A Strong Brand Can Grow Business Value

Having a strong brand is a path to growth.  Yet, many small businesses do not take advantage of the vast amount of opportunities a strong brand offers.

You may think that branding is only relevant for large corporations with an international customer base, but that is not true. Branding for small businesses is just as important. Any business can benefit from a strong brand.

Your brand is the way your customers (as well as suppliers and partners) perceive you.  And how your company perceives itself. 

Let’s explore both externally and internally why branding is important to your business.

Externally

Your brand represents you and your promise to your customer.

It is important to remember that your brand represents you…you are the brand, your staff is the brand, your marketing materials are the brand.

What do they say about you, and what do they say about what you’re going to deliver (promise based on your business’ mission) to the customer?

Shapes how people think of your company.

You’re in charge of creating the story, why not write it the way you want? Identify a clear, concise message (this is your mission statement) so others can quickly and easily understand who you are, what your values are, and why you do what you do.

Your mission statement is a personal promise to each and every prospect that comes across your business. Use your mission statement to set yourself apart from your competition! Give your target audience a reason to choose your small business.

Differentiates you from the competition.

In today’s global market, it is critical to stand apart from the crowd.  You are no longer competing on a local stage, your business now competes in the global economy and competition is fiercer than ever. Technology allows customers to easily compare all of their options. Brands must compete with more than other businesses; they have to compete with an exponentially increasing amount of noise just to get the customers’ attention.

Buying decisions often occur in split seconds instead of long, drawn-out processes, and are based on memories, images, and feelings. Telling them what makes your company different saves time in the sales cycle, so don’t make your customers dig around to figure it out. Have your brand be quickly and easily understood. Every great brand should be easily explained with a few solid descriptors. 

Increases brand recognition; becomes memorable.

Gaining the attention of today’s customers is no easy feat. You can’t just “buy” customer attention anymore, you have to earn it. To earn it, your brand has to be loveable. Customers don’t fall in love with names; they fall in love with the entire brand experience.

Customers enjoying a positive experience with your product or service is great, but this has to be married with recognizable branding. If your branding does not effectively differentiate your business from the competition, highlight what makes your business amazing and capture the minds of the audience, then your hard work delivering an experience can be undone. You need to be memorable and for all the right reasons.

Branding creates and builds trust; customers know what to expect.

Trust from your audience is one of the most important things you can have as a business. Therefore, it is critical to have strong branding in order to establish a level of trust in your business from the get-go.

As customers get to know your business they will begin to trust you. Trust in your branding works two-fold. Not only does a trustworthy brand put first-time customers at ease, also, customers who go on to have a positive experience with your brand will be far more likely to repeat business and become regular customers. A brand is effectively a promise to customers that they can know what to expect every time. Exceptional customer service, experience with the product/services and positive online communication on social networks will keep them coming back for more.

Improves customer loyalty to your brand.

Branding allows you to build relationships with your audience, which can eventually turn them into loyal customers. You can create a brand that people actually care about and puts your business ahead of other businesses that are not using branding to their advantage.

Good branding will create customer loyalty. Loyal customers will continue to support you in good and bad times. They will spread a positive message to people they know. Their influence will introduce new people to your company. And, a humanistic connection that makes it harder for customers to leave. It’s a lot easier (and less expensive) to keep a current customer than it is to acquire one.

Enhances Pricing.

If a small business can establish and grow a brand that customers believe in, then this increased trust and loyalty can be reflected in higher pricing.

Strong branding can add a huge amount of value to your product or service. This should provide the motivation to focus on branding, get it right, and maintain consistency.

Drives positive word-of-mouth marketing and referrals.

People wear, eat, listen to, and use brands; and they love to tell others about the brands they like. Customers who believe in your brand and are emotionally invested are far more likely to recommend your business. 9 out of 10 people trust suggestions from their friends and family over any advertising. Word of mouth can be an excellent, cost-effective marketing tool for small businesses to create buzz about their businesses.

But on the flip side, if the business customer can’t remember or have a less than favorable experience then that doesn’t help the business; so ensure the brand experience is favorable.

Word of mouth recommendations and referrals are only possible if your branding is clear, strong, positive, and memorable to accompany their great experiences.

Facilitates effective marketing and higher advertising effectiveness on customers.

A strong brand has to be consistent. This goes back to the “promise” and “trust” we mentioned earlier. Consistent brands are far more trustworthy to customers. If a brand is inconsistent with its messaging then this will confuse the audience, leaving them uncertain of your offering.

So, when putting together a marketing campaign you must ask yourself, “Does this convey what we want to represent as a brand?”

Giving time and attention to maintaining your business’s brand will allow you to connect with your audience and promote your brand message, helping to achieve marketing goals. Crucial for a small business. Without a strong and consistent brand, it is highly likely that your marketing will fail.

When you are advertising your business, you want everything to be cohesive and represent your business’s identity and values. Incorporating branding into your advertising will help increase recognition of your brand when it’s all tied together.

Your brand helps you connect with your customers emotionally.

Branding helps create an emotional connection in that a brand reflects your company’s deepest values and guidelines. If a person connects with these values on a deeper level, your brand will serve as a constant reminder of this connection. 

With a good emotional brand connection, people feel good when they buy the brand. Purchasing is an emotional experience and having a strong brand helps people feel good at an emotional level when they engage with the company.

Customers can get attached to brands and become huge advocates for them throughout their lives.

Branding gives your company social influence.

If you remain unknown, customers may not pay you any attention. That will spell doom for any business. But with a brand name backing you up, your business can become a force in any field. All it takes is some gritty, day-to-day effort to build your brand.

Internally

Your brand helps you create clarity and stay focused.

It’s very easy to wander around from idea to idea with nothing to guide you; it doesn’t take long to be a long way from your original goals or plans.

Whatever your brand may be, make sure there are goals and meaning behind it.

A clear brand strategy helps you stay focused on your mission and vision as an organization.

Your brand can help you be strategic and will guide your marketing efforts saving time and money.

It’s very easy to wander around from idea to idea with nothing to guide you; it doesn’t take long to be a long way from your original goals or plans.

Whatever your brand may be, make sure there are goals and meaning behind it.

A clear brand strategy helps you stay focused on your mission and vision as an organization.

Your brand can help you be strategic and will guide your marketing efforts saving time and money.

More applicants that want to work for your brand (and business).

Top candidates want to work for known companies. Having a brand attracts highly skilled workers. Branding creates an impression of financial stability. This attribute attracts mostly security-minded, highly skilled workers. You would want them on your side because they can generate even greater value for your business. When you make an effort to build your brand, you will also attract many people willing to support you along the way.

Creates culture, builds teams, and engages employees who are proud to work at your company.

Branding provides value inside of your company as well. Of course, you want your employees to love working for your company and feel like they’re a part of a team. A company with great branding will have an easier time getting employees to feel like they’re involved with something more than just a job.

A clear brand strategy provides motivation and direction for your staff to be successful.

It tells them how to act, how to win, and how to meet the organization’s goals.

When employees understand the mission of a business and its reason for being, it creates a focal point for emotional investment and something staff can really get behind and believe in.

Organizational culture is an extension of the brand which has been created.

Adds value to your company.

A strong brand will provide value to your organization well beyond your physical assets. A strong brand increases your business’ shareholder value. 

Products and services have life cycles, but your brand will be around forever. By creating a strong foundation, you’ll be setting your company up for success for years to come. A strong brand allows you to have the flexibility to expand the offering or make it easier and less risky to diversify, often guarantees future business.

Whether a company is in the position to borrow funds for expansion or roll out to an IPO, being perceived as more valuable will make the process advantageous for the owner. The greater a company’s devotion to building its brand value, the better the financial return from its efforts. A unified, consistent brand means your business is well-positioned for any future expansion it wants to make.

When you invest in your brand, you invest in your company’s future. The earlier you do it, the better it will go for your business and the people who depend on it.

In conclusion

Your brand has the potential to generate a lot of power and attract new prospects, connections, and growth to your small business. Think about what a powerful brand can do for you and how to start creating one right now to add value to your business.

Remember, the best branding is built on a strong idea, an idea that you and your staff can hold on to, can commit to, and can deliver upon.

Your brand represents all that you stand for as a business, it makes a promise to the consumer, celebrating what makes you different from and better than your competition.

Your brand needs to permeate your entire organization. When your organization is clear on the brand and can deliver on the promise of the brand, you will see tremendous fruit while building brand loyalty among your customer base. 

It can add a huge amount of value to your product or service which vastly affects profitability. So, any business owner concerned about their bottom line (which in reality is probably everyone) should without a doubt be thinking about investing in their brand.  Investing in your brand is investing in your future.   

A solid brand guarantees client loyalty, repeat business, public trust, and an important place in society. You must, therefore, invest early and consistently in your brand as it provides value to your business.

P.S. Your brand is a valuable asset that needs protection.

One way is to trademark it. A trademark is a legal protection that prevents others from using your brand name or logo without your permission. Without a trademark, anyone could start using your brand name or logo, and you would have no legal recourse. So, if you’re serious about protecting your brand, make sure to trademark it as soon as possible. The best part of this process is that you can write it off as a business expense. Also, you can charge whatever fees you want if anyone wants a franchise.

Advertisement

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: