Today, many business owners underestimate the power of building a brand. Are you one of them?
Did you know that branding consistency can increase your profits by 23%? And, that’s the tip of the iceberg. While creating a strong brand may take time and money, the benefits of branding outweigh the expense.
Do you have a branding plan for your company? Maybe you’re one of the many that don’t invest in creating strong branding for your business and products or services. Don’t think building a brand is worth it?
We’ll tell you the most important branding benefits and why you should start building your brand today. Read on to learn more.
Benefits of Branding: Why You Should Care
Believe it or not, creating a brand can be the difference between the success or failure of your business. You might’ve considered branding services in the past. But, never gone through with your branding plan.
You should stop thinking about it if you want to take your business to the next level. Here are 10 branding benefits that will stop you from beating around the bush.
1. Develop Company and Product Recognition
When you start a business, you want your customers to recognize you as the solution to their problem.
It may come as a surprise but, today your branding plan may be more important than your business plan. Strong branding will create company and product recognition from potential customers in your market.
2. Beat Your Competitors
When you have strong brand images, you can render your competitors irrelevant in your industry. Yes, it won’t happen overnight.
But, if you implement the best branding plan that fits your company vision, you will smoke your competitors in no time. Your plan should focus on how your products or services will improve your customer’s life.
3. Create Customer Loyalty and Trust
When you commit to your company vision and create strong branding, you will separate yourself from your competitors. Your brand authenticity will build a bridge between your company and your customer. This bridge will develop customer loyalty and trust.
When a customer trusts a brand, they will recommend it to their family and friends. Did you know that 83 percent of consumers trust recommendations over marketing? Imagine the wonders increasing customer loyalty and trust would do for your business.
4. Establish Your Brand as an Authority
A business that solves a problem and provides value always wins the game. When you own your market, you will become an authority in your industry. Your branding is what communicates your authority to your audience.
Focus on developing strong branding by providing value to your customers. What are their everyday problems? Does your product or service solve their problem?
These question can guide you in developing the right content to establish as a strong brand. A good strategy to develop your authority status is blogging and posting nuggets of knowledge on your social media.
5. Expand Your Brand Awareness
In today’s competitive market, brands are constantly bombarding consumers with their ads. But, how can your product or services grab your customer’s attention?
You can make them aware of your business and products or services by developing a unique and authentic brand. Consumers want to purchase from refreshing and genuine brands that solve their everyday problems.
6. Tell Your Story
Your branding will tell your story. Why did you decide to start your business? How is your business different from your competitors?
When you implement a strong branding plan, you establish your authenticity. By harnessing the power of telling your story, you will grab the attention of your potential customer.
7. Target Your Ideal Customer
You created your business and products or services with a customer in mind. Strong brand images help you target your ideal customer. Your brand messages will tell your customer why you’re the best solution to their problem.
Strong branding works hand in hand with your marketing strategy to attract the right consumer. Your ideal consumer will understand your brand and pay a premium for your products or services. They will become fierce advocates of your business recommending it to their loved ones.
8. Makes It Easier to Add New Products or Services
When you have a brand, it’s easier to add new products to your line. Through strong branding, you will develop a faithful audience that believes in your company and products.
When you release new products, they will be more than happy to purchase and try your new additions. Because they know what your brand stands for.
Also, you could use their input during your product development process. Their advice will help you develop a product that meets their needs.
9. Build the Best Team
Your business is as good as your team. Building a brand will help you bring in the top talent in the industry. Hiring the best team is a must to grow your company.
Also, when a company has a strong brand, it inspires its employees. An inspired team goes above and beyond in their everyday duties. When you have the best team in your corner, your business development possibilities are endless.
10. Increase Your Company Value
Your brand is one of the factors that determine your company value. Having brand recognition can increase your company value making it attractive to other companies and investors.
The Bottom Line
Creating your brand may seem too complicated or expensive. Yet, the benefits of branding outweigh the cost. Some examples of branding benefits are targeting your ideal customer, beating your competitors, developing business recognition, among others.
You might’ve tried to do it on your own but, fell short in the process. It’s recommended that you consider hiring a branding expert.
There isn’t a one size fits all formula to creating strong branding. You need to hire someone who takes their time to get to know your company mission and products or services.
Some factors that you should consider including in your branding plan is reputation management, creating credibility, customer connection, among others. Hiring the right branding expert will help you develop the best strategy to take your company global.
We provide complete branding services for businesses big and small. Want to start building your company brand? Contact us today to learn more about our services.