When you started your business did you consider its branding? The chances are you have, but at what sort of length did you consider it? The branding powerhouses of the world in Apple, Nike and Coca-Cola to name a few have got it spot on. Even as a startup or an SME you need to have your branding figured out. In this article we will answer the question: does my business need branding?
What is Branding?
Branding is quite simply the process of creating a strong, positive perception of your company, products and services. This is a very basic idea, but ultimately this is what it does. However, do not underestimate its importance to your business. Branding is key for association, and also promoting your business.
Branding can come in many forms which could be logo, colour scheme or mission statement. By utilizing this within your business you are trying to stand out to your market place above your competitors. In eCommerce this is especially important due to the vast amount of competition that you have. An established brand can definitely keep generating profit.
What Are The Elements Of Branding?
Branding can sometimes be misunderstood, along with its importance. There are many elements that make up branding, some of which are done automatically by a business and also some that take time to manifest. The elements most common are as follows:
- Identifier – Elements that allow customers to see the offerings and enable them to make a simplified choice (Name, Sign, Symbol or Design).
- Promise – What the company is offering or is able to provide to those customers who decide to engage with them.
- Asset – How the company is viewed in the marketplace, and helps customers build their preference for that particular business.
- Perceptions – A summary of all the thoughts, emotions and feelings towards a business which ultimately make customers purchase.
Why is Branding Important
As mentioned above, branding is crucial because it’s what your audience will see first. They will build an association with your logo or your colour scheme. This is your first opportunity to attract them. Thinking of branding as a way to create a positive perception of your business is the best way to go. Some of the other reasons why it is important are as follows:
Branding allows your business to be known by your audience, it’s the first step to creating that positive impression. The logo is one of the most important elements of branding as that is what firstly your customers see and secondly how they remember you. Creating a logo which stands out, is simple but also is memorable is vital for your business.
Increase Business Value
Value of your business is important from a monetary sense. An established brand can ultimately leverage others to either work with them, or leverage your audience to pay more. It could also help to make it more appealing to investors if you need an injection of cash to keep building.
Employee Pride and Satisfaction
If you are lucky enough to be in a position where you have employees then good branding will bring satisfaction. Employees love to know they are working for a company which is respected and recognised. They will naturally want to work harder to help maintain that perception, but also will help to bring in more staff when the time comes to expand.
A professional first impression counts for everything. Customers always have options when it comes to products and services, so you need to make sure you capture them. A professional logo, colour scheme and website goes a long way to achieving this. A professional brand also gives off the impression of you being industry experts. Customers love an expert so keep that perception positive.
Helps To Generate Business
Generating new customs is key for a businesses success and also survival. A strong brand should leave customers not feeling as if they could not recommend you to a friend or family member. With a strong brand you are able to appear dependable and trusted, this is a foundation for customers to become purchasers.
As you can see branding is vital for your business. The consideration it gets is less as marketing, sales and also structure takes over. But to answer the question at the start of does my business need branding? Yes, yes it does. Branding enables your business to take shape, it’s the perception to your audience and customers, and will serve you well in the future for growth and stability.