What is a brand exactly? It is everything.
A brand represents the sum of people’s perception of a company’s customer service, reputation, advertising, and logo. When all of these parts of the business are working well, the overall brand tends to be healthy.
Branding is especially important for Small Businesses. Here are 5 reasons why:
1) Separate Yourself From Competition
Very rarely will you find a business that has zero competitors. Competition is good for an industry and good for consumers. Dependent on which industry you are venturing into, barriers to entry can vary, but one thing remains true- you must stand out in order to be seen. You have to be the orange among the apples. From logo, to color scheme, to website layout, to advertisements and collateral…standing out is key if you want to make it as a small fish in a big pond.
2) Helps Sales Team
Marketing and Sales go hand in hand. Oftentimes the two departments are separated, but the sales team has certain needs that only marketing can provide! Imagine a sales person meeting with a potential customer. After verbally hearing about the company, the customer typically will check out the website, ask for a brochure, all with the intent of discovering how credible this company is. Branding gives your sales team the confidence to know they represent an established company that can provide the customer with what they need.
3) Gives Customers Confidence
Similar to increasing confidence in the sales team, branding will instill confidence in the potential and current customer base. Without a brand, you lack an identity. Customers don’t want to do business with an imaginary company. They want to interact with an established, confident, and helpful company that cares about their brand. Once you gain their confidence and trust, you can prove that your product or service is superior to your competitors.
4) Builds Financial Value
“Companies who publicly trade on a stock exchange are valued at many times the actual hard assets of the company. Much of this value is due to the branding of the company. A strong brand usually guarantees future business. Whether a company is in the position to borrow funds for expansion or rolling out to an IPO, being perceived as more valuable will make the process advantageous for the owner of the company. The greater a company’s devotion to build its brand value, the better the financial return from its efforts.” Source: Deluxe
5) You have to Crawl before you can Walk
Every big brand started from scratch. Apple, for example, actually hasn’t been around since the beginning of time, as most young consumers might believe. It was founded April 1, 1976. Do you think it’s current value of almost $1 trillion happened overnight? No. Innovation, strategy, hard work, and of course, branding has launched it to the top of Forbes “World’s Most Valuable Brands” list. You have to start branding at some point, so start today!
The most profitable companies, small and large, have a single thing in common. They have established themselves as a leader in their particular industry by building a strong brand.
Small Businesses- Let us help! Call Hype Strategic today!