What’s in a brand? A common reaction to the word ‘branding’ is ‘Oh, the name and the logo, right?’ This is true to a certain level – just a small portion. A brand affects your business much more than that. Read on to find out how much more.
Branding plays a crucial role in differentiating you from your competitors. Branding goes beyond the name and logo of your company. It determines the voice of your brand and the tone you use to communicate with your clients or customers. It shows what your brand cares for, and it affects your company culture. The brand is the soul of the product. You wouldn’t do anything that conflicts with your soul, would you?
A brand represents the values of product or company. A product or company may care about recycling and sustainability, and you may care about the same things too. This shared value can create trust between you and the brand. 64%* of consumers felt that they could trust a brand because of shared values. They feel connected to the brand and they can feel it if the brand does something that goes against the shared values.
Your brand values would also help determine your brand personality. Your brand should have a personality, just like a person. For instance, you want to sell sporting goods. Let’s say specifically shoes. More specifically, football boots. So, your industry is sports, your target market is football fans that actually play football. Ok so how are you going to communicate with them? How are you going to sound like? Is your brand talented and aggressive like Sergio Ramos or are you suave and business minded like Gerard Pique? Depending on how your brand personality is, would you adapt the slogan ‘Just kick it!’ or ‘Keep calm and keep kicking’?
Other than standing out and having loyal followers, a strong brand can generate future business or increase your brand value. It’s a common for business owners to build a brand to increase valuation and get additional capital investment from investors for their growth strategy. 82%* of respondents to a survey on sourcing private equity flow said that brand strength is becoming increasingly important. Some hard core serial entrepreneurs sell off the brand they have built as an exit strategy and use the money to start their next business venture.
Branding creates culture, not just on the outside, but on the inside too. Branding affects the internal communications and operations of the company. Brand culture can give employees pride and a sense of belonging which helps with employee retention and performance. Happy workers, happy customers. 73%* of consumers love a brand because of friendly customer service.