Building a brand is a big deal and it involves more than a logo and a catchy tagline. Your brand is part of your corporate culture and identity. It tells the world how your company wants to be seen and perceived. It influences your customers and employees alike.
That is why many business owners embrace the power of brand building. A recent survey found that 63 percent of businesses reported increased profitability due to building their brand.
Here are five reasons why you should invest in building your brand:
1. Customers will be willing to pay premium prices. Branding helps customers view your business as exclusive, quality, or unique all of which can justify a higher price point in their minds than your competitors. You can see a prime example in luxury brands: Tiffany's, Louis Vuitton, and Rolex.
- These companies are known for their high-quality goods at high prices and they continue to thrive. This is mainly due to the brand-building efforts that set them apart from their competitors and establish them as must-haves.
2. You'll attract higher-quality customers. A consistent brand image will help potential customers determine if you are the right company to do business with, even before interacting with you in person!
- When branding effectively, you’ll not only create a positive perception about your company but you’ll also make your competitors seem less appealing in comparison.
- That will naturally result in more quality leads for your business, which always leads to greater profits in the long run.
3. Branding creates a unique positioning in your industry. Your competitors may be doing everything right. But if they have the same products or services as you, how can potential customers choose you over them?
- Branding can help set you apart in your industry by creating a sense of uniqueness in your offerings. That way, customers are left with only one choice: yours.
- The right branding strategy can help you identify your unique selling proposition. Once you know what makes your brand unique, you can build your business around it to create lasting success.
4. You'll stand out from the competition. As a small business owner, you want to build a brand that people will remember and recognize not just with your logo, but with your entire brand identity!
- For example, consider Apple. Though they have a wide range of products, people typically think of the company first when they think of technology or computers.
- That's because they invest a lot of money into marketing their brand and creating a solid brand image for their products — and it pays off!
- When creating a strong brand for your company, develop a unique identity and consistently stick with it so that customers and employees can instantly identify you with your products or services.
5. Employees will be more engaged and productive! A strong brand image will attract and retain talent two crucial components to a successful business!
- A strong brand image also helps encourage employees to give their best performance at work because they want to be part of something special. That, in turn, increases employee retention and reduces turnover costs in the long term.
- As a business owner, you must always look for ways to motivate your employees and a strong brand image is a great place to start.
There's no denying that a brand is essential. But don't just take our word for it — research has proven it!
When building a brand and establishing an identity for your business, follow these five steps: Identify your goals; define your target audience; determine what makes your business different; establish a visual image; and be consistent! The benefits of a strong brand are endless!
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