Branding is a Business Essential and here’s why
Have you ever asked yourself: Why do I need branding? Read on for 15 bad-ass reasons why you cannot afford to skip the branding. And you’ll understand that it really is one of the basic building blocks of your business.
BRANDING PUTS AT EASE
Humans love the familiar. It helps them feel more at ease purchasing your products or services. By sending a recognisable and consistent message you’re helping your audience remember you. If they know and recognise you, they’ll feel more comfortable purchasing your products and services. So keep sending out your message, consistently.
We receive thousands of marketing messages every day. They reach us via our screens, advertising, logos, signs, media. Sure, we’ve adapted to this and learned to tune out a lot of the info. This means that you have eight seconds to make an impression with your message. 8 seconds is the average human attention span, and it decreases year-on-year. So do make your message simple and memorable. And deliver it to your audience at the right time, repeatedly and via several channels. This will ensure that you stand out. You may soon be forgotten however, especially if you don’t manage to cross paths with your audience again soon, each time delivering a consistent message.
Branding is a great opportunity to show how you’re different to your competitors. On top of that, it gives you the chance to show your products are more desirable than anyone else’s. Branding elevates your business from being just one in a crowd of sameys to something with a unique character and competitive advantage. This is your promise.
Your brand identity is made up of many different touch points. You could think of these as portals into your world. Every time your customers come across one of these portals you get the chance to show them what you’re all about. Placing an ideal number enticing portals will help you invite your audience to come in.
Let your brand guide you when it comes to hiring your people. Are your values a good match? Your brand will help you gather the right people around you. And this works two ways. Having a clear brand strategy helps your team spread your message into the world. Also your audience will unite as a community.
Humans love to express themselves. And when they come across a brand they can relate to, a brand they love, they’ll happily tell others about their experience. People eat and drink brands, they wear them to play sports, they wear them to look sporty, they use brands to declare sides or express an opinion. Create a brand that people can relate to then your brand is bound to be carried into the world by your audience.
A brand that delivers a consistent experience will be sought out by people. Because not knowing what’s around the next corner uses up energy. And we’re wired to conserve that energy for essentials such as nesting, collecting supplies, or fighting. You’ll have a lot of happy customers if they know they can rely on you. If they know what to expect each time they interact with your business.
BRANDING REDUCES COST
Once you’ve defined your brand strategy your design and content creation, your day-to-day and long-term business planning will be simple to manage. This happens because your brand strategy will guide decisions and that’s why your life will become easier and more efficient, saving you time and money. Your marketing communications will fall into place making content creation fun and easy. You’ll know who your audience is, what they want from you and your messaging will be on target.
Consistently stick to your brand in all communications and content creation.
After all, branding work will put guidelines and templates into place making sure you aren’t reinventing the wheel, from a design perspective, every time you create a new marketing campaign.
Branding will guide your marketing decisions such as for example who to target, who to partner with, where to advertise and even how to price your product.
Having a clearly defined brand will help you sell more products. Your audience totally gets the uniqueness of your offerings which you’ve made clear by sticking to your brand strategy. You’ve got a consistent and targeted brand and your audience has already decided to purchase from you, even before you launch into your sales pitch.
BRANDING WORKS 24/7
Brands never take the day off. The feeling around your brand is always there. You are part of your brand identity at all times, and so is your team, and your products. And as such you must all work together to fulfil your brand’s promise at all times.
Once you’ve worked out who you’re talking to and what you have to offer you’ll be able to connect with your ideal clients on an emotional level. You’ll make your audience feel better because you understand their desires and problems.
Branding identifies exactly which types of customers are aligned with your business’ unique culture and purpose.
Start by identifying your ideal customer’s wants and needs you’ll be able to speak to them directly. This ensures that your customer will sense that you understand them. This in turn will make them more likely to purchase your product or services and they’ll turn into loyal customers.
Finally, your ideal customers will start recommending your products to their friends and families. But to get to this stage you need to build a lot of trust and work on your customer relationship like you would work on any other relationship.
BRANDING ELEVATES YOUR BUSINESS
Branding is an investment that will elevate your business, which will result in increased sales, higher product prices, and increased business value.
When you look at branding as an investment rather than a cost, the benefits are clear. Branding pays off over the lifetime of your business, enabling you to attract better customers, with more authority, while commanding higher prices for your products and services.
BRANDING ELEVATES YOUR PRICE POINT
Why do some people pay twice as much for a coffee at Starbucks? Why would other people rather eat their pants than walk around with a Starbucks latte to go? In the end, the answer is simple, because people often don’t buy the product, they buy the brand. And if they relate to that brand they’re going to find the money to pay a little bit more for the product. In many cases a successfully branded product will be able to command a higher price than the same product that is almost unbranded, or branded in a way the customer doesn’t resonate with.
BRANDING ELEVATES YOUR BUSINESS’ VALUE
After all, your brand is your business’ most valuable asset, it’s the reason you’re able to charge more – or sell more – than your competition. A brand may be a theoretical concept but it elevates the value of your products:
EXAMPLE 1: APPLE
Now let’s talk about Apple. In May 2017 Apple was worth about $800bn, which is way more than the sum of their physical assets, such as stock and warehouses. The Apple brand, the relationship people have with Apple, adds a massive premium onto Apple’s share prices. So go forth and build a successful brand and you’ll have a valuable asset should you ever want to sell up.
EXAMPLE 2: KATE SPADE
In spring 2017 handbag maker Coach announced a deal to acquire its smaller rival Kate Spade, for $2.4 billion in an effort to offer a broader “lifestyle assortment” Coach CEO Victor Luis said. Coach has been trying to reach younger consumers with its product offerings of late. Kate Spade’s brand and all the values that go with it was worth a packet to a rival.
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