Why Your Company Should Invest in Business Branding
As a business, you've heard about branding. But what is branding and why do companies invest in it? Let me tell you what branding is and is not.
Branding is not just about a logo; it is what customers feel when they see your logo. It is not only about the graphic element but the way it communicates to your customers. In simple terms, branding is about customer experience.
Customer experience is everything from your logo design, your website, your social media and all touchpoints of a customer. Simply put, it is getting your customers to see you as the only solution to their problem.
Here are five clear reasons to help you understand why companies of all sizes invest in branding.
Promotes Brand Recognition
According to Nielsen, customers only buy from a small group of brands, and the average consumer spends 13 seconds purchasing those brand items. In other words, customers tend to scan and reach for what's familiar. This is called "instinct buying."
Of course, if you're a new player in the market it would be tough to put yourself in front of customers if they don't recognize you. So using a logo for starters is one brand element you should be investing to create customer recognition.
Makes Your Company Unique
How do you stand out from a crowd of competitors? Small businesses competing against big companies are faced with a challenge called effective differentiation.
Effective brand differentiation is the means by which the brand is distinguished from the competition, through a superior performing aspect of the brand with multiple consumer benefits. There are a lot of ways that will help small companies differentiate themselves from the competitors. One which is creating a memorable identity with logos, color schemes, website navigation and the whole user interface experience.
Another is offering excellent and legendary customer service to promote customer loyalty. The latter is what most great companies strive for because it keeps the customers hooked to the brand.
Explains Your Core Business
Successful branding is about promoting your company's strengths and "brand values". Think about what your business is great at and what you believe your business should be able to accomplish. What and how you communicate is an element of branding. Customers will remember a brand and all elements that associate with it when they have a positive experience. This will help you open a portal of great customer connection that will facilitate the makings of customer loyalty.
Creates Clarity and Focus
Branding also means your brand architecture. A brand architecture is the clearly defined outline of services or products. It is an integration of symbols, colors and visual language that is tailored to customer thought process. This is where customer research comes in. It will build a solid foundation on your customer awareness, preference and experience in association to your brand. Having a good brand architecture will help your company focus on core products and at the same time do cross promotions and upsells.
Creates Strong Connection
If a customer believes in the core values the company represents, that is a recipe for success. Customer loyalty is only achieved when customers agree and believe in what the company aims to accomplish.
Most big companies rely on promotional stories that embody their core values such as with emotional video ads we see in YouTube. Branding is also about communication. Do you want to be that brand that cares and with altruistic purpose? Of course.
It is when your brand resonates with your target market that your company becomes a success. So is branding worth investing? It is a sound "Yes!" But then again, it is up to you to determine what your company holds important.
For branding advice and other design assistance, contact us.