We live in a branded world. Everything is branded, whether it is a large corporation, small tech startup, or your new business idea. They all need identity systems in order to attract and retain customers.
Business who understands the true value of investing in branding understands they’ll get a return. The value of your brand is determined by your customer. The way they perceive, feel, connect and act as a result of your brand- this is brand equity. Investing in your brand will allow you to tap into these value-driving elements.
Let’s take a look at the important ways a strong brand impacts your business:
1. It builds trust and name recognition
You need to find a way to differentiate yourself from the rest of the pack, and that’s exactly what branding does. Branding invokes a feeling of trust. When people recognise who you are, there’s familiarity that makes it comfortable to do business with you. A professional appearance builds credibility.
2. Branding builds financial value
A strong brand usually guarantees future business.
3. It drives consistency
A focus on branding forces you to consider exactly what your visual language should be, what colours you employ, how your marketing materials visually and emotionally communicate. Having these decisions made makes future strategies easier to put together and keeps your brand consistent.
4. It keeps employees on-track
When your employees understand what your company stands for and who it’s aiming to serve, it helps them with brand recall, that allows them to think about the brand in all of their daily interactions with their colleagues and their clients.
5. Your brand is one of your most valuable assets
With a brand that justifies differentiation, companies can command a premium price, increased awareness helps to build brand equity, recognition, and customer loyalty, boosting the value and reach of your company.
6. Brands set expectations
We live in a world based on promises. We have an unspoken contract with the people we live and work with, that they will do what they say they’ll do. We have similar agreements with companies, products and services.