A brand is more than the visual representation of your business. It includes everything that gives a distinct identity to your business and sets it apart from others – your business tagline, its mission, vision and purpose, your brand values, imagery and visuals, and the logo, inclusive of the design, color palette and fonts). The importance of branding in business cannot be understated – it’s what gives your brand a personality, and represents everything that your business stands for…it’s how people identify that it is you.
Branding has always been critical because of the impact it has on the business. It affects the way your audience perceives your brand, it can set expectations, and increase brand value. The opposite is also true, which is why it’s recommended to consider branding when you start your business. Here are a few compelling reasons why branding is so important to your business:
1. Increases brand recognition
This one’s a no-brainer. When you see the swoosh on sports shoes, you know they’re Nike. Or the famed golden arches that tell you a McDonald’s outlet is close by. Being recognized is one of the most obvious reasons why your business needs branding. In fact, a strong branding strategy will help your audience recognize and recall your brand. This is especially advantageous in the age of social media where people observe and interact with various brands, and consistent branding could fix your brand in their minds. Even if they do not buy from you at that time, they will recall it when they require the product/service you sell.
2. Builds trust
For your branding to work, it needs to consider first, the needs and wants of your target market. If your business consistently delivers what your audience requires, then it creates trust. Branding is the promise that when fulfilled, builds trust – not just with customers, but with communities, employees, business partners, stakeholders, investors, licensees, and more.
3. Builds customer loyalty
The brand experience has to be favourable and consistent so as to create customer loyalty. You can ask yourself 3 questions and the answers will let you know if you’re on the right track:
- Is the quality of your product/service as good as promised?
- Does the customer get value from your product/service as expected?
- Is the customer experience favourable?
If you can answer in the affirmative for each, then you can be assured that your brand will grow loyal customers.
4. Increases business value
An effective branding strategy helps a brand establish a good reputation in the industry and bring value to its audience. A brand is a business asset, and in some cases, is even included in the balance sheet as it has the potential to increase the overall worth of a company.
According to Steve Forbes, American Publishing Executive, “Your brand is the single most important investment you can make in your business”.
5. Creates an emotional connection with customers
Your brand provides a great opportunity to build a long-lasting relationship with your audience through an emotional connection. For this, you don’t just sell your product/service; you tell stories that allow your audience to view your business as relatable, likeable and valuable. Your brand story itself presents the potential to communicate your values, your vision and your purpose. It’s important to keep the stories consistent and authentic, to forge a kinship between your brand and its audience.
The importance of branding in business needs to be understood, as it presents a great opportunity to stay competitive and provide exceptional value to customers. Every brand has something that is truly theirs, something unique, and the way that they present and market this, is what effective branding is all about. So carefully consider your branding strategy and make it part of your overall business strategy for growth and success.
At Them You & Me Digital, we are passionate about creating positive outcomes for our clients through bespoke digital marketing strategies. Get in touch with us to learn how we can help you. You can also visit our website to learn more about our services.
