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Most start-up businesses go through the process of branding to give themselves the boost they need to compete with the big boys. However, what if you are one of the big boys? Here are five reasons that every single business needs a brand.
To appear more established.
Whether you are looking for a line of credit or bidding a new job, it’s important to give a professional appearance. Having a brand, with a cohesive identity, logo, and other brand aspects, projects this image. It makes people feel safer in doing business with you because they don’t worry about whether you have the skills and equipment needed to do the job. Most consumers assume that a company with a logo design and well-thought-out brand is established enough to be trustworthy.
Gaining trust from consumers is very difficult – especially when you are in a Red Ocean as opposed to a Blue Ocean. But trust is the name of the game. Not marketing. Not selling. But creating a brand story and a strategy that aligns with your customers worldview. That will enable a successful brand.
To be more memorable.
Word of mouth is completely useless if the person in question can’t remember your name or any distinguishing characteristics. A brand gives your company a ‘face’ and makes your company easier to remember. Tying your name to your logo to your products (and so on) creates a complete package that is simply unforgettable. This will help you stand head and shoulders above your competition.
There is so much noise in the marketplace and so much competition that unless you have a robust brand identity and voice, people will not recognize or remember you. It will be hard to compete with brands that are paying attention to their branding. You will then end up with the only thing you can control – pricing. But price wars lead to disaster and in the end a better brand will win – not the one charging the lowest.
To bring in new clients.
While consumers are increasingly savvy, there is a large minority that is easily wooed by marketing. These people choose most of their products based on advertisements and media. If you are neglecting your brand, there is a good chance that you are missing out on sales to these people. Developing a brand along with a corresponding marketing campaign doesn’t cost a lot of money, but it will bring in a whole new set of customers.
Extending your branding into your marketing and sales is the next step and that is where the rubber hits the road. Having a robust marketing strategy is equally important and make sure your brand strategy leads your marketing.
To reduce marketing costs.
Marketing can be an enormous expense for a small business, but it doesn’t have to be that way. If you have been ‘blanket marketing’, you probably are spending too much money. Branding will, among other things, help you to identify your target customer and develop a marketing plan that speaks directly to them. While there is some initial cost in hiring a branding consultant, in the end, you will end up saving money by restricting your marketing efforts to the most effective channels.
If your marketing is based on your brand strategy then there is no more guess work. And when you have a message framework complete with story blocks then you spend less on your marketing and the ROI would be must more.
To educate the public.
Do you have an odd company name? Do you cater to a specific niche? These are important reasons to have a brand. A professionally designed brand, complete with a logo, will tie these unusual elements into your company and even make them assets. People love the special and unique; telling them what makes your company different can make all the difference in your long-term success. Brands that focus on the unique are often more effective than the rest.
If your business has made it this far without a brand, you are lucky. How long will your luck last? Are you willing to lose your investment of time and money for lack of one key element? Talking to a branding consultant today means you will never have to answer these questions.