Reading Time: 3 minutesA brand is no longer what we tell the consumer it is—it is what consumers tell each other it is, - Scott Cook Click To Tweet
In a competitive world where there are close-substitute to the products and services you offer, gaining new customers and existing customers’ loyalty and trust proves to be a herculean task, but in spite of these challenges, there are companies that have been able to inspire trust and loyalty beyond a reasonable doubt thereby increasing sales and revenue. The question in your mind now is how do these companies achieve such a feat? The answer is through Branding.
What is a Brand?
A brand is set of distinctive perceptions, ideas and feelings that people have about your company, which set it apart from alternatives.
Scott Cook, co-founder of Intuit defines branding in another way:
A brand is no longer what we tell the consumer it is—it is what consumers tell each other it is. – Scott Cook
Basically, your brand is what your consumers think of you. It is the impression that comes to their mind when they hear your business name.
What is Branding?
Branding is the process of creating a strong, positive perception of a company, its products or services in the customer’s mind by combining such elements as logo, design, mission statement, and company values.
Branding done effectively helps companies differentiate themselves from their competitors and build a loyal customer base. Click To Tweet
Branding is important for every business that desires growth because it increases their value, gives employees direction and motivation, makes acquiring new customers easier and build customers’ trust and loyalty.
Here are 7 reasons why branding is important for your business.
1. Branding helps to grow your reputation
A strong, consistent brand will help you to establish your business. It makes it easier for customers to remember and recommend you based on the previous experience they have had with your business.
2. Branding increases the value of your offering
Branding increases the value of your product offering from being just a commodity to a unique product, thereby allowing you to charge a premium on your products and services.
Customers are in most cases willing to pay a premium for an established brand versus a no-name product.
3. Branding creates consumer preference for your products/services
The multitude of choices in every category leads to confusion and uncertainty. One way consumers deal with these issues is by moving towards brands are well known and trusted by the public or family and friends. They are considered less risky when making purchases for their products and services and provide the peace of mind that the product will perform or services will be rendered as expected.
4. Branding helps you win investment
A strong, well-known brand can help you to generate future business, and even increase your business’ value by giving you more leverage in your industry. This makes it a more appealing investment opportunity because of its firmly established place in the marketplace.
5. Branding boost employee pride and satisfaction
Strong brands create a sense of purpose for the employees, who tend to be loyal to the company and not easily swayed by the market competitors. When an employee works for a company with a well-respected brand, and they genuinely agree with what your brand stands for, they will be more satisfied with their job and have a higher degree of pride in the work that they do.Branding your workplace and creating promotional merchandise for your employees to use can help to reinforce the strength of your brand and the values it stands for. Click To Tweet
6. Branding Creates Trust
Presenting your company in a professional way and providing quality products and services, new clients will trust your company and feel more comfortable giving your company their hard-earned money.People are more likely to do business with a company that has a polished and professional brand image Click To Tweet
Being Properly branded gives the impression you are industry experts and help the public feel they can trust your company.
7. Branding supports your advertising efforts
It’s easier to create strong advertising using (Social Media, TV, and Promotional Outlets) and expect better results from it if you have a strong brand.
Now that you know why it’s important to develop a solid branding strategy, here are a few ways you can do it:
1. Define how you want to be perceived
When your customers are done using your product or service, how do you want them to feel about their experience?See your brand as your promise to your customers – a promise that’s different from your competitors’. Click To Tweet
2. Crystalize your brand promise
What is the ultimate promise you’re making to your customers? How will your products/services make their life better? How are you going to deliver this promise?Keeping the promise that sets you apart from your competitors implies that you’re doing something more than what they’re doing. Click To Tweet
3. Communicate your promise
All of your marketing material – from the colours of your logo to your website text – must be developed as a function of this promise. What you say on Facebook or LinkedIn must be aligned with this message, as must the decoration of your premises.
It’s at this stage that your brand becomes central to your advertising campaigns. What’s more, your ads will be even more effective, since you’ll have a clear message to convey.
4. Refine customer experience.
Although you have limited control over how your customers will ultimately feel about your brand, you should do your best to make sure every interaction you have with your customers is aligned with your brand promise and follows your brand guidelines.
5. Be consistent
After defining how you want to be perceived, then organizing your business based on this perception and communicating this promise, you must be consistent.
No matter what size they are, the most successful businesses are the ones that have established themselves as a leader in their industry by creating a strong brand. And, when these businesses focus on building valuable customer experiences, they easily transform customers into brand ambassadors.