Say what you will about the power of branding; the reality is that a substantial business case can be made regarding the benefits of building and maintaining a strong brand.
Let’s start by saying something we’ve said many times before: Branding is a desired perception.
The stronger the perception, the stronger the brand.
The stronger the brand, the better your business will perform.
Simply put — Strong brands benefit in ways that weaker brands don’t.
While the tangible benefits are likely too many to count, here are five benefits that come with building a strong brand.
Benefit #1: A strong brand positions your company as an authority or industry leader.
Every industry has competitors. This means that to gain market share, brands must differentiate themselves from everyone else in their space. Creating a Brand Strategy that clarifies what makes your brand credible, unique, and relevant to your target clients or customers and then executes that strategy through great Visual and Verbal Identities will help your company emerge as the go-to company with your ideal audience.
Benefit #2: A strong brand allows you to compete on value instead of price.
No one wants to be the company that people buy from because they are the cheapest. In addition, strong brands benefit from being perceived as higher quality than those with weaker brands. This alone attracts a higher-caliber client or customer who is more focused on the long-term value they will receive from working with your company than buying it because it’s the lowest price in the game. Simply put — a strong brand takes your company out of the world of being seen as a commodity.
Benefit #3: A strong brand improves the effectiveness of your marketing spend.
Marketing is only beneficial if it translates into business. Too often, we see companies invest in social media ads, sponsor events, or other forms of advertising, only to see it crash and burn. It isn’t that the marketing isn’t good; it’s often because the brand is perceived as weak and generic by potential clients. Stronger brands are cohesive, have a codified message and design targeted to an ideal client, understand their pain points, and then offer a solid solution — all of which result in higher conversions and a better ROI for every dollar spent on marketing.
Benefit #4: A strong brand increases overall customer lifetime value.
Brands that stand the test of time understand that every interaction or “touchpoint” with their company is part of the overall Brand Experience. The better the experience, the better the customer feels about their brand. And the better they feel about the brand, the more likely they are to continue working or buying from that company. Strong brands think about the overall brand experience from the start, which is why they are likely to enjoy more repeat business and an increased overall customer lifetime value.
Benefit #5: A strong brand inspires raving fans who become your best salespeople.
The best salespeople — are the ones you never have to pay (In fact, they are the ones who pay you). Strong brands have the luxury of creating fans who not only love their business but love to tell everyone else about them. When a customer has a great brand experience with your business, there’s nothing they love more than shouting it from the rooftops. And those shouts often have more impact than any money a company can spend on marketing.
If you’d like to know more about our branding services, we invite you to schedule a consultation call with our team today.