The Importance of Branding in Business
In the world of business, “branding,” is often misconstrued as simply a logo design or color scheme. In truth, branding is everything that makes up the identity of a business. It’s what gives your business its own unique personality and distinguishable characteristics.
Why does branding matter?
Branding is the aspect of business that gives you the chance to standout from the crowd. Many businesses compete for customers within certain product and service niches. It isn’t always possible to standout with the products or services you provide, but it is possible to standout with the right branding strategy.
Let’s dive into why branding can’t be overlooked in your business.
1. Branding Promotes Recognition
Successful marketing revolves around attracting and keeping attention. With the right branding, potential customers will recognize your business and become more willing to buy the products and services you sell.
The key in promoting recognition is to create branding that is worth remembering. People remember McDonalds because of the golden arches. The same can be said for Nike and the iconic swoosh. Good branding promotes recognition because the customer was able to remember an identifiable aspect about the business.
2. Standout from the Competition
As the marketplace continues to become increasingly competitive, it is getting harder and harder to find ways to make your business standout. In the advent of the internet, businesses are now forced to compete on a global scale. This makes having high-quality digital marketing and branding paramount to success.
With the right branding strategy and marketing techniques, your business will be able to standout across mediums. When looking for a product or service online, customers may look at multiple providers before coming to a choice. It is branding – in other words, what makes your company standout via color, design, logo, vision, etc. – that will set your company apart from the competition.
3. Branding and Business DNA
A first-time customer may come to your business for a variety of reasons. However, to turn that customer into a retaining customer, you’ll need to present a business DNA that they can identify with and trust.
Branding is what allows a business owner to share their core business identities with the marketplace. In doing this, business owners will have an increased chance of retaining long term customers.
4. Branding can Generate Referrals
Even in a marketplace where digital advertising is king, word of mouth is still powerful. Referrals have always been an underrated form of acquiring new business. Branding can offer a business referrals by making a strong impact on the customers they already have.
Dedicated customers love to tell others about the brands they use on a regular basis. This means that if you are able to make a strong impact on your existing customers, then you will probably be able to make a strong impact on the friends of your existing customers too.
Word of mouth can have a “snowball” effect on a business’s traffic. As your existing customers begin to tell more of their friends, their friends will tell others, and so on. When executed properly, branding can expand a business’s reach exponentially.
5. Branding Increases Business Value
With the right techniques and strategies, the impact of branding can stretch far beyond simply increasing revenue or customer traffic. Good branding can give your business the opportunity to standout in an industry for years and decades to come.
When you think about the brands that standout today, such as McDonalds, Coca-Cola, or Apple, do you believe these companies standout only for the products they sell? These companies standout because of the longstanding impact they’ve made on customers for generations. These companies were able to use branding to create value that far exceeds the revenue they were able to generate through the products they sold.
6. Using Branding to Connect with Customers Emotionally
In advertising and marketing the customer will go through a series of emotions before they’ll commit to purchasing a product or service. In relation to branding, the most important emotions to consider are those that surround the customer’s perception of the business.
Through proper branding, a business will be able to communicate the message behind the product or service and connect on an emotional level with the customer. This increases the customer’s dependency and relationship with the product and business. The key is to create positive emotion through branding. With the right colors, slogans, word choice, and design, your business will create a positive experience before, during, and after the customer purchases a product or service.
7. Branding can help Create Trust with the Customer
This may be the most important and underrated aspect of branding. A company’s brand should be thought of as an extension of its core values and competencies. For this reason, it can have an impact on the customer far greater than the value offered through the company’s products or services.
Through branding, you are able to offer your customers a look at what your company stands for. This can help build trust in the promises you make to your customers throughout the customers’ lifetime. Branding can help customers understand they are buying more than a product or service. With the right branding strategy, your company can cultivate the trust necessary to form long term relationships across all customer demographics.
Are You Ready to Strengthen Your Branding?
In a marketplace that is constantly changing and evolving, it can be difficult to manage the different aspects of your brand. As a business owner, you have to consider logo design, web design, color schemes, online marketing, physical marketing, and more. To really make your business standout, it’s necessary for all your branding aspects to fit together as one.
Are you ready to take your brand identity to the next level? Our team at Liberte Tech is well experienced in the space of branding and marketing. We can help solidify your company’s logo, fonts, colors, and designs to ensure that you are branding your company effectively. If you are ready to see what professional branding can do for your business, feel free reach out anytime.