Looking beyond just high quality and memorable logo, well thought out branding can increase the value of a company; It can provide its employees with a clear direction and motivation and makes retaining customers that much easier. But what is branding? A simple answer is: Everything!! Branding is the customer’s perception of your company’s services, marketing, reputation and design. When all parts of your business work well together, you generally get a positive result. So let’s look at the value of good branding and how it can impact your business.
1. Brand Recognition This is extremely important; thinking about coffee?
Do you automatically think of the very American looking Starbucks logo or the very recognizably colour scheme of Costa coffees? We automatically recognize businesses by a simple logo which acts as the “face” of the company. A well done professional logo design could make your business stick out in a competitive environment.
2. Trust in Branding Ask yourself, would you prefer to buy from a company you know and recognize?
Having a professional and recognizably brand installs trust in potential clients. Customers will always be more likely to use your business or services if you have a strong brand presence and appear professional and legitimate.
3. Hand in Hand Advertising is key to a business’s success and plays a large role in your business branding.
It is very important that you target the correct medium and demographics as it plays another part in your branding. Identify your target market without going narrow, edging you out of other potential customers and losing out on expanding potential customers. On the other hand, don’t go to broad as you dilute your company’s focus and will struggle to make the relevant impression
4. Brand Inspiration Employees make a business!
Beside the day to day runnings of the business, they want something to work towards and understand your end goal. They are more likely to feed off that enthusiasm and pride themselves to work towards the same goal if they understand the brand and know where it is heading. Having a strong brand is like being part of a football team and we all want to win the Premier league.
5. New and Old Customers Branding allows your business to generate new customers through referrals.
When you buy a new jacket that your friend absolutely loves do they ask you for the brand? Brands leave an impression on a customer by having a good product/service and the customers experience with your business. Word of mouth is the most profitable source of advertisement but will only work if your customer refers you for having a great experience dealing with your company. Remember this can also have the opposite affect if they have a negative experience. Nearly all profitable companies regardless to their size have a single thing in common; they have established a strong brand.
The most profitable companies, small and large, have a single thing in common. They have established themselves as a leader in their particular industry by building a strong brand.