Branding is your business’s identity and dictates how the world and customers see you. A good brand can increase profitability, grow your customer base, and add value to your business.
Why is branding so important?
Put simply, branding is how you communicate who you are, not just what you do. Depending on your target customer base, your brand can make you instantly attractive to certain customer profiles. This is because, according to Forbes, more and more of us are choosing goods and services based on businesses’ identity and ethics.
But how do you go about building your brand? Here are some fundamentals.
Recognition
In a nutshell, the stronger your brand recognition, the more customers will notice and buy or use your product. Think of the hoots of joy on the motorway when car passengers spot the big yellow arches of McDonald’s or the straightforward no-nonsense trust engendered by Ronseal which ‘does what it says on the tin’.
Making your brand recognisable is important but can be challenging for businesses, so you may wish to consider engaging a brand strategy agency to help you create and target your brand.
Trust and loyalty
When a business earns a customer’s trust, they will tend to come back. Put simply, trust equals loyalty. Think of high street stalwarts such as Marks and Spencer or John Lewis. When customers spend money, they will make a beeline for a company they trust.
Associations
How does your brand make people feel? What images and memories does your brand bring to mind? Your brand can inspire positive or negative feelings in customers depending on association, so you must consider carefully how this impacts your brand, and how negative customer experiences can influence this.
Again, this might be an area where you should consider getting expert advice from a specialist such as reallyhelpfulmarketing.co.uk/specialist-services/brand-strategy-agency who will be able to undertake tasks like polling and research into your brand associations.
The final word
Remember, strong branding adds monetary value to your business. So, take it seriously and invest time and resources in building your brand.
