Whether we talk about a small local business or a big multinational corporation, branding can significantly influence their success in the market, from setting one company apart from its competitors to driving more loyal customers. Find out how branding can affect your business.
Suppose someone asks you to name a fast-food chain, a brand of soda, or a smartphone manufacturer. In that case, the chances are that you at least thought of McDonald’s, Coca-Cola, and Apple. Of course, this comes as no surprise since these three brands epitome good branding.
Branding is equally important as the products or services the business offers. As a combination of symbols, text, colors, and graphics, the branding and visual identity have the power to distinguish one company from its competitors significantly. Branding, in essence, determines business success.
Let’s take Coca-Cola as an example. Even though its main rival Pepsi turns more profits year after year, because of its diversified products portfolio, Coca-Cola still manages to outsell Pepsi on every global market. Yes, Coke’s annual marketing budget is double that of its main competitors. However, it’s the powerful branding that makes it stand out in the market for over a century.
Effective branding is not just for the big players
Branding is not only for companies with large marketing budgets. If you look closely, you will see that every local business in your neighborhood has its brand identity. From your local pizzeria to the real-estate agency, they all play the branding game with more or less success.
You might think that great branding usually goes hand in hand with fantastic service or products. Still, you can find plenty of similar businesses in your area which offer the same quality of service, with one being more popular than the other. And this is where you can see the power of well-executed branding.
Bonzer brand identity by Dominik Bedar on Dribble
Today it isn’t hard to develop a good company name, logo, website, and promotional materials. There are plenty of free options if you are a creative type and know your way with words and design. If not, you can always find a design service that fits your budget and help you set up your brand without paying an arm and a leg.
Is branding really that important for a business?
The simple answer is yes. Branding most certainly affects every business. Do it right, and you will quickly become a community staple. Do it poorly, and you will have to increase your marketing budget to attract enough customers to keep your lights on.
Noto Botanics by Amr Elwan on Behance
Good branding can change the way people perceive your company. By becoming more recognizable, you can drive new business, increase brand recognition and get more loyal customers.
Branding for business success
Defining your brand can be a challenging and exciting task at the same time. From the perspective of the business owner, it helps you better understand the market and the competitors. In addition, it enables you to get to know your potential customers way before you start your business venture.
Whether you are a tech startup or a small business creating a strong brand will help you in the long run. Here are some of the things that branding can affect.
Making your business more recognizable
One thing that all successful brands have in common, no matter the size of the business, is brand recognition. Good branding helps you stand out from the number of similar companies. It gives your potential customers initial expectations about your service and helps them easily identify you in the future.
The visual elements play a vital role here. Your logo and brand colors need to be aligned well with your brand identity. Your company slogan needs to be memorable and easy to understand, without any room for interpretation.
It helps you get new customers
Good branding helps you get more new customers in a few ways. First, it helps the word about your business spread quickly. When the brand resonates well among its target audience, word of mouth about it spreads quickly. This is in part due to buyers’ self-concept.
Every person has a specific image of themselves. That image is usually projected on the things they buy and share with others on social media. This is why every brand needs to spend time identifying its buyer personas and all the niche interests they might have.
Establishes credibility and loyalty
No matter the type of business you have, your clients will always pick you if you look professional and polished. Branding helps you create a particular image you want your potential clients to see. It will help you inspire trust and credibility in your potential clients and convince them to pick your business over competitors.
When you create brand recognition and credibility, you also gain loyal customers. There is a reason why people frequently shop at H&M, why they purchase only Apple products, drink only Coke, or go to a particular restaurant every Sunday. It’s the familiarity and trust with the brand. They know what they are getting and the quality they can expect.
It helps with recruiting new employees
In highly competitive sectors, branding also helps not just getting new customers but also getting new employees. There is a good reason why many people want to work for Apple, Google, or Sephora, and that is a well-established brand.
Self-image, most people have, also plays a role when selecting the company that they will work for. The higher the company brand value and reputation, the more desirable it is for the potential employees.
Few tips about branding
Good brands are never created by accident. They always involve careful planning and execution. However, this doesn’t mean that you will make it right from the start. Just like all things marketing, branding also takes a lot of trial and error until you refine your brand and find the right voice and identity for it.
Keep in mind that good research and planning will save you a lot of time and money. They will help you set the proper foundation for your future work. We have extensively covered the topic of building your brand, but here are some key points that will help you lay the groundwork for your brand.
Make diligent research of your competitors. See what they are doing, which platforms they use to address their customers and the promotional materials they utilize. Good research is half work done. It will help you see your strengths and weaknesses and help you find an angle to differentiate yourself from the competitors.
Branding is all about your customers, not your business. See what the pain points of your customers are and offer them a solution. Provide them with visuals and a voice that is specifically tailored to their persona. Make them feel empowered and allow them to ‘live their truth.’
Do not be afraid to be unique. Researching your competitors will help you see what everyone else is doing. However, this doesn’t mean that you have to do the same. Instead, identify your target audience, create your buyer personas and try to think outside the box. If you have many competitors in your industry, thinking outside the box will help you stand out.
Find out how to build a strong and unique brand
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Creating and nurturing a brand is a never-ending job. It requires research, measuring key performance indicators, and adjusting things on the go. If something doesn’t give results, try something different. Follow the trends in your business sector and trends among your target audience. Don’t be afraid to try new approaches for old problems.
Creating a good brand is all about dedication to your business and your clients. We at ManyPixels do the best job of matching our clients with some of the best designers in the industry to create astonishing things. From social media campaigns to branding strategies, our designers will help you make your brand stand out. You can always book a demo session and see how we may help you.