Today’s business world as we know it is over saturated with companies making it a very overcrowded market consequently making it even harder than ever to launch a successful business.
In today’s overpopulated market brands have to work harder also smarter to stand out from their competing brands to attract their targeted clients.
A strong marketing strategy and good online networking process prove to be a successful way to build up and gain customers trust and faith in your brand to move your business forward and rise above your average business circle. These robust tactics are all part of Branding your business. How you proceed to brand your business plays a significant role in success or failure.
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What is a Brand?
A brand refers to not only your logo, marketing strategy but also includes everything else that represents your business personality, ethics, values and your brands tone of voice, And even the overall brand atmosphere and touch points that you can read more about in both of Fabian Geyrhalter’s book “How to launch a brand” and “Bigger Than This”
It’s an effective method to create customer faithfulness and your brands market position. Examples can be “Do you prefer Coca-Cola or Pepsi?” “MacDonald’s or Burger King?” “Nike or Adidas?” “Windows or Mac?” Everyone will have different answers and preferences based on different reasons, most not related to the product itself but the brand behind the product and how it makes that customer feel when engaging with it.
To put it simple Branding is the most vital part of any business regardless of how big or small it may be.
If you’re the owner of a start-up of a more established business, it’s crucial to make sure you’re branding in the correct way and in an effective manner that will help your brand stand out in the crowd of the masses of other brands.
It’s the simple fact that buyers are less likely to invest in things with the least amount of credibility and experience.
Branding Your Business and its Importance
Branding your business correctly can make its products and services stand out against the variety of competitors that are out there. It’s vitally important and necessary to acquire a good position in today’s competitive market.
In order to ensure you get a good return on your investment, you need to appear like a well-established business that creates effective customer faithfulness through its brand values.
Why Your Business Needs a Branding Strategy
There are many ways and tactics you can use to make your products and services more prominent. By applying a branding strategy that has been researched and well thought out you can impress consumers in an exclusive manner.
Having a human nature applied to your brand consumers relate to your brand using their rational and emotional judgment and creating a brand emotionally communicates with its consumers can create a real difference.
Your brand needs to appear more than a group of employees, words, products, and services and therefore, your business needs to be a brand with a result-orientated strategy. A brand strategy is required to achieve good company values and beliefs to achieve long-term business success.
You need to let your consumers know not only what you do, but why you do it! Simon Sinek an unshakable optimist explains in his 2009 Ted Talk that popularised the concept of “Why” as he explains not a lot of businesses know why they do what they do, They don’t know their purpose, cause, and beliefs, why does there organisation exist why do they get up in the morning and why should anyone care?
As Simon explains in the video below “It’s not what you do, it’s why you do it” people don’t buy what you do, they buy why you do it!
Make people care about why you do what you do when people care and believe what you believe it creates a human emotional connection to your brand, creating loyal and life long customers.
Reasons To Assist in Understanding Why Your Business Needs a Brand Strategy
Standing out from your competitors
The competition in the global market is very fierce and growing at a rapidly as time goes on. Increasing technology makes it even easier for consumers to opt for a number of availabilities, companies have to face even more competitors as technology improves. Leaving behind the loud noise of your competitors a good branding strategy can increase your brand to attract and gain more consumer attention.
Displaying your products as a live thing
The increasing speed of products and services on today’s market is growing amazingly day by day. The products of many enterprises including those that were successful in the past are turning into outdated commodities. Branding strategy can prevent the same by separating even the commoditised product.
Improve your brand’s importance
To gain consumers attention in today’s competitive world is no easy task to achieve. You don’t just need to get that attention you also need to earn the attention you are getting.
For your brand to be profitable it should be lovable to its consumers and from its consumers. And for this to happen the whole brand experience needs to be on par and consistent in the day to day running of the brand with its consumers by creating a trust worth experience when consumers interact with your brand.
It’s not just about the name of the brand or its visual identity, it’s also about the experience your customers have, how you make them feel and the emotional connection they gain when interacting with your brand.
Creating the emotional link with consumers is very beneficial in converting them into lifelong customers and believers in your brands “why you do what you do” By developing a brand with an effective brand strategy will create a humanistic element that prevents consumers from leaving and staying loyal to your brand.
With that said, this will keep your current customers and help acquire new ones that will in time get easier.
By having a strong brand, all other marketing efforts increase in power and this further places a good impression in the minds and hearts of consumers.
Increase your market share
Branding plays a significant and powerful role in gaining and increasing your market share which in turn with grow annual sales that will continually increase annually.
Provide a stage to grow via brand extensions
Brands always outlive their products. If a brand is dependent on just one product it will fall apart if the product dies on the market.
My philosophy in business is building sideways and not up, having a stronger foundation is better to build on rather than ground up and increasing too fast increases the chance for your business to fall over.
Having a brand strategy and plan in place to build your business sideways gives it the flexibility of expanding its product line or service offerings and increasing its foundation creating a stronger foundation to build on for future growth.
Brand strategy performs as per the consideration that people prefer buying from companies they like, trust and can identify with. A brand strategy can be used to develop a trustworthy business brand that consumers are loyal to.
Facilitate higher prices
Implementing a good brand strategy increases and improves the brands chance in getting a good return on their investment by implementing higher prices for its products and services.
After all, you’re providing the branded products and services that offer a good long lasting consumer experience.
Rises shareholder value
According to a number of reports, brands can account for more than one third / 70% of the shareholder value.
Generate robust financial results
Experiences suggest that buying decisions are made within seconds rather than thinking about the decision longer. Good branding offers consumers, good memories, feeling and images that make consumers make instant purchases.