What is the importance of branding? Branding is something that can help you boost your business growth as it helps to build the reputation of your business. From the offset, elements of branding a company you would need to consider include is a company name, logo, tagline/slogan, all of which should be easy to identify by their audience.
Whether you are the owner of a small, medium, or large business, it’s essential to focus on building your business’s brand. Here are five reasons why:
1. It improves recognition
With the help of proper branding, you can improve the recognition of your business. Let’s start by looking at the importance of your logo design. Your logo design must be attractive, eye-catchy and should be created based on your business type. By combining these elements, people will recognise your business just by seeing the logo.
Other factors to be considered is your tagline/slogan, which again should be relevant to your business type and company ethos as well as being rememberable.
The last thing to consider is your brand colours. Research indicates particular colours are more memorable than others, as well as several psychological studies around the association of colours and our feelings, such as positivity or danger. Make sure you get this balance right.
2. Get more customers
The primary motive of any business organisation is to generate more customers and sales to increase their revenue. You can gain new customers with the help of strong branding. One of the reasons why businesses fail in word-of-mouth marketing is due to poor, disconnected branding.
By building a solid brand, you can build trust, which leads to more sales. When you deliver high-quality products or services to your customers, chances are they will refer you to friends, family or their network.
3. It builds trust
Branding is one of the best ways to build trust among your existing and potential customers. You need to make a promise to your customers that you can deliver exactly what they are looking for, and when you successfully meet their expectations, it helps to build the trust factor. This level of confidence and commitment should be woven throughout your branding.
4. Increases employee value and morale
When an employee works in a company that has a strong brand identity, the chances are they will become more dedicated to their work. Yes, the major players such as Google, Netflix and Facebook all offer excellent working environments, salaries and benefits, but they also have a strong brand that people know and trust.
You may not be the next Amazon, but giving your employees a reason to invest in their personal brand will increase employee morale and ultimately the company’s brand.
5. It builds financial value
Another major advantage of building a recognised brand is because it increases the financial value of the business. You may have noticed that many companies listed on the stock exchange are valued higher than their actual assets. The reason for this is because they are a powerful brand. Strong branding can be beneficial when planning to acquire funds for your business or even when you are planning to list your company for an IPO (Initial Public Offering).
If you want to grow your business and acquire more customers, start focusing on building your business’s brand, no matter the size of your company. Through branding, people will easily recognise your business, and over time they will trust your business, which will increase your sales.
Beyond Co. is a creative-first agency. Whether it’s our graphic designers or administrative staff, we pride ourselves on being highly imaginative in every project we carry out. From brand and design, photography and videography, signage and more, our approach always succeed expectations. See how we can help take your brand to the next level.