Often when we hear the word “branding”, what comes to mind is slapping a logo on everything. In reality, branding is about the perception you leave in your customers mind. In other words, “Your brand is what other people say about you when you’re not in the room,” Jeff Bezos. Shaping those perceptions is the key to your company’s success, making it one of the soundest investments you can make.
Your brand is so much more than a logo. It is your promise to all those who come in contact with it. It is your promise to your customers, employees, audience and community. Your brand tells your story, enables you to build trust and differentiates you from the competition.
Branding isn’t just another line item in your marketing budget. Branding is an investment—one that, if done properly, will yield exponential returns over the life of your business. People change, as do their likes/dislikes, passions, and interests; therefore, your brand must adapt accordingly – all while remaining true to its core values. Sound a bit like a high-wire balancing act? It can be, and our expertise has narrowed down 5 elements we consider foundational brand best-practices…
So, why invest in branding? Here are 5 proven brand-driven impacts that will positively impact your bottom line for years to come:
- 1Identity and Recognition
- 2Command a Premium Price
- 3Close Sales Faster
- 4Boost Your Company Value
- 5Reduce Marketing Costs
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1. Identity and Recognition
Branding is all about building a meaningful connection with your target audience. The name and logo are where it begins. These are the foundational elements of identity. Recognizing and differentiating a product from others in the marketplace is essential to capitalize on the immediateness of today’s marketing landscape.
People are drawn to the familiar and rely on strong visual recognition to make quick, decisive and trusted decisions. This trust is partly achieved through visual consistency. A consistent and well developed brand communicates its values to the customer at every interaction, which seeds trust. Once that trust is established, your brand is immediately recognized for its value and quality, generating a reputation that markets your brand for you. A strong brand, both visually and conceptually, gives you an advantage over the competition by forming a meaningful and recognizable connection with your audience at a glance.
2. Command a Premium Price
The age-old adage is true: ‘people don’t buy products, they buy brands.’ People are willing to pay a premium price for a premium brand. In some cases, they even boast about it. The right branding can give you authority to position yourself as an expert and leader in your industry. By positioning your brand’s core values with an authentic voice, you are able to resonate with customers at an emotional level, giving you an advantage over the competition.
Brands that establish meaningful differentiation can justify their worth and command higher prices for their products or services. For example, brands with meaningful corporate responsibility, such as a low carbon footprint, are able to justify their value and command higher prices for their offerings because it’s not just about the product. The customer becomes a part of the cause by supporting through purchase, making each dollar more valuable than it’s economic worth.
3. Close Sales Faster
A well-defined brand is easier to sell because your positioning is woven into the brand narrative. The arguments for the unique superiority of your products or services have already been articulated through your brand strategy. With a cohesive and compelling brand, most of the work is already done for the salesperson before the initial conversation. Branding gives your sales team the advantage it needs to close deals with confidence and ease.
4. Boost Your Company Value (Boost the value of your company)
“People don’t buy what you do, they buy why you do it” – Simon Sinek. Branding allows you to give your product or service a value that customers cannot expect from your competition. The resources you invest in building your brand equity will boost the value of your business. Think of your brand as something which has economic value, like any other asset. However, the value of your brand isn’t determined by you, it’s determined by your customer. Brand equity is defined by the commercial value that derives from consumer perception of the brand, rather than from the product or service itself. Investing in your brand allows you to tap into these value-driving elements, boosting your company value.
5. Reduce Marketing Costs
Branding is a long term investment. Once you have acquired a customer and proved the value you bring to their lives, selling your next product or service is exceptionally easier.
A cohesive, well-articulated brand increases the efficiency and effectiveness of all your marketing initiatives. With a thorough comprehensive understanding of your brand and audience, you can develop highly relevant campaigns targeted at your most valuable customer segments. No more wasted marketing and advertising efforts.
Conclusion
By developing your brand strategy, vision and mission, you can impact perceptions and establish long term relationships with your audience. The investment in fostering this relationship becomes exponentially more valuable over time, as customers become brand advocates and share your trusted brand with their friends and family. This is how customer loyalty is created and when your brand becomes more than just a logo.
Vanquish Media Group has helped numerous companies bring their brands to life. If you are ready to take your company to the next level?
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