Branding is one of the most important aspects of any business, large or small. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does "branding" mean? How does it affect a small business like yours?
A great brand starts with a strong name and logo, but there’s more to a brand than just the visual elements. Your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Executed well, your brand is consistently expressed through marketing communications, customer interactions, employee engagement, and everything your business says and does.
Unfortunately, many small businesses don’t prioritize branding early in their company’s history. This is a mistake. Poor branding impacts your business in many negative ways – and can even threaten the survival of your business.
Here are the top six benefits of branding your small business and reasons why you shouldn't wait another day to start building it.
1) Customer Recognition
Never underestimate the power of familiarity. When a customer is shopping for a product or service and sees the unmistakable typography/colors/images of a brand that they recognize, they’re more likely to lean into that product than the sea of others that are surrounding it. Why? Because it’s eye-catching and familiar.
2) Customer Loyalty
Once shoppers begin to recognize and buy a service or product, a good brand can keep them coming back for more—and can make them loyal advocates of that brand. When a company combines a great product with engaging branding that hits all the right notes with consumers, a business will see their customer loyalty begin to elevate.
3) Keeps Communications Consistent
Once a business has its branding in place—a company philosophy, marketing, colors, typography, print, website, etc.—it can begin to modeling the rest of its efforts after it. When there’s set branding foundation with guidelines in place, it makes other choices much easier, and all of the company’s future marketing can branch off of it.
4) Increases Credibility
When a business has solid branding, it increases that company’s credibility within its industry, as well as with customers. Innovative marketing paired up with phenomenal customer service and interesting visuals will establish a company as a serious professional business.
5) Attracts Talent
When a business has great branding, people notice. And often, those people who are noticing are entrepreneurially-spirited and talented influencers, marketers, designers, or concept builders. When a business is doing an excellent job with branding, this caliber of thinker often wants to be a part of what that business is doing.
6) Instills Confidence and Pride
Good branding not only gives confidence to the customer, it does a lot for the actual business owner. With great branding, all of the energy, time, money, and work that has gone into a company comes together as a complete and professional presentation. Branding exists to further the original product or service. It pushes it forward by grabbing the public’s eye and making them pay attention. Good branding is for the public, but it’s also for the business owner and their team to appreciate what they have created and built.
If you’re a business owner who is looking to elevate your company with strategic branding, be sure to make sure you’re covering every area so that you’re not missing out on any opportunities.
Need help building your brand? Reach out to Tara Morris and schedule time to talk. We can talk through your current challenges and opportunities and craft a plan custom for your brand and life cycle.