What is a company these days? It’s hard to say when an organisation can outsource its back office, R&D, production and even its sales function. All that’s left is the essence of the company. It’s brand.
What is a brand?
Today’s brand concept goes beyond the familiar trade name, logo and slogan. A brand is a promise of the experience customers will have with your company. This assures the customers of the quality you will deliver and the standards they can expect.
Your brand may focus on exclusivity, customer service, or ethical standards. It could be technical excellence, budget pricing, or any combination of these values.
Your brand is your reputation. It will take time to build and constant effort to maintain. A brand with a good reputation is a potent force. Customers understand the value you provide and loyalty grows.
Here are three practical reasons to invest in brand identity.
1. Easy for customers to buy
When looking to buy, customers choose brands they recognise. This provides a sense of safety and reassurance that they don’t get with an unknown brand.
Coca-Cola outsells supermarket own brand colas because people know what they’re getting. The risk of the unknown outweighs the price.
2. Easy for the sales teams to sell
So what if you’re the underdog? You need to break the habits of customers and get them to try your own brand cola.
Compelling, distinctive branding will draw their eyes to your promotional materials. This conveys your message and they will start to associate you with your values.
Depending on your market, this recognition will either make the sale for you or give your sales team a foot in the door.
3. Build your future success
A strong brand identity builds “brand equity”. This comes from increased recognition, awareness and customer loyalty. Your brand equity makes your business more valuable to investors and you. The sustained revenue it will deliver will help your business to continue to grow.