Why is Branding So Important?
Why is Branding So Important?
Learn What All the Fuss is About
I’m sure you can agree, that branding is an important part of your business.
But just how important is it? How much time and thought should you be devoting to your business’ branding?
In this post I’m going to show you exactly how important branding is for your business. I’ve included links to relevant research and statistics to back up my argument.
First-Up, What is Branding?
Branding is your business’ unique personality. It’s how people both experience and perceive you and your business. This goes way beyond your logo, imagery and tagline.
Everything your business does and says shapes your brand. Have you ever thought about the way you answer the phone? The way your customers experience your staff? This all feeds into your branding.
When you open your mind to this broader definition of branding, its importance becomes clear.
Let’s take a look at what good brands do, and why they do it.
Good Brands Connect with Consumers
Published in the Harvard Business Review, research shows that 64% of consumers cite shared values as the primary reason for having a brand relationship. This was by far the largest driver in consumer motivation found. Comparatively, only 13% cited frequent interactions with the brand as a reason for having a relationship.
Good brands connect with people at an emotional level. People feel good when they buy the brand. Purchasing is an emotional experience. Having a strong brand helps people feel good at an emotional level when they engage with the company.
Great Brands are Truthful and Honest
Your brand tells people about you and your business. 45% of your brand image is attributed to what you say, how you say it, and if you deliver. Your brand is your promise, communication and delivery.
Say what you have to say, be simple and direct. Engage your target-market. If this means that you offend those that aren’t in your target-market, that’s fine because they aren’t your audience and they won’t be your buyers!
Consistent Branding Promotes Recognition
Slightly different to “branding”, brand awareness is the probability that consumers are familiar about the availability and accessibility of your company’s product and service.
There’s a strong positive association between brand awareness and purchase intentions. Consistent and recognisable branding makes people feel more at ease when purchasing your products or services. This is why people tend to do business with companies they are familiar with.
Brand recognition is increased by up to 80% through colour use. This is one way you can easily and significantly increase your brand awareness.
Strong Branding Helps Customers Know What to Expect
Great brands are consistent and place customers at ease. Customers know what to expect each time they experience a strong brand. Exemplifying this, 80% of consumers say “authenticity of content” is the most influential factor in their decision to become a follower of a brand.
Consistency in branding is essential. 60% of US millennials expect consistent experiences when dealing with brands online, in-store, or by phone. Is your branding consistent across all channels?
Brand Motivates and Directs Your Staff
It’s easy to wander across ideas when nothing is guiding you. Clear branding helps you and your staff stay focused on your mission and vision as an organisation. It tells you and your staff how to act, what you’re driving toward, and how to meet company goals.
The market changes and so do aspects of your business. Promotional material comes and goes. However, the definition of who you are and what you stand for should remain stable. This should guide you when an option presents.
A Strong Brand Generates Referrals
People love to tell others about the brands they like. People wear brands, eat brands, listen to brands, and they’re constantly telling others about the brands they love. On the flip side, you can’t tell someone about a brand you can’t remember, nor communicate.
Strong brands clearly articulate how they should be referred. Think about your tagline. Is it memorable, catchy, to the point? Do you clearly articulate to naive consumers who you are and what you do? Can people remember and communicate this easily with their friends?
Give your followers the resources needed to spread the word about you and your business. Package your brand succinctly to make it as powerful as it can be. Find the simplest way to express yourself and more people will understand you.
Customers make conscious consideration of brands when making purchasing decisions. Your brand is a large part of what distinguishes you from your competition. It’s your promise to consumers that tells them what to expect from you and your business.
Are you the innovative maverick in your industry? Or the experienced, reliable one? Is your product the high-cost, high-quality option, or the low-cost, high-value option? You can’t be both, and you can’t be all things to all people.
Good brands are earned. They are built up over time and supported with a well thought out strategic plan. If you’d like guidance with your own brand contact me for a free consultation. Identify and proclaim your story!
Share your brand in the comments below.