I’ve mentioned this 1 single statement at least a thousand times in my training videos, courses, articles, and interviews. I even have it displayed on the home page of the brand identified website.
However it’s worth repeating another 1000 times, because it still amazes me how many businesses do not realize that they are lacking the 1 critical component that will ultimately determine if their business will survive or if it will fail.
So here it is once again…The most valuable asset to your business is your brand, and the strategy that supports your brand.
Unfortunately this is where many small businesses, entrepreneurs, and even marketing agencies fail.
The reason is, when most people think about a brand, they think of a company’s logo, color palette, and maybe a font type.
But those are just the visual aspects of a brand. A real well defined brand is so much more than just what the consumer sees.
Your brand is the reason why customers buy from you, it’s what attracts and retains quality employees, it’s what beats the competition, and it’s what builds a community of loyal brand advocates.
Everything you do from your marketing campaigns, how you design your visual identity, how you speak to your customers, how you lead your team, and how you cultivate your company culture, are all influenced by your brand.
Your brand will shape perceptions, dictate purchasing behavior, and define how your organization is perceived by both your customers and your employees.
With this much power and influence, it should be extremely obvious that branding is one of the soundest investments a company can make, because a well crafted and implemented brand strategy will yield exponential returns in your business.
If I haven’t already convinced you that branding is worth the investment, here are 7 proven returns of branding that will positively affect your business for many years to come.
Benefit Number 1: Attract Better Customers
In an upcoming video I will show you how to identify exactly which types of customers align with the products or services you offer.
When you have a clearly defined target demographic, you can effectively create messaging directed to the right customers.
Plus, those customers are more likely to become loyal brand advocates who will convince their friends and family to buy your products or services as well.
Benefit Number 2: Command a Premium Price
People are willing to pay more for a brand that they suspect to be better and more valuable than the competition.
By differentiating yourself, branding gives you the power to position your brands worth above the competition. Therefore you can command a higher price, generate more profit, and increase your brand equity.
Benefit Number 3: Close More Sales
A well defined and positioned brand is easier to sell because most of the hard work has already been done for your sales and marketing teams.
Branding gives your team the tools they need to confidently speak your brand’s message, design on brand creative, and close more sales.
This is because the quality, superiority, and perceived value of your products or services will have already been positioned and communicated through your brand strategy.
Benefit Number 4: Reduce Marketing Costs
A cohesive, well-articulated brand increases the efficiency and effectiveness of all your marketing campaigns.
When you have a well defined and specific audience, it is much easier to develop highly relevant marketing campaigns and target your most engaged customers.
Plus, when you create a brand strategy, you will develop language and visual identity guidelines that can quickly and easily be integrated into all your consumer touchpoints.
Benefit Number 5: Increase the Value of Your Company
The perception of your brand is based upon the behavior of your customers.
If your customers value your brand and are willing to pay a premium price for your products or services, that will ultimately increase the value of the brand itself.
Therefore when it comes time to possibly sell the business, it’s your brand that will dictate its value.
Benefit Number 6: Solidify Brand Authority
Once you’ve defined your brand purpose and targeted your ideal audience you can precisely identify your optimal niche within the marketplace.
Brand authority enables you to become the industry leader, and beat out the competition.
Benefit Number 7: Attract Top Talent
Branding not only attracts better customers, but it also gets the attention of quality talent.
People want to work for companies that stand for something and have similar values and beliefs to their own.
When you are authentic to your brands purpose, vision, mission, and values, and are able to articulate your goals, it will be much easier to recruit and retain top talent.
So to sum all this up, branding is an investment in the future growth of the company by attracting better customers, creating loyal brand advocates, elevating your company above the competition, allowing you to charge a premium price, retaining the best talent, increasing brand equity, and becoming the market leader.