8 Benefits of Building a Strong Brand
What exactly is the hype about branding and why is a strong brand so important for any business? Branding has undergone a virtual overhaul in the last decade and in the digital age is probably more important than ever before. Check out these 8 ways in which building a strong brand can benefit a business:
1. Instant Recognition
A product that is instantly recognisable stands out from the thousands of similar products. Colours, logos, slogans all breed familiarity with a product and customers are more likely to purchase a brand with which they are familiar. A customer will look for the packaging that they attribute to your brand rather than opting for other products. Over and above that, those familiar slogans, logos and colours will get them thinking about your products and buying them even when you aren’t trying to get their attention.
2. Brand Loyalty
Ever wonder why some people buy the same brand over and over again without ever trying anything new? This is called brand loyalty and happens when a brand is instantly recognisable or when it becomes a household name. The customer knows exactly what to expect from the product and will return to purchase the same quality product that is represented by a strong brand.
3. Marketing Consistency
A business that has strong branding in place can ensure that marketing is consistent across various communication channels, marketing, advertising and other mediums. This consistency is just as important to building a good foundation for a strong brand. Whether it is the packaging of a product, colours, fonts, web design, social media, etc., consistency leads to instant recognition and should form the basis of any marketing campaign.
4. Brand Equity
Launching a new product can be daunting for any business unless they have a strong brand to back them. For example, if a big brand like Coca-Cola were to launch a new line of products – for instance ice-cream – people would be more likely to try the ice-cream because it is backed by a brand with which they are already familiar. This is called brand equity, where one product depends on the power of the entire brand to be successful. A strong brand will provide a platform to launch any new products or changes to existing products.
A strong brand adds credibility to a company. Customers as well as the industry the business operates in are far more likely to trust and give credibility to a brand that is well-known and established. A creative marketing campaign paired with a solid message and exciting visuals will promote a business as professional, serious and here to stay.
6. Attracting Talent
As mentioned above, the landscape of marketing and brand building has changed significantly in the past decade. Attracting influencers and using platforms such as social media have become an essential part of building a strong brand. A business that is doing a good job with its branding is more likely to attract the attention of the right talent who want to be a part of the future of the business and promote it. These big thinkers are a pivotal addition to the creative powerhouse of any company.
7. Sharing Values
A company that promotes its values through its brand will attract customers who share in these values. Shared values result in life-long loyalty that can even be passed on to future generations. For example, supporting a company that donates to charity or in turn supports the community will attract customers who want to teach their children the value of being charitable and being part of a community. This shared connection between company and customer is central to achieving a strong brand.
8. Inspires Confidence
There are 3 ways in which a strong brand can inspire confidence – with customers, with business partners and within the actual business. The better the confidence of the business owner and their staff in the business, the more confidence they will have in the product that they are selling. Any salesperson will tell you that in order to be good at their job, they need to be confident in what they are selling. This confidence is passed on to other businesses who may be critical to the operation of the business and to the customer buying the product at the end of the line. While a strong brand is designed to attract the eye of the public, it also allows the business owner to enjoy and appreciate the time, effort and finances that they have invested in their business. Professionals like Muze Creative can give invaluable help in brand building.