Branding Five Ways Your Business Benefits From Effective Branding
If you speak to several business people about branding many of them will tell you ‘We’re too small to think about branding ourselves’, or ‘It’s just fancy marketing’ or worst of all ‘Branding won’t help us sell more’. The sad fact is that people who think like this are preventing their businesses from reaching their full potential.
Effective branding doesn’t need to cost a fortune and the return on anything invested in branding your company properly will be enormous. Here are five ways effective branding can bring significant benefits in terms of customers and profits.
Customer Loyalty: If your customers have received an excellent buying experience, including a quality product or service, they are more likely to give you repeat business if your branding is memorable. They’ll feel an affinity with your brand if it is easily identifiable and are thus prone to purchasing again. Even better they’ll more readily recommend your products or services to other potential customers.
Memorable Identity: How many times have you had someone try to recommend a business to you and then struggle to remember the company’s name? Now, think of the all the hard work that’s gone into getting that person to become a customer in the first place and you’ll agree it’s a crime they have gone away without the brand being etched on their mind. Good branding will ensure anyone who encounters your business will remember its name, and share it with others.
Premium Image: If your company has strong and distinctive branding which portrays it as a professional organisation then you will have created a premium image of your business in the minds of customers. This gives you the opportunity to attract clientele willing to pay more for goods from you, rather than cheaper competitors whose image is somewhat bargain basement.
Expansion: If your business has built up the respect people have for its brand, it is so much easier to introduce new products and services. Customers who like your brand will be more willing to try new products because they trust you than they would trying something new from an unknown brand. This extends to opening new offices or stores, where the reputation of the company brand is assigned automatically to the newly opened branch.
Increased Company Value: If the time comes when you might be looking for outside investors, or even if you decide to sell your company, having an effective brand will increase the value of your company significantly. Some of the biggest corporations in the world have more equity in their brand name than they do in their real estate, stock, and cash in the bank.
Whether your company is large or small, established or start-up, selling physical products or services, by taking the time to develop and establish its brand properly, you will be ensuring your business benefits in many ways, including increased profitability.
If you speak to several business people about branding many of them will tell you ‘We’re too small to think about branding ourselves’, or ‘It’s just fancy marketing’ or worst of all ‘Branding won’t help us sell more’. The sad fact is that people who think like this are preventing their businesses from reaching their full potential.
Effective branding doesn’t need to cost a fortune and the return on anything invested in branding your company properly will be enormous. Here are five ways effective branding can bring significant benefits in terms of customers and profits.
Customer Loyalty: If your customers have received an excellent buying experience, including a quality product or service, they are more likely to give you repeat business if your branding is memorable. They’ll feel an affinity with your brand if it is easily identifiable and are thus prone to purchasing again. Even better they’ll more readily recommend your products or services to other potential customers.
Memorable Identity: How many times have you had someone try to recommend a business to you and then struggle to remember the company’s name? Now, think of the all the hard work that’s gone into getting that person to become a customer in the first place and you’ll agree it’s a crime they have gone away without the brand being etched on their mind. Good branding will ensure anyone who encounters your business will remember its name, and share it with others.
Premium Image: If your company has strong and distinctive branding which portrays it as a professional organisation then you will have created a premium image of your business in the minds of customers. This gives you the opportunity to attract clientele willing to pay more for goods from you, rather than cheaper competitors whose image is somewhat bargain basement.
Expansion: If your business has built up the respect people have for its brand, it is so much easier to introduce new products and services. Customers who like your brand will be more willing to try new products because they trust you than they would trying something new from an unknown brand. This extends to opening new offices or stores, where the reputation of the company brand is assigned automatically to the newly opened branch.
Increased Company Value: If the time comes when you might be looking for outside investors, or even if you decide to sell your company, having an effective brand will increase the value of your company significantly. Some of the biggest corporations in the world have more equity in their brand name than they do in their real estate, stock, and cash in the bank.
Whether your company is large or small, established or start-up, selling physical products or services, by taking the time to develop and establish its brand properly, you will be ensuring your business benefits in many ways, including increased profitability.