Is branding worth it?
So, you are wondering if it’s worth putting all the time, money and effort into branding for your company. How could developing a brand identity be so important? Well, first thing’s first, branding is a whole lot more than simple logos and colour schemes.
Branding encompasses the entire experience that your customers have with you, from their website experience and social media interaction, to phone etiquette, packaging, your visual look and your customer service.
Simply put: You brand is the way in which your customers, employees and stakeholders perceive you.
It’s absolutely essential to invest in branding to ensure your customers have the brand experience you want them to have. Unfortunately, many businesses don’t spend enough time coming up with a comprehensive brand strategy and fail to recognise the impact that it can have on their success.
Here are just some of the reasons why branding is worth it:
IT HELPS YOU STAND OUT
Logos and other visual touchpoints are an essential aspect in getting your brand recognised. Think about the Nike tick and their slogan “Just Do It”; whenever someone around the world sees either of these, they know immediately which company it is.
Having a strong branding strategy helps to set you apart from your competitors and can help current and prospective customers recognise your brand instantly.
ATTRACTS THE ‘RIGHT PEOPLE’
As a brand, you can’t be everything to everyone, otherwise you will end up being nothing to no one. The way you position and portray your brand is one of the most effective ways to ensure that it’s the correct target market noticing you. By appealing to the right customers, you are likely to resonate with them more and as such, it will be easier for you to sell your products or services.
CUSTOMER LOYALTY
Hitting the nail on the head when it comes to branding, is sure to create customers that are loyal to your brand. If you have a customer experience which exceeds your customers’ expectations and sticks to your brand values, then chances are, those happy customers will keep on coming back. These repeat customers can also turn into valuable brand ambassadors by telling, showing, and posting about how much they love your brand.
IT UNIFIES EMPLOYEES
Your employees are your most valuable asset and you must ensure that they are on the brand wagon, so to speak. A company that has strong branding that is followed through into their values, is one that is going to have their staff behind them. When your employees believe in your brand, they will engage with customers and do their work with the right motivation and dedication that is expected of them.
IT CREATES FOCUS
When navigating the competitive business landscape, it’s easy to get swept up in hundreds of different ideas and directions. Having a good brand strategy will serve as a reminder of where you’ve come from and where you are meant to go. It provides focus and helps you to stay on track with your brand’s values and promises to your customers.
BOOSTS THE VALUE OF YOUR COMPANY
How your company is perceived by others will determine how valuable your business is. The way your customers see you and behave towards you will impact your financial performance and this has a knock-on effect in terms of your brand equity. A well branded company is worth more when it comes to share price or if you are looking to sell. Think of it as having done home renovations to bring up the price of your house. Building a strong brand requires time, effort and investment, but it is undoubtedly worth it when it comes to the value of your company.