Your brand is one of your businesses most valuable assets; it sells your products, services, and attracts employees and customers alike. A brand incites behaviour and creates a reason why potential customers should be doing business with your company.
It’s essential that you’re fully invested in your company brand. The branding box is far from complete once you’ve chosen your business name, created a logo and a tagline. In fact, your branding journey has only just begun.
Your brand isn’t a logo. It’s how you look visually, as well as how you communicate and promote your offering.
Many business owners are aware of the importance a great brand can bring to their company, but unless you’re fully invested then you simply aren’t doing your business justice.
Here’s why you should be fully invested in your branding strategy.
1. It’s your business identity
The golden arches, a red can and a white tick. I’m sure you know the brands I’m talking about. Your branding goal should be to create a business which has a brand that’s so identifiable, it has a life of its own. You want your brand to be driving your business.
Your brand is your biggest asset when it comes to selling your business as the one potential customers should choose over your competitors. People buy into brands not products, and while your offering still needs to be of quality, it’s your brand which helps to get your name out there initially.
You want your brand to be relatable and aspirational at the same time – it’s no easy task, but if you can create a balance you’ve hit the branding jackpot. You want something which customers can relate to, but also gives them a sense of achievement if they buy into the brand. When we make a purchase from a high-end brand, it fills us with a sense of purpose that we’ve achieved something above average. You want your brand to have a similar feeling.
2. It increases brand equity
As a business owner you want your business to be profitable, and it’s not just tangible products which increase your business equity – brands can too! It comes back to the idea that people buy into brands, not products. Your brands performance, reflects how your business performs financially.
Not everyone has the desire to sell their business, but if and when the time does come, you want to ensure you have a brand which brings high financial value to your business. A strong brand will increase your financial gain, and can even become more valuable than the asset you are selling itself.
3. Set higher price points
You could have two near identical items lined up. One with a recognisable brand splashed across it, and one without. Both will have been made with the same materials and care, yet one will go for a premium. Why? Because it’s adorned with a brand logo. People don’t question the price when a high-end brand commands more.
Brands who command higher prices, deserve higher prices because they’ve taken the time and effort in investing in their brand in order to raise their price point. It’s not to say that the lower end product isn’t worth considering – they may have a perfectly good offering – but trusted, familiar brands are turned to again and again.
4. Reduce marketing cost
I can save money if my brand is well-executed? Yes! You can reduce your marketing costs through increased brand awareness. Your brand should be identifiable across all platforms, allowing your brand messaging to be reinforced every time it’s seen.
If you create a strong brand right from the start, you won’t have to reinvest money each time you implement a new marketing initiative. If you’ve created a brand properly, it should be adaptable to whatever platform or strategy your marketing initiative requires.
5. Close sales
Well-defined brands are much easier to sell to customers because their outlook is woven throughout the business DNA. As I mentioned earlier; premium brands demand higher prices, similarly premium brands are easier to sell because customers are invested in what you have to offer.
A strong and confident brand is easier to promote than one which lacks those key elements. Throughout your branding you should be telling customers why you are the business of choice. What are you offering which another business cannot? Your USP should be so clearly defined and included in the brand you create.
There really is no set way to brand your business, it’s a case of trial and error – but once you find something which works run with it. Brand your business well and you’ll see your business soar to new heights.
Finally, Richard LeCount from USB Makers shares his perfect brand vision, “Your brand needs to have a visual story telling element, which engages with potential customers and displays all your brand has to offer. Cleaner lines, less imagery and a focus on font and colour to convey the message is a winning formula.”
Emily Jarvis is a former business consultant, she is currently working as a freelance writer sharing her expert advice and tips within the business industry.