Have you heard of the tech company that makes iPhones? Or how about the electric car maker that is known for its luxury and innovation?
These are classic examples of how branding your business can lead to extraordinary accomplishments. In a recent study, 89 percent of marketing professionals noted brand awareness as their most important goal.
If you are questioning why you should brand your business, keep reading this guide to discover the benefits of branding and how it has helped companies like Apple and Tesla become the giants they are today.
Above all else, having an established brand gives your company uniqueness, and that is essential for sustainable growth.
Think of the worlds most valuable brands, Apple,Google,Amazon, all three companies have an established brand, a unique business model, and have grown at an impressive rate.
Even just having a brand will increase the value of your business.
The branding will help generate repeat customers as well as new ones, and in turn, raising the value of the company. Value is calculated from earnings and earnings growth. A brand can help attract new investors with the potential for earnings growth.
As you walk down the grocery store aisle, are you more likely to pick up a brand that you trust or try a new one?
The majority of people are creatures of habit and would stick with the same brand because they know and trust it.
It's hard to find good talent nowadays, with the job market so saturated. The importance of branding when it comes to hiring talent cannot be stressed enough.
Consider how Tesla's ability to hire talent over other car companies is because of what the brand represents.
Having loyal customers can mean the difference between becoming Starbucks or the coffee shop down the street. Starbucks has positioned themselves as industry leaders by using the model for growth and sustainability.
A significant part of having loyal customers is the trust that comes with it. Trust is a hard thing to earn as a business and can be taken away as quickly as it came. Consumer trust will benefit you in more ways than just repeat business.
It can also lead to:
With consumer trust, your customers become your biggest fans and will freely promote the business for you.
When it comes to marketing, one trend that has been around forever and will continue to be is making emotional connections.
Consumers base many decisions, most important, buying decisions, based on emotion.
When you brand your business, you will notice advertising comes much more naturally.
People will see even just the logo and think about the business, or hear a particular saying that makes them think about the company.
Growth. It's one of the main objectives in any business plan, it fuels investors, and it comes with branding your business.
As your brand becomes more influential, you will notice more people talking about it and getting involved with the brand. The more people become interested in your brand, the more growth potential you will encounter.
Watch Our Video: Branding - And Why It's Important for Your Business
The benefits of branding cannot be stressed enough. Establishing your brand will solidify your position in the industry, while also creating awareness that can lead to extraordinary growth potential.
For more information on branding and other marketing topics, check out our blog!
