5 reasons to brand your company
If you’re wondering why to brand your company, wonder no more. From allowing you to raise your rates, to outsmarting your competitors, tthere is no shortage of reasons to brand your company. Here are five of the best.
1. You want to influence what people think of your company.
Regardless of whether you intentionally brand your company or not, your company does have a brand. It’s your image. It’s the impression that people have of you.
So the question is, are you projecting the image that you want?
Branding is the strategic process of shaping how people think and feel about your company. Branding is about building a consistent and compelling identity. It’s about being memorable. It’s about giving people a compelling reason to choose and engage with your business.
2. There are financial benefits to having a strong brand.
According to Scott Davis, author of Brand Asset Management: Driving Profitable Growth through Your Brands, 72 percent of consumers will pay up to 20 percent more for a brand of their choice, relative to the closest competitive brand.
So yes, there’s that. Up to 20 percent more in revenue.
Likewise, in a recent Gallup branding study, researchers found that consumers who clearly understood, could articulate, and were aligned with the core elements of a company’s brand gave double their business to those brands.
Do your customers understand and value what makes you different from your competitors? Do they remember you when they need to make a buying decision? Do they tell others about you?
Just imagine what a little brand awareness could do for your marketing and sales efforts.
3. Branding your company can help you overcome a commodity mindset.
When consumers have no way to differentiate your company from others, they default to comparing you on price. (And we all know how much fun that is.)
If you have a superior product or service, getting stuck in the commodity trap can be extremely frustrating. When you take steps to clearly communicate what makes you special in a way that your customers care about, you give people a compelling reason to choose you that isn’t based on price.
And that, of course, takes us back to #3… People are willing to pay more for the brand of their choice.
Take that, competitors!
4. A polished brand can help you create a better impression with your ideal customer.
You’ve hit a ceiling. A wall. An impassable obstacle. You can’t grow your business another inch until you start looking more professional, credible, or polished.
If you want to attract a new or more sophisticated consumer, winging your identity will only get you so far. People judge your company based on how you look, what you say, and what you do.
Every impression counts.
To attract a “better” customer and to earn a higher price, you have to look, sound, and act the part. You have to understand what’s important to your ideal customers… and how you uniquely help them. You have to create an authentic, compelling, and consistent identity that resonates with your target audience.
It’s also the law of attraction. Quite simply, you attract what you put out.
5. You want to improve the effectiveness of your marketing efforts.
Your company has an amazing story to tell… Of course, that story varies widely, depending on the person who’s asked.
Professional branding can help your team agree upon your story and the audience you’re trying to reach, so you can sharpen your marketing and sales efforts.
As a colleague of mine likes to say, it’s amazing how much better the choir sounds when everyone is singing from the same piece of music.
Cut through the internal disagreements. The mixed messages to your customers. The marketing cacophony.
Making the investment to brand your company can help you be more focused and strategic in your marketing efforts. It doesn’t matter if you’re a startup company or an existing company that is looking for ways to be better. Your brand is the blueprint for what you say and do… and how you say and do it.
Until next time!