
Although there are a whole host of reasons why branding can benefit your business, we’ve outlined our top 10 below.
1. Tells Your Story
The entire branding process and all its components help tell a story about you. Who you are as a business. What experience you provide What sets you apart from the rest. Why one should do business with you. Proper branding shows that you’re a professional and sets an expectation for what one will receive from you.
2. Attracts Your Ideal Client
Brands that clearly represent their business tend to attract the right kinds of customers. How you package your business or offerings conveys a message about what you are providing. The look, feel, and messaging tied into your brand needs to be carefully thought out to attract who you want to do business with.
3. Creates Brand Recognition
All of the various components of your brand create a face for your business. You want to be recognized and remembered. A professional brand is powerful and will help you stand out even in a saturated market. Your brand should help separate you from your competition, in a good way.
4. Builds Credibility and Trust
If you’re showcasing a professional brand that’s credible and recognized as a quality company, trust will follow. However, trust begins with a positive first experience. Successful brands get the attention of clients from the start, by giving them a reason to test the waters and then fulfilling the promises made with their products or services. If you can’t deliver, you’ll never be viewed as a credible brand or gain the trust of your target audience. Remember, perception is everything.
5. Fosters a Healthy Culture
Having an established brand allows you to better connect with your team. Branding can help you create a connection through shared values and understanding. When your business has a healthy culture, your employees feel valued. When employees are happy and have pride in your brand, they will rally around the business.
6. Creates Loyalty
Loyal customers will support you through the good and the bad. They’ll also generate referrals for you because they themselves had a positive experience with your product or service. When someone believes in your brand, they’ll represent and recommend you to others.
7. Provides a Map for The Future
Having an established brand helps you have a clear strategy for moving your business forward. Branding helps support a roadmap for the future by providing directions to where you want to go with your business. Branding ensures that all the steps you take in the future are consistent and tie back to your overall goals and mission.
8. Leads to Easier Expansion
If you have a strong brand and customer base, it makes it that much easier to add new products or services. You already have a captive and engaged audience and they will be more likely to accept and try your new offering.
9. Improves Sales
Having a business or working in a certain industry can be very rewarding if it’s something you love and believe in. However, you must make money to survive and sales, in whatever capacity, are important. It’s also important that you’re able to charge what you’re worth. If your branding is done correctly and all the items mentioned above come into play in some form, sales will happen at the correct price point. Consumers are more comfortable buying products from credible, recognizable, trustworthy businesses that they can connect with emotionally and enjoy working with. They are also more comfortable paying a higher price for something if they know they are getting a really great product or service.
10. Promotes smooth Succession Planning
When we are starting a business or revamping one, the end is often overlooked. What happens when we get to a point when we want to exit the business? Having an established brand will make it a lot easier to sell your business when you’re ready to move on. Investors will be more reluctant to get involved in something that will take a complete overhaul. Having some brand loyalty that can live on without you will be valuable to potential buyers.
It’s important to make sure your brand is an honest and true representation of your business. How a customer, investor, or prospective new owner perceives you is how they will buy into your brand. In addition, building a strong brand strategy will help you stand out and differentiate yourself from others providing similar services. Investing now in a branding process will save you time and money in the long run.
Not sure when to hire a marketing firm to help rebrand your business? Read about the 5 Things to Look for in a Branding Agency or contact us at hello@lumstudio.com to get started with your brighter, bolder brand!