Probably every adult living on the planet Earth can name the company behind some of the most recognizable brands. Consumers likely have positive associations surrounding symbols–this is what branding is all about.
Image really is everything
Branding can be difficult to define.
I mean, just what is it that makes some companies’ symbols so memorable?
Probably every adult living on the planet Earth can name the company associated with each of these symbols.
Consumers likely have positive associations surrounding these symbols.
This is what branding is all about.
Branding is the “it” factor that enables a company to dominate their industry. By conveying the values and personality of your company, you build your brand.
There is no one thing that creates or defines a brand. Branding encompasses logo and design. And it also encompasses marketing, customer service, quality, pricing, innovation, creativity, values, etc. The list is essentially infinite.
As Amazon founder Jeff Bezos said, “A brand is what people say about your company when you’re not in the room.”
Your brand is how people see you. It’s how they feel about you. It’s the meaning people attach to your product or company.
A strong brand is the nucleus of your company’s success. And a weak brand can ruin your chances of getting your business off the ground..
Do you want your company to be a Ferrari?
Or an Edsel? (Never heard of an Edsel? Well, that’s the point…)
So much depends on your brand. And it’s up to you to make that brand awesome.
The 10 Top Benefits of Effective Branding
Branding Benefit #1
Greater Customer Recognition
People simply prefer to buy things they are familiar with.
If a consumer doesn’t recognize your product, there’s probably little chance they’ll choose it. But if they see a brand they recognize, they’ll probably reach for that product first.
Recognition is the first step in the sales process and without a strong brand, strong colors, themes, slogans, and logo, your product will probably not be recognized.
BRANDING BENEFIT #2
Unshakeable Customer Trust
Strong branding builds the know-like-trust factor essential to a consumer’s buying decision. A strong brand projects an image of quality and showcases your unique selling proposition.
BRANDING BENEFIT #3
Greater Customer Loyalty
Of course satisfying the customer is the main pathway to keeping the customer coming back. But when consumers see the product or company’s logo, branding, and promotional campaigns dominating the media, they are even more likely to be proud of their association with that company and come back as a repeat customer.
Also, branding allows companies to connect with the customers who share the company’s values, deepening the bond between the business and its customer base.
BRANDING BENEFIT #4
Once you have established a brand that consumers trust it is much easier to launch new products.
For example, because of Apple’s proven track record for cutting edge innovation, consumers were much more eager to try out their latest inventions, such as the iPod, the iPad, the iOS system, than if a no-name company had created these same products.
BRANDING BENEFIT #5
Increased Company Value
The recognition, trust, and loyalty that a strong brand brings also increases its valuation. When Sears went out of business, Advance Auto Parts was willing to spend $200 million for the popular Die Hard battery brand that Sears had owned.
BRANDING BENEFIT #6
Lower Price Sensitivity
Face it, consumers are willing to pay more for a brand that they just gotta have. A pair of Nike Air Jordan 1’s sold this May for $560,000.
Of course, consumers have always paid exorbitant prices for the most well-branded Nike products, as they do for other premium brands like Rolex or Rolls Royce.
BRANDING BENEFIT #7
The Ability to Attract and Retain the Best Workers
If your company has a reputation as a cool place to buy from, it probably also has a reputation as a cool place to work. And when you get to pick from the best workers in the job market, your brand of excellence becomes a self-fulfilling prophecy.
One major company, Southwest Air, even made how fun a place their company was to work a centerpiece of the branding that has made them the largest airline in the World.
BRANDING BENEFIT #8
The Ability to Attract the Top Investors
Just like the way a top brand attracts the most customers and the best workers, a great brand also attracts investors eager for profit. And why shouldn’t they get in on the fun? Of course, that makes your company’s growth just that much more plausible.
BRANDING BENEFIT #9
Helps Keep Marketing Consistent
Once you have your branding strategy, your marketing can fall in place and consistently target your market niche. For example, once Geico Insurance conceived of the Gekko to represent their company, it set their advertising on a humorous and entertaining path ever since.
Consistent marketing to a specific, targeted audience also allows your company to focus on what it does best.
BRANDING BENEFIT #10
Reduces Advertising Costs and Increases Advertising Effectiveness
Although many companies with strong brands have high advertising budgets due to the nature of the industry in which they compete, still, a strong brand reduces the need for advertising no matter who you are.
If you want a latte to go you probably go to Starbucks. If you want a new motorcycle, you probably get a Harley. These brands are so ubiquitous in their markets they hardly need any advertising at all.
And when your brand is strong, the advertising you do brings a higher return on investment, as much as 25% by some estimates.
Effective Branding Is Your Launching Pad for Success
In the 1980s, the camera maker Nikon made a memorable and iconic ad campaign featuring the slogan, “image is everything.” At the time, some criticized the campaign as an open admission of the shallowness and even dishonesty of marketing in general, or even the dishonesty of America as a society.
But for business owners, that slogan contains a lot of truth. Image or branding is, in fact, the foundation of your business. Branding is the launching pad of your success.
Of course, you also need a host of other characteristics, like a good product that is priced appropriately. But without effective branding, you won’t achieve your full potential.
Strong branding attracts, engages, and retains good customers. Strategically designed branding attracts enthusiastic, talented workers and investors. Plus, you’ll scale faster and be more efficient with all of your marketing efforts.
The more strategic and effectively designed your brand, the stronger your business will be.
For help with your branding needs, contact the professionals at Zamora Design. We’ve been helping businesses create awesome brands and designs for over 15 years. And we’d love to help you too.