Brands dominate our lives. The always-connected world that we live and work in is full of choice and endless opportunities. It’s tough for businesses to compete in this world.
To succeed you have to stand out. You have to be different and you have to win trust. The brightest brands win.
Branding can help
Branding was once seen as such a simple concept. In the minds of many business owners, branding was just a logo and a colour scheme. Times have changed.
Branding is now recognised as a sophisticated venture. It’s much more than creating a logo. An effective branding programme is an essential component for businesses.
Increased competition for customer attention has made branding an important and valuable, business process. The benefits of branding are becoming clearer to the owners and leaders of businesses.
In today’s world, if you’re in business, you should be working on building a brand.
Branding will boost your business
A well-executed branding programme is the best investment a business can make. By strengthening your brand, you are strengthening your business.
By developing your business into a leading brand, these are some of the valuable benefits you can enjoy:
Leading brands are able to charge more for their services or products. People will pay a premium for items that they believe provide a higher value and lower risk than lesser-known alternatives.
Lower cost of sales:
Consumers of trusted brands will make repeat and frequent purchases. As a result, the cost of making a sale is lower. Customer-acquisition costs are lower for leading brands over a long-term client relationship.
Lower cost of promotion:
The consumers of valued brands become ambassadors who spread positive word-of-mouth. Having a tribe of brand advocates is a low-cost, high-reward means of promotion.
Higher market share:
Valued brands develop loyal customers who recruit more customers to the brand. This helps to increase the brand’s share of the market. It also reduces customer-development costs and crushes the competition.
Lower employee turnover:
Often overlooked, but great brands attract passionate employees. Having enthusiastic employees helps to create satisfied customers. Happy customers make employees’ jobs more enjoyable, reducing staff turnover as a result.
Leading brands enjoy a high level of awareness and esteem in the minds of consumers and other key influencers. Branding increases the perception your business with industry leaders, community leaders, news editors, financial analysts and investors. This leads to a higher brand preference and marketplace prominence.
Branding helps you win
In simple terms, branding allows your business to get into the minds and often the hearts of your prospects — and stay there.
Branding is the ability to set your company or product apart. It helps you to stand out even if you are surrounded by competitors who have bigger budgets, larger sales teams, or claim to have a similar offer.
It’s the ability to create memorable experiences for your clients over and over again. These experiences can become so compelling that they will keep coming back for more. They will tell others about your company and even pay more for your products or services than they would for your competitors.
A version of this blog article also appeared on the Mustard business blog.