The world’s biggest businesses leverage their brands to be able to sell and grow their profits. When we think about the most successful businesses in the world, what do we think about first? Picture McDonalds, it’s the big M you think of. Picture Cadbury, it’s that signature purple colour. Picture Amazon, you’ll think of the iconic logo.
Branding is more than just that logo or a catchy slogan; it’s a comprehensive strategy that communicates the values, personality, and promises of a company to its target audience. The logo encapsulates the brand at a glance. We don’t just consider the products or the service that is on offer, but we think about the branding and what it represents and we don’t even realize that we’re doing it. It’s for this reason that branding is super important for your business.
With the right branding, you can reach people on a personal level. These illustrations from Nalla show how effective branding can transform an emotional response, from tired to inspiring, from confusion to clarity.
Branding is important for your business, here are five reasons why.
1. Branding makes your business coherent
Your brand is based on the values of your business, and if your values are not determining what your business believes in, you need to go back to basics and get that sorted first. Once you’ve established what your values are, you can then push those into the brand and the overall branding. What you end up doing will determine your brand in the eyes of your consumer.
2. Improved customer relations
The relationships between your customers, suppliers and clients can really help and if you work on your brand, you’re going to improve your interactions in a way that makes relationships work. Branding should speak to your customers’ values as well as yours, and the customers are far more likely to interact with you on a more basic and personal level. If you have an established brand, this will allow for a better connection to your customers and your clients and an improved interaction with your product and service.
3. Customer retention
Customer retention becomes much easier with an established brand that reflects your values. You’ll be able to retain your customers and build longer term relationships with them. You’ll be able to control the engagement and the way that customers feel about your product and engage with them with your brand.
Branding builds credibility and trust. A strong brand reflects the values and promises of a business, establishing a level of consistency and reliability. When consumers consistently experience positive interactions with a brand, they are more likely to trust it. Trust is a fundamental factor in consumer decision-making, and a trusted brand can create a loyal customer base. This loyalty, in turn, can lead to repeat business and positive word-of-mouth marketing, which is invaluable for business growth.
4. Employee motivation
When you have a brand that is clearly identifiable, you’re going to be able to motivate your employees and attract people to work for your brand. These are the people that will share your values and feel excited about what you have to offer. A brand lets people know what you stand for. It provides clarity for employees.
5. Increased profitability
A strong brand can command premium pricing, as consumers are often willing to pay more for products or services associated with a trusted and well-regarded brand. Brand loyalty leads to repeat business, reducing the cost of customer acquisition and increasing the lifetime value of customers. Additionally, a positive brand reputation can attract investors and business partners, further contributing to the financial success and sustainability of the business.