Have you ever wondered if your business stands out and how consumers see your brand?
Today we’re talking about the importance of branding and the effect that it has on your company.
It’s important to think of your brand as something more than just a logo or a set of colors. Branding is something that merges science and psychology as a ‘promise mark’ for you and your company to consumers. Marty Newmeyer says “A brand isn’t what you say it is, it’s what they say it is.” This means that what your consumers think and what your employees think, really matters.
Something that really helps when trying to grasp the concept of a brand is to not think of a brand as a thing, but as a person. And if the brand was a person, it would say “Hi, my name is ____ and I exist because _____”
Everyday we have the challenge of picking out brand, from brand, from brand in the marketplace of the world. The value of your brand isn’t something that you should take lightly. Most businesses will actually put their brand on their spreadsheets because that brand is actually worth more than things like their building or their employees.
These types of businesses are using their brands as a solid foundation. When you start or build your brand, it’s important to keep in mind it must act as a strong foundation, because either you’ll have to 1) rebrand or 2) start all over and those are very, very costly.
There are a lot of advantages a strong brand can create for your business, but here’s some of the most important. One of those things is brand recognition. This is how you stand out against competitors. How people see your brand or your logo and know that is you. One of those advantages of brand recognition is that it creates trust. Trust between you and the consumer. This is why consumers will continue to pick you over new competitors that come into the marketplace.
A strong brand also supports advertising. So when you have a strong, consistent look for your brand it makes it easier for advertising to spread across the board and be effective through multiple channels.
Having a strong brand can also generate new business. Most of this is because of word of mouth. And when consumers like your product and the things that you do or the things that they see, they’ll tell others about you.
Something we typically talk about regarding consumers and the way they interact with your brand is the bandwagon effect. This means that when one consumer sees other consumers interacting with your brand, they want to be like those consumers so they also interact with your brand. This means that sometimes, a product with a lesser quality might get picked over a product with a greater quality just because of the way consumers perceives that brand and other consumers who currently use the brand.