12 great benefits of branding your business

The  importance and benefits of branding your business cannot be overemphasized in any and every business.

Quite a number of business owners have no (or a little) idea of what branding is all about. And since they have no idea of what branding is, they don’t know what they stand to gain by branding their businesses. As a business owner, you may think branding is about the design and logo of your business; it’s not! While designs and logos are part of branding, they are not branding itself. So, what is branding?

Branding is the impression you leave in the minds of your customer/clients (or potential customer/clients) after they come in contact your company as a whole ( building, employees, websites etc) or the products of your company (goods and services).

Therefore your business is already branded even if you don’t know it because an impression is always left on the mind of your customer/client whenever they interact with your company. Branding is not about your company…it’s about your customers. It’s about how they see or perceive your business/company.

You can only reap the benefits of branding if you promote your brand actively like some companies do e.g Apple, Nike, Virgin, Coca-Cola. This enables you to get more clients/customers. Or you can be passive about it by doing nothing and reap nothing.

Branding your business takes some effort because it requires a lot of thought process. Therefore, there’s the tendency to move into more pressing business activities like getting sales for your product and managing employee and customer relations. But the truth is: Branding makes other business activity easier to do because it shows you the goal for every business activity and the steps needed for you to achieve them.

There are steps to branding your business and you can check them out. Here, I’ll be talking about the importance of branding in marketing and the benefits of branding your business. There is so much to gain when you actively promote your brand and i’m sure you want the maximum value your business is worth. So let’s get to it!

  1. Branding saves you money and time in the long run

Branding saves you time and money

 

 

I’m sure you’re familiar with some established brands such as Pepsi, Coke, Samsung and Apple. Even if you haven’t bought their product before, you’ve most likely seen them somewhere. Your friend or family may have purchased one or more of these products.

These brands are well known and you don’t need to be convinced by anyone to buy their products. It’s because they’ve established (branded) themselves as the best (or one of the best) in their industry. These mentioned brands can afford to spend lower resources (money and time) on marketing their products because they already have the market – people who will readily buy their products. It doesn’t matter if it’s a newly released product or not.

It also helps you save resources by allowing you decide once and for all how your brand will project it’s image through websites, designs, media and logo. You won’t have to spend more time and money trying to correct your previous designs and logos because you just found out that the ones you created – before branding your business – could have been better. That’s the benefit of branding your business at the start.

Changing your brand image from time to time is not good for business. This should be avoided at all costs. Having a good brand strategy prevents this. And if there will be changes in the future, it should be something innovative that’s welcomed by customers/clients.

2. Branding builds trust between your brand and your customers

Can you transact a business deal with someone you don’t trust at all? You said “no!” right? Well, that’s what your customers say also. While it’s very possible to transact business with someone you don’t fully trust, it’s very unlikely that you’ll transact with someone you don’t trust at all. When you can show your brand and prove that it is what you say it is, then it’s easy to trust your brand.

By giving out a professional and consistent message, voice and feel, the audience gets to know your brand and what it stands for. You also get to know your customers; what they like, what they don’t like etc and tailor your product to meet their needs.

There are various branding techniques for you to build trust between you and your customers and you should make good use of them. When a customer trust your brand, they’ll always buy from you even if they get a better deal from another source. They’ll just feel comfortable buying from you. That’s the benefit of branding!

They may even feel like they betrayed you if they buy from someone else. They will also be happy and eager to refer your brand to their friends and family.

3. Branding differentiates your business

Branding differentiates your business

In an age when you have less than 10 seconds to attract and hold the attention of your target audience, standing out from the competition is important. What better way to do this than branding? An effective brand strategy will differentiate your business from other businesses and allow your customer/potential customer to recognize you anywhere they are. They recognize you because of your logo, your color and your voice (in text, audio, videos etc). They recognize your brand because it makes them feel a certain way which can be happy, satisfied or/and motivated.

The logo of your brand is important here. It should reflect the voice and mission of your brand. Do you want your logo to give out a powerful message, a mild message, an emotional message etc? This should be considered when choosing your brand colors and designing your logo. Your customer/clients should be able to recognize your brand and “feel it” anywhere they may be.

The benefits of branding includes differentiating yourself from the competition. It identifies your business as the one holding a green umbrella in a sea of businesses holding black umbrellas. In other words; You stand out!

4. Branding motivates your employees

If your business lacks a mission and vision, you most likely won’t have result-driven employees. And you don’t want this, do you? This will have a negative effect on the benefits of branding your business. Branding your business requires you to state the goal(s), mission and vision of your business. By doing this and documenting it…even pasting it on a wall, your workers can see this everyday and get motivated.

This helps them know the reason why they are at work and the goal or objective they are trying to achieve. They know that each work they do everyday in their department has a purpose and a bigger picture to it. They therefore have a clear objective and work together with other employees to achieve it. In your strategy, there can be a mandatory celebration event for your employess that occurs when they achieve a goal. This event will create a greater bond between employees and also motivate them to put in their best.

5. Branding increases your revenue

Branding increases your revenue

Unless you start building your brand actively, you may run your business for a decade and it’ll still remain the same! There won’t be any difference or sign of progress in your business. In fact, it may lead to a decline if your competition aren’t joking around. Let me tell you something about the benefits of branding your business;

I have a friend that’s a fashion designer. When she started her business, she charged low prices for her services in order to attract customers. This went on for about 2 years in which she continually accepted lower amounts than her competition.

Since she was really good at what she does, i then told her to increase her price so that she’ll be able to increase her revenue. She was skeptical about this… thinking that her customers will get snatched by her competition. But since she has built her brand and established trust among her customers, she did increase her price. And even though she lost a few customers, she got new ones and she’s better off for it.

When starting a business, you may be forced to charge low prices to attract customers. But as you build and promote your brand both online and offline, you will be able to increase the price you charge for your product/service. This will in-turn increase your revenue.

6. Branding makes marketing easier

That’s just it! It makes marketing easier and less of a task than it should be. You don’t have to “shout” too much for you to be heard because you’re already known and trusted. In fact, your customers will market for you without you paying them a dime through word-of-mouth referrals and even social media. That’s the benefit of branding! They’d eagerly talk about and show off your product to their loved ones because your product makes them feel good in one way or another.

Branding also makes marketing easier by keeping it consistent with the colors,voice and feel of the brand. Your marketing campaign manager is aware of the tone by which you want to pass your message across to your target audience. He/She also knows the right media, voice and color by which he/she should pass the message across.

 7. Branding gives you the kind of customers you really want

An important step in creating the brand strategy for your business is the creation of your ideal customer. This allows you to know exactly (or really close) the kind of people that will buy your product. This saves you money when marketing your product because you already know the kind of people that will buy your product.  You just need to target them and show them how you can solve their pain point. It also allows you to charge the right price for your product which is another benefit of branding.

Because your ideal customer/client will need or want your product to solve a particular problem, they won’t mind paying a reasonable price for your product as long as it satisfies their need. That’s the benefit of branding.

Your product is not for everybody no matter what you may think, it’s for some people. Find these ones and prevent headaches from trying to reach and satisfy everyone. Don’t you notice that it’s people that aren’t your ideal customers ( the kind of customers you really want) that give you problems most of the time?

8. Branding creates loyal customers

A very good brand strategy will create very loyal customers. It’s very easy to stick with someone that makes life easy, isn’t it? Even if you have to pay the person, you won’t mind. It goes the same way in business. If your brand solves the pain point of it’s target audience and actually care about them, they’ll be willing to stick with you till the end.

The benefits of branding will be reaped if your brand has a deep connection with it’s customer. Your customers will know that you care about them. They’d feel as if they are part of your “family” and will be happy to tell their friends and loved ones about your brand.

9. Branding makes it easier to introduce new products or services.

Imagine that your brand is popular among your target audience; they all trust you and your product. All you’d need to do is just to tell them that you have a new product, then they’ll be excited about buying it. They don’t need to be convinced by anyone because they already know you!

iphone Brand

Do you remember the month (september 2018) the latest iphone (iphone XS and XS Max) was released by Apple? They sold millions of phones in the coming months. Some even ordered the gadget before it’s release! It’s very easy for apple to introduce new products to their trusted and loyal customers and reap the benefits of branding because they are known as a brand that “think different” and produce quality products. Therefore, all they need to do is to tell their customers that they’ll release a new product soon and you’ll see their audience already paying for something they’ve not even seen.

When you effectively build your brand, your customers/clients will eagerly purchase your new product/service without your need to convince them because they already know you.

10. Branding gives you a clear strategy for moving forward

At the end of a hectic day, have you ever felt like you’ve been busy throughout the day but you weren’t productive? Yeah, me too. This usually occur when you don’t have an objective for the day. It also occurs when you have too much objective/goals you want to achieve in a day!

For maximum production, you shouldn’t have more than 2-3 goals to achieve in a day. Of course, not all objectives can be achieved in a day. So, for those that need a more than a day (even more than 1 year) to achieve them, it should be broken into smaller achievable bit on a daily, weekly or monthly basis.

Branding gives you a clear plan and objective for your business. You are able to know what to do per time and this gives you a sense of purpose. You wake up in the morning knowing what you want to achieve in the day and you know the step by step process to achieving it. And after completing each objective, you know the next one to achieve and the next one and the next one even for up to 20 years! That’s the benefit of branding!

11. Branding makes you confident in your business

Branding makes one more confident

Since you know what you’re doing per time and you have a step by step process for each business activity, you become confident about your business. You can speak at conferences about your business and talk about it openly to friends and strangers. You’d be able to experience more benefits of branding when you start getting clients/customers from events and conference.

You become proud and able to show off your brand designs and logos. Even your employees will be proud to tell others about the company they work for.

12. Branding attracts talent

It’s a dream to quite a number of talented individuals to work for companies such as Apple, Nike, Facebook, Coca-Cola etc. One of the reason is because they are established and popular brands in their industry. For these brands, it’s easier to acquire talented employees that will further promote their brand and generate more revenue. These kinds of employees think outside the box and work day and night to ensure the success of the brand. Why do they do this? It’s because the brand is more than a workplace to them. These brands treat their employees as family thereby enjoying the benefits of branding. Apart from the fact that it is their dream to work there, It’s a place where they can truly make an impact in today’s world.

The importance and benefits of branding in marketing, advertising, e-commerce, brick and mortar businesses etc cannot be overemphasized. In order for branding to help your business, have a great brand strategy for your business. This will enable your business to reap the benefits of branding.

If you are in need of a brand strategy for your business, then feel free to send me a message. Feel free to also chat me up on social media.

Comment below if you found this article useful and add any other benefits of branding businesses i may have skipped.

 

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