For many entrepreneurs, developing a cohesive brand strategy is the most challenging part of their business. There are so many different facets to consider and to try and bring together under one larger brand umbrella, that the task often seems insurmountable for a startup. As a result, brand development gets put on the back burner.
The top-performing businesses in the industry have powerful brands. Here are five reasons your business needs good branding to be successful.
Communication Point with Customers
Your brand determines how you interact with your customers. It’s not only what they see and associate with your company name, but also determines how you approach communication with them, the language you use, and the overall emotion you evoke. For example, an organization that caters to busy stay-at-home moms with a sense of humor will be much different than a business that serves middle-aged men looking at retirement planning. Everything from your tone to your design pieces will be put together to appeal to your target market so that they feel comfortable giving you their money.
Build Recognition and Recall
Think of the most recognizable brands in the world: Nike, Coca-Cola, McDonald’s, etc. Most people recognize elements of their brand without context. If you see the Nike swoosh on a pair of pants at the local thrift shop, you know right away that you’ve found a good deal. If you’re walking through Asia and don’t understand any of the signs around you due to a language barrier, you’ll know exactly what the golden arches in the distance means.
The colors you use, your logo, and your typeface are all design components of your brand that help build recognition and recall in your customers. So when they see your custom packaging from the distance, they recognize you right away and have a positive emotional response.
Stand Out Against Competition
There aren’t many products or services in the marketplace today that are completely new and innovative. In most cases, your business will be offering something similar to someone else, if not entirely the same. So how does one person know to choose you over the competition? Why do some businesses thrive at a higher price point than those offering discounts for the same product? One of such great examples are online coupons that offer desirable products at a price customers are hard to resist.
Your brand can help set you apart from competitors, and you can guarantee that some of your competitors will be using branding to set themselves apart from you. In this way, you can’t afford not to focus your branding efforts.
Branding Directs Your Business Goals
Having a strong brand gives you a solid foundation from which to build your goals. It gives you a starting point to circle back to when trying to determine if something fits the values and motivators of your business. While you may try to diversify and add new offerings to your business, branding is the roadmap that allows you to do so without going completely off course.
Your brand also provides a suitable guideline for your employees. Just like your brand strategy communicates who you are and what you do to customers, it gives employees the same information. It tells them who they work for and why they should want to be a part of your organization.
Adds Value to Your Business
As your brand builds recognition, it also builds value. Think again of popular brands. People buy more Coca-Cola than store-brand soda. You pay more for Nike branded sports gear than you would for a high-quality no-name piece. One of the most successful ways to see your brand prosper is using Google My Business optimization services, and a company like GMB Gorilla can get your listing to the top of the search results.
This is all the result of strong branding. Having a strong brand will encourage your customers to pay more for something that they can get elsewhere for cheaper. Should you ever sell your business, you’ll get a higher return on investment if you’ve put in the work to develop your brand.
In summation, taking the time to develop a strong brand to connect with your customers and convey your message to the world is of the utmost importance if you want to be successful. Work through the different facets over time or consult with an expert to develop a strong, cohesive brand.
