Whether your business is big, medium, or small, branding is vital for its success. Learn what exactly branding is; why it is so important to the success of your business; the different components of branding; how a strong brand can help your bottom line; how to evaluate the success of your brand; and how EmoryDay can take your brand to the next level.
What Is Branding?
According to Branding Magazine, branding is technically defined as “a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company.” And, while, yes, technically, that is true, Branding Magazine makes the case that branding is actually so much more than just a company name, cool colors, and a well-constructed logo.
What A Business’s Brand Encompasses
In today’s marketing world, your brand is essentially everything your business embodies, including:
- Advertising and marketing
- Customer service
- Company culture
- Your reputation
- Your employees
- The quality of your products and/or services
- Your company’s philosophy
- Your company’s style guide (colors, typography, images, website design, etc)
Why Branding Is So Important
According to Forbes, “brands are more important now than at any time in the past 100 years.” And, the main reason why, at least according to Entrepreneur, is because your brand is your “promise to your customers” and it impacts how they “perceive your products and services.” If people have a negative perception of your brand, they aren’t going to purchase your products and services. It’s that simple.
Branding also helps set your products and/or services apart from the competitors in your industry. So, having a strong brand will really help your company stand out.
How Strong Branding Can Help Your Business’s Bottom Line
Having a strong brand for your business can help your bottom line in a number of different ways. Here are five:
1. It can help you acquire new business.
Branding Magazine explains that when a company has a strong brand, that “generally means there is a positive impression of the company amongst consumers.” This essentially means that people are more likely to seek your company out for your products and/or services.
2. It can help you beat out your competitors.
Earlier we talked about the fact that branding sets your products and services apart from your competitors. But, strong branding can also help your business be seen as the sole provider of a product or service. And, from a business perspective, that’s a great position to find yourself in!
3. A strong brand can increase your customer’s loyalty.
Branding keeps your current customers coming back for more. Plus, customer loyalty can help you get new customers because strong brands often get a lot of word of mouth referrals from current satisfied customers.
4. A strong brand helps increase your business’s credibility, which in turn, will help you earn the trust of your customers and even potential prospects.
Having a strong brand can increase your business’s credibility within the marketplace, which gives you more clout with customers and prospects as credibility and trust go hand in hand.
5. A strong brand attracts talented employees.
People want to work for a place that makes them proud. And, a strong brand will not only make your employees proud, but it will help your company keep attracting talented applicants.
How Does Your Brand Stack Up?
If you are interested in seeing whether or not your brand has what it takes to succeed, the small business experts over at The Balance have developed a great checklist you can use to evaluate whether or not your brand is strong and providing the value necessary to succeed. We took their questions and added a couple of our own:
- Does my company’s brand relate to my target audience?
- Will my target audience “get” my brand?
- Does my brand demonstrate the uniqueness of my business products and services?
- Does my brand reflect the promises I have made to my target audience?
- Does my brand provide value to my target audience?
- Does my brand reflect my company’s values and culture?
- Does my brand reflect my company’s values to my current and potential customers?
If you find yourself answering “no” to any of these questions, then your brand could use a little tweaking. That’s where we come in.
Let EmoryDay Take Your Brand To The Next Level
When it comes to branding, the EmoryDay team knows a thing or two! Our team of marketing experts can take your brand to the next level and help your business get the branding recognition it deserves. Let EmoryDay help you build a strong brand for your clients!