Branding is a critical component of any business.
It is what helps customers remember to continue purchasing from favorite companies. Effective branding will differentiate a company from its competition. When done correctly, branding can help a business grow by leaps and bounds.
In this article, we will discuss why branding is important, how it helps businesses grow, and how to find the best branding services for your needs.
What Is Branding?
Branding is the use of a name, term, design, symbol, or other feature to identify a product or service. It works to distinguish a business from other companies. A brand can take many forms, including a sign, symbol, color combination, logo, or slogan.
Besides these visible elements, branding also includes intangible factors like values, vision, target market, and what makes the company unique.
Investing in branding services is a quality shortcut to developing a winning brand.
Why Is Branding Important?
Branding properly will help business owners accomplish several important goals.
Attracts New Customers
The first and most obvious reason branding is important is that it helps businesses attract new customers. For example, if a customer is looking for a new website designer, they will likely start by doing research online.
They might come across two competitors. One from a company with a well-defined business name, logo, and website. And another with a generic name and no branding. The customer is more likely to go with the company that has put time into branding.
Differentiates a Company From Its Competition
In today’s competitive business landscape, it’s more important than ever for companies to find ways to stand out from their competitors. One way to do this is through branding. An effective brand will help customers remember a company and its products or services above others in the market.
Helps Connect With Customers Emotionally
A good brand will help businesses connect with their customers on an emotional level. Customers are more likely to do business with a company they feel positive about.
This emotional connection can happen in many ways. One way is through branding that resonates with customers’ values. A second method is providing excellent customer service. Other ways to connect with a customer’s feelings include creating a visually-appealing brand identity or using a memorable slogan.
Another important reason to focus on branding is that it can help generate referrals. When customers love their experience with a company, it’s easy for them to tell friends and family about it. Word-of-mouth marketing is one of the most effective ways to attract new customers.
Improves Employee Pride and Satisfaction
A strong brand can also help improve employee pride and satisfaction. Employees who feel positive about their company tend to stay longer with the business. Employees usually go above and beyond for customers when feeling pride in their company. The company benefits from improvements in customer satisfaction.
Attracts Top-quality Talent
In addition to retaining current employees, a strong brand can help businesses attract top-quality talent. As job seekers entertain multiple offers, they will often choose the company with the best reputation.
Guides Advertising and Marketing Strategies
Branding can also help businesses save money by guiding their advertising and marketing strategies.
It’s easier to effectively target advertising efforts while using a clear brand identity as a “north star”. It helps businesses avoid wasting money on marketing campaigns that aren’t on-brand or that target the incorrect audience.
Questions To Ask Before Developing a Branding Strategy
When building out a branding strategy, the following questions can help a company’s executives decide on the proper direction.
What Is the Company’s Vision?
During this exercise, business leaders should articulate what the company hopes to achieve in the future. The answer to this question will help guide other branding decisions and ensure that everyone is on the same page.
Questions to ask while determining a company vision include the following.
- What do we want to achieve?
- What kind of company do we want to be?
- How do we want customers to feel when they interact with us?
Answering these questions can help a company create a vision statement.
What Are the Company’s Values?
Values are another critical element of a company’s brand. These are the guiding principles that inform how a company acts with employees, customers, and vendors. Some examples of values include “customer first,” “integrity,” or “innovation.”
When customers know a company’s values, they can better decide if it’s a good fit for them. For example, someone who prioritizes environmental sustainability might only want to do business with companies sharing that value.
How Is the Company Different From Competitors?
Knowing how a business differs from competitors helps inform branding decisions and target the right customer base.
Here are three questions to ask.
- What do we offer that others don’t?
- What do our customers say they love about us?
- What do industry analysts say sets us apart?
The answer to these questions can help to create a new logo, redesign the website, or come up with a new tagline.
The goal is to make sure that the company’s branding sets it apart from others in the industry. It should be immediately apparent to customers what the company does and why they should care.
Finding Branding Services
Once a company understands its vision, values, and how it differs from others in its industry, it can start to look for branding services. Many branding agencies specialize in helping businesses with everything from developing a new logo to planning marketing campaigns.
When looking for an agency, it’s important to make sure that its values align with the company’s values. The agency should also gain an understanding of the company’s target market.
The best way to find an agency is usually through online research. Look for positive reviews and case studies. Another solid way to find branding services includes getting referrals from other businesses or industry leaders. Once a company has a few agencies in mind, it can start to request proposals.
Branding is an important part of growing a business. It helps businesses retain employees, attract top talent, and save money on advertising and marketing efforts. When developing a branding strategy, companies should consider their values and vision.