Importance of Branding
More than just a memorable logo, quality branding increases the value of a business. It also provides employees with direction and makes getting new customers easier. Now what is a brand? Simply put, branding is everything.
It is safe to say that it is the sum of people’s perception of a company’s customer service, advertising, reputation, and its logo. If all of these aspects of the business are working well together, the entire brand tends to be healthy.
Here are a few importance of branding you might need to know:
- Improves Recognition
An important component of a brand is a logo because it is the “face” of a business. A brand’s logo is what people instantly recognize first before any other facet of a business. A logo that is professionally designed is simple enough to be memorable and powerful enough to give the desired impression of your business.
- Creates Trust
Research has shown that people are more likely to purchase from a business that appears polished and legitimate. Customers need to feel comfortable before extending their hard-earned money in order to make a purchase. A business can build trust and a professional image with the use of its logo on business cards, employee t-shirts and engraved on the building (if any) to give the business a professional look. This way, customers and other who encounter the logo can easily identify the business. In order to establish credibility, all aspects of your business must have the same look and feel including the website. This will reinforce the sense that this business is a reputable and consistent expert in the field.
- Supports Advertising
This is another important component of any brand. The demographics targeted and the medium chosen for advertisements help build a brand. Advertising through and medium helps spread the word about a business and stands you out among competition.
- Build Financial Value
Businesses that publicly trade on stock exchange are valued at many times the actual hard assets of the company. A large percent of this can be attributed to branding engaged by the business. Good branding most times guarantees future business. Either a business is in the position to borrow funds for expansion or rolling out to an IPO, when it is perceived as more valuable will make the process advantageous for the owner. The more a business is devoted to building its brand value, the higher the chances of financial return from these efforts.
- Inspires Employees
A lot of employees need more than just work; they need something to work towards. They are in dire need of proper motivation and inspiration. If employees truly understand the mission of a business and its reason for existing, they tend to more likely feel that same pride and work in the same direction to achieve the business goals that the business owner has set out to achieve. If you have a strong brand, it is like turning the company logo into a flag the rest of the company can rally around.
- Generates New Customers
Word of mouth referral can be gotten through branding. When a customer wants to tell a friend or a family member about a brand, all he will remember at first is the branding before going into further details of the brand. Profitable businesses, both small and large ones have something in common; it is that they have established themselves through a strong branding, especially starting with a strong visual communication like a logo.
- Branding is built on emotions
If you must sell a product, it must be tied to an emotion. Behavioral science has confirmed that we are all emotional beings and instinctive creatures. Humans tend to be rational, they create to-do lists, make referrals, call colleagues who have used a product/service before. But in the end, decisions are reached based on how we feel.
- Branding represents your promise to customers and a reminder to you
This is another reason branding is important and probably the most important reason. Branding succinctly makes a promise to your customers. Successful brands will always tell customers what they should expect from it plus, they want to be held accountable for it when they work with you. This brand promise also makes you honest to yourself as a business owner.
When you decide to build a brand around being innovative, however, your delivery of that is below par, the business space will tell you loud and clear in lost sales and declining revenue that you are not living up to your promise and vice versa. When you deliver on that brand experience, the results are usually very rewarding.
Most times, business will say that their greatest source of new business is ‘word-of-mouth’. This is the advantage of being aligned with your brand promise because what you are really saying is this ‘we deliver on the promises we make’. Your customers in turn share this experience with others.
Moving forward, here are a few questions to answer in order to evaluate your brand:
To know whether your brand is strong enough to give you the internal and external value that you need, ask the following;
- Is the brand relatable to my target market? Can it be instantly remembered without too much thought?
- Is the brand unique in what it is offering? Is it important
- Is the brand reflecting the promise it made to its target market? Does it hold value for the internal audience?
- Is the brand reflective of the value you want to represent to you customers?
Allow these questions to serve as a guideline in the development of your brand.
When the answers to the question above do not go down well with you, only then should you consider a revamp of your branding efforts.
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