Stand by your BrandCategories:
Most people throw the term ‘brand’ and ‘branding’ around quite liberally but what exactly is a brand? What does it mean? And, to be quite frank, why should we bother when starting a new business?
In the simplest terms, branding is every touchpoint that someone interacts with or associates with your business, it’s your logo, your tone of voice, your typography, it’s also your packaging, your product, your website, your customer experience, it’s your head office or your retail store. It’s not just a logo.
Your brand is what other people say about you when you’re not in the room– Jeff Bezos, Amazon
To give an idea in to the power of branding, in a 2017 survey of global brands, Coca Cola’s brand equity was valued at $65.3bn, just under half the company’s true market value. Unbelievable.
If the Coca Cola fact hasn’t got you sold just yet, here are some more reasons to give your brand some focus when starting a new business.
If you have a consistent, familiar, strong, brand customers will remember your start-up over your competitors. In a crowded marketplace where people are often pressured for time, consumers will go to brands that they know and have had a previous experience with – providing it was a happy one! If you deliver a consistent, authentic and true experience – customers will remember you.
Trust & Loyalty
Customers trust what they know. A consistent brand builds trust, it makes your company seem professional, reliable and providing they receive an impressive customer experience to match their expectations, it’s likely that they will come back to you with repeat business. A loyal customer base will also promote your brand for you, providing valuable word of mouth advertising.
A strong brand can also help to bring new customers on board, in recent years we’ve seen a huge increase in consumers delving deeper into what brands really stand for, looking for a brand of choice that represents their own personal values and beliefs.
Often it is difficult to put a monetary value to a brand but it is possible and is based on multiple factors including global reputation, brand visibility, the number of people that the brand reaches and interacts with, to name a few. When you think about some of the largest and most successful brands in the world, Apple for example, are a proven case of brand being a valuable asset – consumers have so much trust and faith in a brand that they can almost launch a product and create such high demand for it without releasing much information or spending money on marketing beforehand. It’s incredible.
Ultimately, a strong brand performs better financially. Branding has a direct impact on your bottom line – if that doesn’t sell branding to you, I don’t know what will.
And to wrap it all up… We’ll leave you with this little video by Interbrand which shows the largest 15 global brands from the year 2000 based on financial forecast, brand strength and role of the brand. Incredible.
This content was written by guest writer and MyCleverHub partner, Harrison Carloss.