When starting a business, it is vital to think about your brand. Your brand is not restricted to just your logo or graphic design, it is about the experience your customers have and how they perceive you. If you think about the products you use, there is a reason you will choose one over the other – even though they may be very similar. This is fundamentally down to the branding; it may be that you are more familiar with a specific brand or that the quality is better. Branding is often neglected by new businesses and it is difficult to start creating a brand when you are already underway. A strong branding strategy is critical to success and here are some reasons why.
Stand out from the crowd
Whether you are offering a product or service, you are bound to have competitors offering the same – so what makes yours stand out from the crowd? Why would consumers choose yours over another? This is all down to your brand marketing. A consistent brand will make you more recognisable and this builds trust with the consumer. They will feel more comfortable using your company than others. If your brand is known for offering quality, this is another reason you will stand out from competitors.
Increase referrals
Strong brands bring in referrals from other people, as they are more likely to tell friends and family if they have a good experience. Whether it’s excellent customer service or great quality, you can bet people will tell others if there is strength in your brand. Businesses should aim to get referrals from customers and a strong brand is the best way to achieve this.
Value
The value of your business is not just down to your sales – it is also about your brand and how consumers perceive you. For example, a company selling cheap, low-quality clothing might make a lot of money – but do they create real value? Do people feel really good wearing their products? Probably not! Think about the value you are creating through your brand and not just the bottom line.