Due to the competition nowadays, businesses must go above and beyond to stand out. To do this, you need to devote resources to developing a powerful brand that will attract and retain the public’s attention.
When considering your brand, consider everything from the company logo to the website to your social media updates, and even how your consumers assess your employees. To sum up, your brand is how your customers see you.
Many small businesses and start-ups overlook the importance of focusing on their brand in this broader sense and how it will affect their end result. It is crucial to understand that a brand image is not something you can leave on time to develop on its own. There has to be a strategy in place that works on your identity from the very start!
Take a look at some of the reasons why you need a solid, identifiable brand image to build your company.
It leads to recognition
A company with a lack of unified branding is unlikely to stick in someone’s memory for very long. A company with a unique logo, or appealing colors, on the other hand, will be far more remembered just like Coca-Cola Company’s signature red or cursive font.
77% of individuals refer to products by their brand names. Have you ever noticed how commonly diapers are referred to as pampers or how every tablet is called an iPad? Why do you think this is? Some firms have become synonymous with specific products as a result of their branding effectiveness.
People like to conduct business with firms with which they are already acquainted. It takes a minimum of 5 to 7 brand encounters for somebody to recognize you. People will feel more comfortable acquiring your items or services if your branding is consistent and easy to identify.
It leads to trust
If consumers believe you and they have similar values, they will be drawn to your brand and more inclined to choose you over the competition. You’ll be able to establish a long-term relationship if you can maintain this bond alive, leading to better customer satisfaction and retention.
Trust is built when the consumer starts to recognize you as a brand. Once they establish that your business as a brand represents quality and excellence, they become loyal customers. About 60% of the consumers will buy a new product from you if they start trusting your brand.
It leads to revenue generation.
You can capture high-paying consumers by spending the money required to develop a solid and distinct brand identity. A reliable brand can charge hefty prices because of its company’s long-standing, dependable brand reputation.
Look at Apple’s premium pricing strategy, for example. Even though its goods are on par with the competition, its goods are valued than the rest of the smartphone industry in the market. This has majorly to do with the way a company’s brand is perceived.
It attracts talented employees
Branding will not only help a company acquire and retain customers but also plays a significant role in creating your dream task force. Some companies publish available positions but receive no applications. On the other, some organizations have no trouble filling available positions and receive applications all year round.
A good brand image displays you in the market as a huge player who does impressive work or provides incredible perks. Therefore, a strong brand implies that if a candidate has to choose between you and someone else, they’ll most likely select you. In fact, over 90% of people would even consider quitting their current work if they were given a job at a firm with a stellar reputation.
It aligns your promotion strategies
You’re missing out on many wonderful possibilities to construct a successful campaign if you’re promoting without strong branding. Without knowing precisely what your brand represents or wants to be identified, it is difficult to decipher what to say to the customers and how to say it.
When it comes to promoting your company, you want everything to flow together and reflect your company’s value system. If everything is integrated together into your advertising, it can assist in enhancing brand awareness.
Helps you stand out from the competition
Unless it is a new industry that has not yet been tapped into, most industries have a mirage of substitutes available. Some people choose between alternate products based on quality, while others decide depending upon the pricing that suits them.
However, if you have a strong brand that identifies with the consumer base, understand that your brand’s image will help supersede any possible weakness or shortcomings that your product may have in the market. Take the example of how people criticize the iPhone for having a below average battery life compared to other brands but buy it anyways.