Many companies don’t take advantage of branding because they don’t understand what a brand is. In terms of this misunderstanding, I believe companies fall into one of two camps. It may seem obvious, but either the company is aware of branding and its power, or it doesn’t know about or understand branding at all.
Camp #1: Companies are confused about branding.
If they hear the word “branding,” they assume it is synonymous with marketing. Usually, these companies are smaller and have been around for years.
Camp #2: Companies understand they need branding but aren’t clear why.
Most entrepreneurs fall into the second camp. The word “brand” comes up frequently in entrepreneurial conversations, and branding is a popular topic in the blogs and publications entrepreneurs read. And while they know it’s essential, they don’t see how it can benefit their company. They also don’t know how to start the branding process.
Below are a few tangible benefits of branding.
While branding itself can feel intangible, the results that branding creates are very real. As evidenced in big brands and from many of my clients over the years, branding helps companies create a unique perception in people’s minds and emotional connection with their target audiences — which impacts a company’s bottom line.
More explicitly, branding helps businesses:
- make more money
- attract more qualified clients
- enable them to increase their fees
- improve their profitability
More tangible benefits? Branding also helps businesses:
- increase conversion rates
- exposes clients to new opportunities, whether a media interview, a joint business venture, or even a strategic alliance.
In short, when you go through the branding process, it has a tangible impact on your bottom line, which is what business owners are looking for. Want to learn more about the tangible benefits of branding? We invite you to order the new book from Re Perez, CEO & founder of Branding For The People.