Did you know there’s more to your business than its name and what it sells? That extra thing is called a brand.
If the first thing that comes to the mind of a consumer when they think about your business is your product, you likely don’t have a brand. But if they think about how it makes them feel, you likely have a brand — and that counts for something.
In this article, our focus is on the question: why is branding important?
Let’s unpack this!
What Is Branding?
You already know that one of the outcomes of branding is making consumers feel a certain type of way when they interact with your business. But how does this come about? In other words, what’s branding?
Branding isn’t an event. It’s a process that entails promoting your company in a certain way.
The name, logo, tag line, color palette, fonts and typography, and imagery all combine to give your brand a unique visual identity. It’s why you can see a picture of a half-bitten apple and the first thing that comes to mind is Apple Inc.
Other elements of a brand include:
- Brand voice
- Brand values
- Brand promise
- Brand positioning
It takes time to integrate all these elements into your brand. For example, you can easily state your brand values in the mission statement, but no one is going to remember them by just reading. Consumers want to see your company practicing those values.
With that out of the way, let’s focus on branding benefits.
Distinguish Your Company from Competitors
In a marketplace where there are many companies selling the same product or service, it can be difficult for customers to distinguish one from the other. With proper branding, it’s possible to distinguish your brand and even stand out. Customers will have an easier time picking out your product when it’s sitting on a crowded shelf.
Let’s say you sell cannabis edibles. When your company has a unique visual identity, you can use your logo and color palette on the product packaging and shoppers will quickly identify it on a shelf or anywhere else.
In a nutshell, a unique brand identity enhances customer recognition. This will in turn increase your sales, especially if your product sells in retail stores and supermarkets.
Maintain a Consistent Image Across Many Channels
In today’s business world, it’s commonplace for businesses to have a presence on multiple channels. If you’re a brick-and-mortar business with online operations, your offline brand (store-front) needs to match your online brand. And on the web, your brand identity should be consistent on your website and social media platforms.
Imagine how confused a customer would be if they opened your company’s Twitter page only to find the profile image is different from what’s on Facebook or Instagram. They’ll lose confidence in your company and probably take their money elsewhere.
When you have built a brand, it’s way easier to maintain a consistent image everywhere. You’ll have a logo, for instance, which you can use as the company profile picture on all your social media pages. The same logo can be printed on your storefront, on business documents like invoices, on promotional merchandise like T-shirts… anywhere you can think of.
Showcase What Your Brand Stands For
A 2022 Harris Poll study established that 82 percent of consumers want a brand’s values to align with their values. When there’s a conflict of values, more than 75 percent of consumers will switch to another brand.
So, your company needs to stand for something that resonates with your customer base. If your target customers are deeply passionate about environmental conservation, for example, one of your brand’s core values has to be environmental sustainability.
But the challenge is, how will your customers know that your brand is passionate about the environment as well? That’s another area where branding comes in. It will help you demonstrate what your brand is all about.
A logo with an environmental theme, for example, will give off visual cues of environmentalism. Your company can also sponsor local environmental conservation projects, which goes a long way in demonstrating your brand’s values.
Without a proper branding plan, it will be hardly possible to communicate and prove your values as an organization.
Attract the Best Talent
The modern worker isn’t only about the salary and other benefits that come with a job. Sure, pay is still a key factor, but over 70 percent of job applicants now consider a company’s culture and mission before responding to a job advert.
If your company has no recognizable brand, it’s likely to miss out on the best talent in the labor market. But through branding, you can craft a company image that appeals to the professionals you want to attract. If developing a brand that does that sounds difficult, branding specialists like those at www.dpdk.com can help you out.
In addition to attracting talent, a good brand will help increase employee loyalty, thus reducing turnover. The last thing you want is to keep losing employees as it adds to your operating costs.
Why Is Branding Important? Answered!
If you were wondering why is branding important, you now have your answer. But to recap, branding can make the difference between success and failure in business. A good brand attracts and retains customers and employees, curves a unique image for the company, and even gets free press from time to time.
Start building your brand today, and explore our blog for more branding advice and tips!