Consumers tend to trust a brand. A brand multiplies your value.
A brand creates a sense of identity, not only for the customers but also the employees. As a result people tend to stick with the brand for longer.
Branding makes it easier for you to get new customers and retain the old ones.
Logo is the first thing that comes to the mind of a customer when he thinks about a brand. So make sure your brand's logo is powerful and easy to remember.
Marketing strategies are more fruitful if your product is branded.
Branding does not just have a logo. Branding creates value. A lot of small businesses tend to overlook the impact that branding can have on their growth. They feel that brands can only be businesses that have big budgets and substantial revenue streams. What they don't realize is that creating a brand can help them go a long way and also help in bringing new customers. Put yourself in the shoes of a consumer, to whom are you more likely to give your business? A well-polished brand or a small business with a fun logo?
Let's look at why branding is so important, even for small businesses:
Imagine you are in the market for furniture. You go to a nearby shopping complex, and you come across two outlets. One of them has a professional-looking outset; they have their business logo out front, their employees and wearing t-shirts with the very same symbol. Now the other store has a generic nameplate, their employees are wearing casuals, and well, they are not looking that professional. Now, if I were to tell you that both shops had identical products and prices, which business are you more likely to shop at? Consumers value professionalism, that is why branded items sell. Branding creates a trust factor. It gives the consumer a sense of security without which it is hard for them to spend their money.
Work satisfaction is not achieved. A survey conducted in 2018 by TimesJobs found that only 20% of the working populace was satisfied with their jobs. A happy workforce can do wonders for your small business, from increased efficiency to an increase in customer base and revenue, all that can happen if your employees are happy working for you.
A brand creates a sense of identity for employees. It makes them think that they are working toward something, a goal. If your employees understand what your company is trying to achieve, they will work hard to reach that target and will also pride themselves in your brands' success. It is a win-win for everyone.
A business can benefit a lot from word of mouth referrals. But, it is hard to remember a business if it isn't a brand. No matter how good your product/services are, if you don't have a brand presence, people will forget about you. For example- If customers who like your products want to refer you to their friends, they might forget your outlet's address, but if you are a brand, they won't forget your name. More like, they can't forget your name, because its right there on the product/service that they are using.
Humans are emotional beings, and we do not base most of our purchasing decisions on logic. Humans buy products that they feel a connection with. That is why Apple's iPhone sells so much because it is not a device anymore; it is an emotion. If people can get emotionally invested in your brand, they will always be loyal customers. Look at the Apple vs Samsung wars; those customers are invested in those brands; they care about them and are willing to fight for them.
A happy customer who feels valued is like a free brand ambassador; he/she will never fail to praise your brand whenever he/she gets a choice.
When we talk about brands like Nike or Adidas, the first thing that comes to our mind are their striking logos. Logos are the face of a business. You see a swoosh that says 'Just Do It' you instantly recognize the brand, that's the power of branding. A logo helps your business get recognized easily by people. A professional logo should be simple yet powerful, something that people can easily remember and something that speaks about your brand.
A lot of modern marketing and advertising strategies and only bring fruit if you have an identifiable brand. For example, if I want to collaborate with influencers and want them to market my products, I need to have a brand that they can portray to their audience. A lot of influencers with loyal fanbases sometimes even say no to product promotions if they feel that the brand doesn't go with their identity.
Advertising, promotions and marketing your business, all of it requires having an identity that can only be achieved with branding.
We are in the year 2020, and having a striking brand presence is as important today as having a good product is. A mix of both can do wonders for your business.