With so many companies and businesses popping up nowadays, staying on top is proving to be impossible. That is why large and successful businesses focus on the next logical step – branding. In other words, what you want to do is make your company name a recognizable symbol within your industry. It’s the next logical step after becoming an authority in your respective niche. And although the reasons why impactful branding is important are many, the actual number of good brand development strategies is low. If you want your business to stay ahead of the rest, you need to find the best branding solutions. Today, we start you on that path through a list of reasons why your branding is so fundamental.
10 reasons why impactful branding is important
According to the opinion of over 77% of B2B marketing leaders today, there is no company growth without branding. In fact, a majority of investors rely on brand strength and name recognition when making business decisions. No matter how much research you do, it all points in the same sound direction – impactful branding is important beyond all measure. What was once a simple aspiration of growing businesses has now grown into a defining element of a company portfolio. It is what can take your business to the competitive level, and here are ten simple yet solid reasons why that is:
1. Branding leads to linking
When you begin to build your company brand, you begin putting together a complex puzzle. The puzzle is a cohesive message that signals to people what your company represents. It is comprised of your company name, logo, blogs, taglines, social media profiles, and all other advertising tools you use. Why is this so important in modern marketing trends?
Research shows us that people are far more likely to go with a product or service they’ve heard of than one they are not familiar with. Having the ability to link diverse elements back to your company can be a fundamental step in the development of your business. And if people use one of your services and are satisfied, then they will be all the more willing to try your other services or products. The linking you create is one of the top reasons why impactful branding is important.
2. You should think of a brand as an asset
People don’t care who owns a brand, so long as they are able to get products or services from it. If you were to buy the Hilton, nobody would care – the only thing people would care about would be the brand. So long as they could still stay at the Hilton, they will remain loyal. Therefore, the brand becomes just another asset.
3. Impactful branding is important because it is fueled by emotion
There’s nothing quite like a good story to draw people to your company. Having a cohesive message as part of your brand is a powerful tool and one that marketers have been using since the very beginning. Whether it’s storytelling, books, radio, cinema, or even social media advertising – there is nothing quite like a story to elicit emotions. And emotions drive sales. Hence, using branding in advertising your company can increase revenue by as much as 23% on average.
4. Branding brings about humanization
Why does a brand bear so much importance in the eyes of consumers? The reasons are many, one of the most essential ones being our need to humanize objects. We tend to attribute human characteristics to objects, and if you want your business to grow, you will take advantage of this fact. Give your business a face through branding – give it a face for the world to see.
5. Branding can empower preference
When you have a choice between two great companies, which are you more likely to go with? People always choose the name they recognize – a trait most marketers love to target. By branding your business, you are letting the world know who your company is. And this can make all the difference when consumers are presented with a choice. It is then that preference comes into play.
6. Recognition as a key factor why impactful branding is important
Previously, we spoke about using the strength of your brand to help consumers choose their preferences. And recognition plays a fundamental part in that decision-making process. In fact, studies show that brand affinity can double and even triple click-through rates. And all that just on the basis of people knowing your business because of the colors, logo, products, services, or stories. So, take this into consideration when planning on branding your business, as a way to double your website traffic.
7. Branding contributes to loyalty
Were you aware that over 64% of consumers claimed long-term loyalty towards a particular brand on the basis of shared values? When you have a brand that matches the personal preferences and ideals of your consumers, developing a loyal following becomes all the easier. This is in part due to the humanizing factor of why impactful branding is important for companies. So long as people are able to sympathize with your brand, and connect to it on a more personal level, you have everything you need to entice loyalty.
However, do not take this as a sign that you need to buy loyalty by any means possible. As much as consumers want to make a connection with a brand, over 90% of them will easily reject one for being dishonest. You have to keep it authentic.
8. Establish authority through branding efforts
As we touched upon in previous points of why impactful branding is important, brand awareness takes a high pedestal in the marketing world. And to make your brand awareness reach its full potential, you need to take your efforts online and make yourself identifiable as an authority in your respective industry. One of the simplest ways of achieving this is through content creation.
Once you identify your target audiences and their needs, your next objective will be to target them through diverse types of content. Upon creating the content for your audiences, you need to advertise that content through the plethora of marketing channels at your disposal. Moving company marketing teaches us that so long as customers recognize your content as relevant and helpful in answering their inquiries, they are willing to define you as an authority in your field.
The only warning here is to tread carefully when it comes to becoming an authority. Once you do, people will start looking at your brand as the logical choice for getting answers to their problems. That means that you will be expected to deliver the quality of information. Anything less than that, and you will find yourself losing brand followers.
9. You can use impactful branding to inspire your staff
When you aim to create a brand, you are not only doing so to reach the minds of consumers. A good brand storyline also serves as a great inspiration for your employees. So, think hard on what it is that makes your business unique from the rest. What is the drive that pushes your company further each day?
The most obvious way to define this – a mission statement for your business. A simple statement that serves to answer all the important questions regarding your company. And this is something employees will be able to use to tap into a source of motivation to go the extra mile for the sake of developing your company.
10. Branding protects against plagiarism
Sure enough, people can always imitate your products or services. However, with impactful branding, they are never able to copy your company’s efforts. Your brand is what makes you unique in the eyes of consumers, and that is what will always differentiate you from other businesses, no matter how good the duplicate is. It’s the ultimate protection against frauds and copycats alike.
The final verdict
Impactful branding is important in all aspects of growing your business, no matter the industry or market. It is the next step you have to take if you wish to stay on top of things. Now, the only thing you need to ask yourself is whether you are willing to leave it to experts or try taking it on by yourself? One thing remains certain – you are already branding your company as we speak. Each time you read something new, update your content, interact with leads, etc. – it all matters. And it all leads to newer and better things. You simply need to make sure that you stay on track and not lose focus – that’s when brands start to fade away.
And at the end of the day – you are the one making the choice, not anyone else.