EVERY BUSINESS NEEDS A BRAND
Many business owners think that branding is for Fortune 500 companies. They think branding costs too much money. There will be no return on investment. However, every business needs a brand. The value of a brand is often misunderstood and under-appreciated. Why should your business have a brand? Because a good brand is worth money.
Read on to learn why your business needs a brand.
BRANDING IS MORE THAN A NAME
A brand is more than just a name, logo, and tag line. David Ogilvy described a brand as “the intangible sum of a product’s attributes.” A brand will include a corporate mission statement, history, value proposition for its customers and all of the communications and actions a company takes. A brand communicates who a company is and what they stand for. What does a strong brand do?
First and foremost, it sets the perception of a company and allows the company to control that message. A brand will guide marketing and communications. A brand tells customers and prospects what a company will deliver. Control of that messaging is invaluable.
MORE BRANDING, MORE MONEY
A strong brand makes a company money. Think of it in terms of networking. When a person networks, they want people to know them. After a person knows a networker hopefully they like them. Once people like someone it is easy to trust them. Don’t you want to do business with people you trust? Think of it another way. You research a product or service. You find two that seem to provide what you want and have solid reviews. One brand you know, the other you don’t. The brand you know usually wins.
BRANDING BUILDS LOYALTY
Another value of branding is loyalty. When a person works with a brand, they know they tend to stay with that brand if the company delivers on their promise. Similarly, employees who feel their company brand is genuine also feel more loyal They become extensions of the brand and help perpetuate the brand. An employee who feels a sense of fulfillment stays longer and works harder.
STRONG MARKETING MEANS STRONG BRANDS
Marketing efforts are more successful with strong brands. Consumers like to buy from brands they think share their values. By understanding your customers, you can create messaging that resonates with them. Younger consumers are especially drawn to brands that have a sense of community. Millennials like to know that their brands have a social conscience and give back.
MARKETING SHOULD REFLECT THE BRAND
Strong brands generate trust in their communities. When consumers feel that they know a brand they feel more comfortable with that brand. All marketing should reflect the brand and what it stands for. Repeat your values whenever possible. This will make your brand more recognizable. Even if people love the products or services if they can’t remember the name, how will they recommend them? Branding creates an image that stays with people. It is easy to remember a name if there is an emotional connection. Successful brands become part of the consumer lexicon.
As a brand gains recognition, it increases the value of the company. Increased recognition usually leads to increased sales. As revenue grows, so does the value of the company. The brand becomes something that others desire to own. Either through a merger, acquisition or going public. Yes, branding can be worth a lot
BRANDING UNITES ASSETS
The company name, logo, tag line, company colors all work together. Advertising, merchandise, social media communications, and other marketing should all be working together. When a company can achieve that kind of branding, growth occurs organically. That is why every business needs a brand.
John Sadowski is the President of Metro Valley Advertising. Metro Valley Advertising is an advertising agency dedicated to helping clients grow through lead generation.
