What is Branding and Why is it Important for My Business?
Branding, as used in the marketing world, is creating a name, symbol, service or design that people recognize as belonging to your company or product. This helps your customers identify your company, product or service and remember it. Branding is a vital component of any successful business. Bringing in new customers and sustained growth can make the difference between a company that peters out and dies and one that is booming. With branding your customers know and understand what you represent, the quality, service and value you bring. It gives your potential customers a reason to choose your company over the competition. That is what branding is and why it is important for your business.
What goes into Branding?
There are many components that make up a branding campaign. Advertising, logo, customer service, reputation and your online presence are all important parts of your branding campaign. The final goal of branding is to present a positive image to the public and bring in potential customers.
Branding Creates Loyal Customers
Loyal customers who bring repeat business and send you many referrals can be created through branding. When your customers love the service they receive, they spread the word to their friends and family. Branding can make the emotional connection that makes this happen. Identify what your customers love most about your business and build on it. What makes your company different?
Your Brand Conveys a Message
What message is your brand conveying? What are you trying to deliver to your customers? BMW is the “Ultimate Driving Machine,” Apple “Think Different,” Geico “15 minutes or less can save you 15% or more on car insurance.” These are examples of brand message. What do you want people to remember about your company and your service?
Visual Elements and Branding
Make sure the visual components of your business match your message. Use color to your advantage. Signage, letterhead, uniforms, vehicles should all convey the message you are sending. People are more likely to do business with a company that has a professional appearance. It gives the message that you are experts at what you do and helps build trust.
Branding Generates New Customers
Branding creates a positive image for your company, which makes people feel more comfortable doing business with you. It builds trust. When new customers use your service and have the good experience they were expecting from your branding, they will spread the word to others and bring in referrals, which is always the best source for customers.
Improves Employee Retention
When your company stands for high quality and service, your employees will take pride in their jobs and have more satisfaction. When this happens, you get better quality work as they are taking pride in their work. This makes their jobs more enjoyable and fulfilling so they will stay with your company longer. Employee retention is a vial part of any successful business
Branding Increases Value
Branding will increase the value of your business by giving you a bigger share of the market, generating future business and loyal customers. If you are established in your market, your company is a better investment.