Branding
Many small businesses devote resources to marketing but neglect branding. After all, brands are for industry giants, right? Branding for small businesses may seem like a waste of time if you believe only big companies can benefit. The truth is no matter your size, you have a lot to gain from competent branding. More importantly, if you let this opportunity go, you may end up at a disadvantage to the competition. If you’re still on the fence, here are 10 things branding can do for your business.
1. Gives You Control Over Your Image
First and foremost, branding lets you say who you are. You are in control of the narrative. Even better, you have the ability to change your image as your goals change.
Branding is more than just a logo and slogan. It’s an identity, a history, and a promise. When consumers think of your name, they think of what you stand for:
- Your company’s mission
- Its integrity
- The community
Letting this power go is one of the worst things you can do. If you don’t declare who you are, the competition may do it for you.
2. Generates New Revenue
You may worry that investing in branding won’t yield anything but a shiny image. You can set those fears aside; branding can actually help you make money. Your identity isn’t just for show. It’s an essential component to a strong marketing effort that can bring new customers into the fold.
When you take a stand, you may appeal to new demographics, thereby creating more opportunities for revenue. You may also attract new business partners eager to benefit from associating with you.
3. Supports Marketing Efforts
Why are consumers attracted to strong brands? Some individuals may mistake this attraction for shallow attention, but it’s quite the opposite. Studies repeatedly show that consumers prefer enterprises that share their values. This is especially true for younger generations, who expect social responsibility from companies they patronize.
Branding is the perfect opportunity for you to appeal to old and new consumers alike. You’ve probably dedicated a lot of research to learning what your base values. Branding lets you show you believe the same, whether that includes accountability, strength, or simple kindness.
4. Increases Employee Motivation
Consumers aren’t the only ones who can feel the difference. Branding can make a big impact on employee motivation.
When you build a brand, you give employees a community to belong to. They’re part of something bigger, something they can feel invested in. Companies with invested workers generally find their employees are more productive and innovative.
You may also notice you’re attracting different hires. Personal fulfillment is a huge factor in how the younger generations rate their job satisfaction. They want their work to have meaning. Branding is a beacon for like-minded individuals to join your enterprise and create something everyone can be proud of.
5. Builds Consumer Trust
When consumers feel they know who you are, they’re more comfortable putting their trust in you. You can build rapport through building familiarity with the general population. Research shows people are more likely to buy from a company they know precisely because familiarity breeds trust. So how do you become familiar, especially if you’ve reinvented your image? You become as visible as possible.
All your marketing materials should reflect your branding, reiterating your values to all who see them. Your graphics and name can then gradually become part of the consumer lexicon.
6. Improves Company Recognition
An essential part of promoting your business is making your name memorable. Even if people love your products, how can they recommend them if they can’t remember the name?
Branding can create an image that stays with people. Logos, slogans, and jingles are a big part of this, but they’re not the only part. Your company’s mission and voice make it memorable when it connects with consumers emotionally. People are more likely to remember an enterprise that makes them feel something.
7. Raises Financial Value
There’s been a lot of talk about values. As it turns out, branding can actually add value — of the financial sort — to your company. Company recognition can make your business more valuable if it goes public or becomes part of a merger. Shareholders and partners understand the power of a name, and they’re willing to pay for it.
8. Sets a Roadmap
Successful branding isn’t just about what you’ve done, but what you’re going to do. This is especially true of rebranding, when you’re reinventing your image. Your new identity should inform all your future decisions. This runs the gambit from simple choices, such as mug designs, to complex problems, such as sustainable mug production. As mentioned before, branding creates a promise with your customer base to keep to your chosen values. Though this promise will no doubt evolve with time, it should stay at the forefront of your marketing efforts.
9. Encourages Customer Loyalty
When you keep the promise, customers respond with loyalty. The sense of belonging is a strong motivator for most people, and branding can create that feeling. Why else would individuals wear clothes with their favorite company names or brag how long they’ve been customers? Shared values are key to laying down the foundations of a community, and communities can become reliable sources of support.
10. Unites Your Assets
Branding also creates a unified vision. Your advertising, merchandise, social media, and other marketing strategies should all be on the same page. This is good for your image and for your efficiency. If everyone in your business works with the same goal in mind, you can be more productive. A unified message is also vital to building consumer trust.
So, is small business branding really worth it? Though it’s a big investment, it yields benefits aplenty. Also remember that if you’re not concerned with branding, your competitors certainly are.
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