“Your brand is what people say about you when you’re not in the room”, said Amazon founder Jeff Bezos.
What is branding? And why is it so important for your business? A brand is an asset. Branding links your business name, logo, online presence, product/services and appeal to the masses. Let’s look at 5 reasons why digging into your brand is important:
1) Improves Recognition
One of the major components of a brand is a logo because, as the “face” of a business, it’s what people instantly recognize. People tend to do business with companies they are familiar with. So, not only should the logo be memorable, it should give the desired impression of your company and helps people become familiar with the business they are dealing with.
2) Creates Trust
A strong brand elicits trust from consumers and makes your business feel more legitimate. Branding strategies are not only created to increase the number of customers, but also helps shape company’s reputation and attract customers. By creating a professional and relatable brand, you are letting your potential customers know that they can trust you to do the job well and keep them safe.
3) Generates New Customers
One of the biggest goals of branding is to ensure that your brand stays in the mind of consumers.
If you are able to make an impression on consumers, branding can help a business get word-of-mouth referrals. Word of mouth recommendations are only possible if a strong brand is in place. When you work on a good branding, you are also allowing your company to catch more attention and generate potential customers.
4) Add Value to Company
Products and services have life-cycles, but brand will be around forever. A strong brand will provide value to your company and can boost business’ value by increasing its leverage in the market. Therefore by creating a strong brand, you’ll be setting your company up for success for years to come and make your business a more attractive investment opportunity.
5) Separates from Competitors
People don’t tend to have relationships with products, they’re loyalty and commitment is to the brand. Every brand is unique and a strong brand stands out through its own individuality with unique combination of purpose, vision, mission, etc. Regardless of your business, you always need to consider your competitors and what can do to set your business apart. With the right branding, this can be achieved.
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