6 Benefits Of Strong Branding
If you want your business to succeed, building a strong brand is crucial. It helps you to distinguish your company or products from others and gives you plenty of marketing opportunities. It can also help you to establish a good reputation.
There are lots of ways you can build your brand and most companies will have a dedicated strategy (and possibly even an entire team) in place to make this happen.
And it doesn’t matter whether you’re a huge corporation or a small local business, strong branding can be the key to business growth and a bright future.
But don’t just take our word for it, here are six benefits of strong branding for your company.
1. Increasing brand recognition
How often have you thought to yourself ‘oh I know that brand’ or ‘I’m sure I recognise that logo’?
Well, that is brand recognition and it’s all about making your company easy to recognise through elements like your name, slogan, tone of voice, logo and other visual design and creative elements.
This is an important way for past and potential customers to quickly identify your goods, services or marketing materials. How well they can recognise and recall your brand is a good indicator of how well you’ve differentiated yourself from your competitors and other brands.
For example, if you think about the McDonald’s logo, simply by seeing those golden arches you immediately know who they are. Even if you take the name away, there is no doubt that it is McDonald’s and not another fast food chain.
Of course, brand recognition will need to be built over time, but you need strong branding initially to maintain consistency and keep the customers (and therefore, revenue) flowing in.
2. Building trust and loyalty
An attractive logo, smart website, creative slogan and more can contribute towards making your brand look more professional and credible. And as consumers increasingly recognise your branding and see you as an established company, their trust will grow.
As they begin to trust you more, they are more likely to purchase goods or services from you. Not only that, but once you’ve begun to build up brand recognition and trust, you are likely to find that customer loyalty also improves and you start making repeat sales.
Plus, another huge bonus is that these customers are likely to pay more for those purchases as they trust they’ll get a good result. We’ll look at this in more detail next.
3. Shaping your advertising strategy
Advertising can be a huge part of selling goods, but also increasing brand recognition.
A strong brand will play a big role in your advertising strategy. It will impact your images, colour scheme, text and slogans, and even where you choose to advertise and when.
So, it stands to reason that you need to get your branding just right, so you can begin to create and share adverts that convert to sales. And, over time, as your brand becomes stronger and more established every new advert will have a bigger impact on your target audience.
4. Lowering price sensitivity
A recent study found that almost half (46%) of consumers are willing to pay more for goods or services if they come from a brand they recognise and trust, rather than one they don’t know very well.
With that in mind, strong branding can help to attract new customers and lower price sensitivity.
This is a term used to describe how the cost of your goods affects your target audience and their willingness to buy from you. Ideally, the less the price weighs on their decision-making process, the more sales and money you will make.
By creating a strong brand and utilising this to build up a loyal customer base, you can lower their price sensitivity. Meaning they have an emotional connection to your goods or services and they are prepared to pay more for it for that exact reason.
5. Spreading the word
If your branding stands out, it is likely to attract more attention and, as we’ve said, increase brand recognition. This in turn can help to spread the word about your company and draw in more customers.
If people enjoy your branding, they are more likely to talk about your business; and that’s not just those that have bought goods or services from you. An eye-catching logo or funny slogan can get people talking, even before they’ve made a purchase with you.
This could be through positive word of mouth or they might even be sharing your content online, particularly through social media. They might wish to write reviews and share these with their followers, or they might simply repost your adverts, photos, slogan, etc.
Through strong branding and creative content, you can potentially turn everyone into a brand ambassador, telling their friends, family and colleagues. Who knows, they might even tell strangers at the bus stop if they love it that much.
6. Boosting employer branding and engagement
Finally, strong branding isn’t just important and beneficial for increasing sales numbers. It can also have a huge impact on your company culture too.
It stands to reason that you want your employees to be happy at work as this ensures they are hardworking, innovative and loyal for years to come. Plus, happy employees can be a staggering 20% more productive than those who aren’t.
What has this got to do with branding?
Well, if you create a strong brand and well-loved company, employees are more likely to feel proud of where they work and their contributions towards the business and its success. Those who are proud of their work and company will be more engaged.
They are also more likely to say positive things about the business to other people, either helping to sell your goods, services or your position as an employer.
This will help you to attract and hire new recruits, with more candidates wanting to pursue a career with your company. This can give you even more of an edge over your competitors, as a talented workforce helps to progress and grow a business.