Is branding really that important?
One word – absolutely. Your brand is what distinguishes you, at first glance, from all other businesses which offer a similar product or service to yours.
Even if your business operates head and shoulders above the competition, without a brand design strategy and a solid marketing approach, how will anyone know about your superiority? Without a brand and public awareness, sadly, the reality is that you’ll be lost in the marketplace. As we complete a transition into the digital age, products only become tangible once they’ve been acquired by a potential customer. Until then, your business remains a collection of pixels on a screen – it’s how those pixels are arranged that will determine your success.
Here are the top 5 reasons why a brand is crucial for your business.
1. Recognition. Without a brand, there’s nothing for your customers to remember you by. Think of your brand as your company’s face – when your business name is mentioned, it is the brand that comes to mind. A strong brand means that your service will be strongly linked to your name, logo, and the quality of experience you provide.
2. Recruitment. A strong brand will automatically attract better employees. People at the top of their field seldom want to work for companies that they don’t think they’ll thrive at, and just like customers, potential employees will attempt to determine whether they’ll enjoy working with you through examining your brand.
3. Referrals. The easiest way to achieve growth is through referrals – your work does the marketing for you. Even if someone appreciates the service you’ve provided, if you don’t have a strong brand, they’ll struggle to refer you to their friends. It’s a cliché, but with good reason – look at Apple’s marketing of their bitten apple logo is instantly recognisable, and nearly everyone uses their products.
4. Sustained growth + vision. A strong brand doesn’t just help customers recognise your business – it helps maintain a strong internal vision necessary for progress. It can be easy to lose sight of where you’re going as a business, especially when the going gets tough. A strong brand can help keep you on the rails, maintaining a strong internal strategy.
5. Value. Branding is less tangible than physical assets, such as property and stock, but it is no less valuable – arguably more so in fact. Facebook and Instagram accounts with followers in the hundreds of thousands or millions can charge vast amounts for a post, a cost which organisations willingly pay purely to achieve exposure to these influencers’ followers. These accounts have no physical assets, they are purely marketing tools, showing the value of a strong brand.
A brand is worth so much more than its physical assets. Comparing General Motors and Tesla, two car manufacturers – Tesla’s market cap of $810bn equates to $1.5m for every car sold in a year, whereas GM’s market cap of $75bn equates to $9,000 per car sold in a year. Considering the cars of the two giants are sold for similar prices (GM for an avg. of 40k and Tesla and avg. of 61k) this shows that Tesla’s market domination is owed to its founder Elon Musk’s, if unconventional, incredibly strong branding and vision. When it comes to your own brand strategy, our experienced team can provide all aspects of the full brand sphere to ensure that your approach is informed, relevant, reflects the ideals of your business and is ultimately one that resonates with its audience. Contact our team today or call at your convenience on +44 (0)1225 466 080