Unless you live on Mars or in another galaxy, there’s no way you haven’t heard of branding. After all, it’s a centuries old practice (‘though used in a completely different context). Small start-ups tend to neglect its importance, but all the big players on the market know just how much of a difference it can make. Let’s not forget that companies like Coca-Cola, Apple or Google are known all over the world due to their strong branding strategies.
Why should you invest in branding?
You’ve got a company, you have your business connections, you have your loyal customers and everything works just fine. So, why should you spend time and resources to develop a brand?
Well, a brand is more than just a company. It’s not enough to have a small store, to provide quality services and set a fair price for your goods; if you don’t have a strong brand your business can’t grow. You will make sales, you’ll cater to those who already know and trust you, but you won’t reach new audiences, you won’t be able to expand your business. The public needs to know everything about your company so that it can trust it and believe it fits their needs.
Here are eight compelling reasons why you need it:
1. It tells the public who you are
By investing in a branding campaign your target audience will get a chance to know your company better, to know which are your values, what are you offering them, which is your USP, what’s your promise to them.
2. It helps your company connect with your customers
In today’s market, it’s not enough to have outstanding products or services in order to succeed. People need to feel connected to you, they need to identify with your company, they need to know that your values are in compliance with theirs. Through branding, you can let them know that.
3. It lets customers know what to expect
Branding lets the customers know exactly what to expect from your company. Simply put, it helps with your positioning on the market. They will know what kind of business it is, to whom it caters, what it delivers and how it does it.
4. It builds trust in your company
Repeated exposure with a brand builds trust. If your target audience knows who you are and what you stand for, in time they will start to trust you, to believe you are a worthy business partner who fulfills their needs.
5. It helps differentiating yourself from the rest
There’s no greater sin in marketing than failing to differentiate from your competitors. Especially from better known ones. If a customers can’t point which are your strengths, how are your products or services different from those offered by others, they will not buy from you. Why should they? You’re just a small, insignificant fish in a fish bank.
6. It contributes to your company’s recognition
You can develop the perfect product, one that fulfills a stringent need, but, without creating a brand around it, it’s just a product. Nothing more. However, if you have a brand, your company will be better known and your products will be sought out by the market, people will want to buy them, you won’t have to go above and beyond to convince them to do it.
7. It generates referrals
If someone knows and trusts your brand, if he believes it is better than the rest, he will most likely recommend it to others, acting like an unofficial brand ambassador and actively contributing to your company’s growth by bringing in potential new customers.
8. It raises your business value
Branding raises the value of your products. A company that has developed strong roots in a certain field has more leverage and can raise its prices more easily, as the customers will be less reluctant to accept the extra cost, because they know that it’s a worthy investment.
All the best-known companies in the world are known and have their reputation due to their branding campaigns. After all, a company that has a strong brand has a competitive edge over the rest of its competitors. Of course, a brand isn’t built overnight, it takes time to develop it, but, at the end, the effort pays off.
If you want to find out what branding is and what it’s made of, you can read this article: What Branding Is and What It’s Made Of.
Here, at Loopaa, we have a team of highly qualified marketers who can take care of your branding strategy. If you want to know more about how we can help you, set an appointment HERE!