Branding – why is it important? Why do businesses need to establish their name? The industry changes every now and then, and the list of benefits may be long, but here are the top 8 advantages.
1. Customer Familiarity
Do not undervalue what your familiarity can do for your business. When customers are familiar with your logo, brand and/or label, they’re most likely to pick it up and purchase it, even if it’s amongst the sea of other competing brands. Why? Because they already recognise the brand, and it’s eye-catching too.
Good branding doesn’t have to be about fancy graphics. It can be a simple logo like the Union Beer, or it can be as bold as the Screamin’ Sicilian pizza. It’s about that image that that will easily register in your shoppers’ minds.
2. Client Loyalty
The moment that your customers have started to recognise your brand name and buys your product or service, they’ll keep coming back for more. Repeat customers mean loyal followers, given that you have a great product or service. It’s all about finding what your client needs, and making sure that you provide an answer to their problems. If you keep this up, you’ll be able to build a loyal fan-base that will continuously grow.
3. Aids in Keeping Your Marketing Strategies Consistent
Once the business has already established a branding, this includes the company’s marketing, typography, colours, philosophy, website, print, etc, the rest of the marketing efforts can use the same template. This is because branding can serve as the company’s foundation for marketing, making it a lot easier when making decisions.
4. Enables Companies to Maximise New Product or Service Launches
Remember when M&Ms started launching other products such as their pretzels, caramel flavour, or any other new variant for that matter? The majority of the consumers pay close attention simply because they’re already aware who these guys are. Strong branding plays a crucial role when launching and promoting a new product or service line. Your pool of customers and potential buyers will automatically become interested because of brand familiarity. With that being said, with a new variant, flavour, product, or even service, your brand alone will help launch that.
5. Boosts Credibility
A company’s branding also helps in boosting its credibility, not just with their pool of loyal customers, but also within the industry alone.
Modern marketing strategies matched with impeccable customer service, in addition to striking graphics help establish a professional business.
6. Draws Influencers’ Attention
As soon as your company has started to maintain solid branding, everyone will notice. Don’t underestimate the numbers that are starting to recognise your company. Most of these people are influential people, such as celebrities and talented social media influencers. You can also attract the attention of website designers, social media marketers, and even concept builders found through agencies like Stopgap. People would want to be a part of whatever that particular business does. This is a huge advantage on your part as a business owner because you’re adding a pool of amazing people with superb talents.
7. Acknowledges Shared Values
Do you know what’s great about owning a business with strong branding? It gives the company room to connect with like-minded customers sharing the same values. When this happens, you’re not just establishing a buyer-customer relationship, but it can help build customer loyalty, which can then be passed on to future generations as well.
Toms is a great example. There’s no denying they have amazing shoewear. But they stand out and they’re known for donating a pair of shoes to someone in need for every pair that’s sold. This is an excellent example of branding that’s being passed on to future generations. This is because their parents, Toms’ current customer at the moment, also want to impose the value of sharing to their children. Taking advantage of this shared emotion and values are the most important key points when it comes to business branding.
8. Boosts Confidence
While customers are confident that they’re buying from a reputable and well-known store, branding isn’t just for boosting customers’ confidence. It equally boosts the business owner’s confidence at the same time. With strong branding, all of the efforts, time, energy, money and hard work that has been exerted towards the company is all packaged up into a professional presentation. Branding is all about pushing an existing product and making it known to the audience. It puts it on the front line in the market by drawing the public’s attention. Strong branding is for everyone – both for the public and the business owner, helping them acknowledge and appreciate everything that they’ve done to build the said brand.