Why is branding important for your company?
Branding is important for your company and your customers, because it tells everybody everything they need to know about you, and even how they should feel about your company. It’s the link that connects your company to your consumer and all the way around.
Branding is the sum of your customer experience, your business personality and your company’s values, and it talks loud to your audience about who you are.
What is Branding?
You might think that branding is simply the mixture of colors, fonts and maybe your logo or slogan. However, these are just some key elements of what branding really is, since it goes far beyond these things.
Branding is all about customer experience, from your logo and colors to your website and social media posts, your advertising and communications, your physical and digital presence, the packaging of your products and your customer service, and even emotional features like if you’re a luxury brand, or a leisure one.
Branding is important for your company and your customers because its role in today’s world goes way beyond the differentiation of a product from another one. So, every company no matter its size, should definitely have a plan to create the right experience for their customers.
Think about this:
Products have life cycles, and we see every day how products appear and disappear. However, brands outlive products, and they talk about quality, credibility, experience and status. Brands are more valuable that products in today’s economy, and that’s why many companies make huge efforts for their brands.
So, why is branding important for your company?
Now that you know what Branding truly is, let’s talk about why it’s important. Here are a bunch of reasons why branding is a must for your company:
1. It is your identity
As we said before, branding is all about who you are. It links your name, logo, colors, online and offline presence and brings it all together. It tells your audience what they should expect when purchasing something from you.
Also, when you do everything right, people can easily recognize you among other companies or products, and if you deliver what you promised, they will prefer you above others.
2. It goes beyond the transaction
Branding has a greater impact after the purchase transaction than before the transaction. Brands create a bond with people when they’re using the product, so, their experience should be filled with good memories and good feelings.
If you did right and you delivered your promise, you have a greater chance to gain a loyal customer because they trust you.
3. It generates referrals
A strong brand can generate referrals because people tell others about the brands they love. So, new clients can come through your current client’s recommendations or word of mouth, and that’s where your efforts on branding start to pay off.
You can tell if you have a strong brand if there’s a good impression of your company on your customer’s mind. That’s what we call Top of Mind and Top of Heart, when people think about you and love everything about you.
4. It builds trust
Ok, now you have a clear identity, you gave your customers a great experience and they are all over the place talking about you. Do you know what comes next? Trust building.
As your audience gets to know you better and purchases from you again and again, they will start to trust you more. So, keep up the great competence you have on your matter, and ensure you offer a great customer experience, both online and offline. These efforts will keep your customers in love with you and coming back for more.
5. Increases the overall market value
This is called brand equity, since your brand has a value on its own. Brand equity is the increased value of a product just because It’s associated to a certain brand.
But not only it allows you to charge more for your products, but a strong brand is worth as much as revenue and sales. So, if you have a strong brand, you are worth so much more than your premises, equipment and products!
What should your brand accomplish?
Now that we know what branding truly is, and why is important to your company, let’s talk about what is your brand’s mission.
Besides all the benefits we discussed previously, your brand’s mission is to get your audience to see you as a leader who addresses their problems and solves them like nobody else can.
It should also accomplish these objectives:
- Deliver a clear message about who you are and what you offer
- Reaffirm your credibility in your domain area
- Build an emotional connection with your customers
- Generate goodwill and loyalty from your employees, customers and partners
- Motivate potential customers to buy or take the next step
- Set you aside from your competitors
- Help your business to easily expand to new horizons
To wrap it up, branding is more important and more relevant today than ever for your company and your customers. However, a good branding is a result of meticulous planning, development and growth, since it won’t happen overnight.
You also need your branding to permeate your entire company. When your entire organization is clear on what the brand should deliver, they can all work together to make it happen. This will surely build a strong brand loyalty among your own people and your customers.
Your brand is your identity and is what you promise to your customers. Hopefully, your brand will offer happiness, great experiences and lasting impressions to your clients.
Take a look at this post about Dynamic Logos, a great way to innovate in your branding!
We also recommend you to read this post about Designing a Stand Out Brand!
If you’d like us to help you with your branding, don’t hesitate to contact us. We’ll be happy to help.