The overwhelming number of products introduced in the market can leave consumers preoccupied to the point that they may not have as much time as they previously did to look through them all. In fact, in this Internet-driven era, people wake up and go to sleep bombarded with marketing efforts across all devices.
This can make it hard for young companies to establish themselves in an increasingly competitive market. Fortunately, there’s one way you can help your startup cut through all the noise, and that’s by establishing a strong brand.
The quest to build a strong brand ensues for many companies. This may be because 89 percent of shoppers remain loyal to brands they can relate to. On top of that, brands can generate 67 percent more revenue when they’ve been established well.
If you want to take advantage of these statistics, you have to keep in mind that branding encompasses more than just graphics and logos. Rather, it is a way for companies to stand out from the crowd, share your values with the customers, and create a customer base with trust, credibility, and loyalty as its foundation.
If you’re just beginning to see the importance of this aspect of your company, continue reading to learn more about the business case for a strong brand.
1. Build Recognition for Your Company
The first and foremost goal of branding is to establish customer recognition. What you’d want as a company is to have consumers recognizing you as a viable option when they seek a specific product or service.
Keep in mind that consumers are less likely to choose brands they don’t recognize, so you must create a sense of familiarity with your target market. This can be achieved by spreading the word about your company’s values, visions, and promises through a carefully planned and executed branding strategy.
Remember that a brand won’t just exist within an organization – it is something that stays in the minds of customers. It is the sum of their impressions about a firm based on every interaction they had with it – from marketing to customer service and after-sales engagement.
2. Set Your Company Apart from Competition
Distinguishing your company from others is another crucial reason to create solid branding. Since it can be difficult to stand out, especially if you’re planning to take the international stage, you’ll need a strong presence through clever branding strategies to make it work.
Keep in mind that a brand will help you differentiate yourself from others. It will serve as a means to show people what you can offer that others cannot. Ultimately, this will make it easier for customers to choose you over other well-known competitors.
3. Boost Your Credibility and Consumer Trust
Trust is important in any relationship. That also goes for the connection you’re trying to build with your target market.
When you have a strong brand, you are able to offer your sincerity by providing credible information in blogs and top-quality service or products that make life easier. Once you do, you should be able to make people recognize your brand and gain their loyalty.
Remember that people are more inclined to buy from a business that appears to have a polished and legitimate brand. A good reputation is all it takes to overcome competitors in any industry.
In fact, a study on consumer behavior revealed that people become more loyal to brands that offer transparency in various aspects of their business. With honesty comes trust.
For example, a shopper is more likely to buy brands that he already knows can deliver his expected quality. In the same manner, parents are more likely to trust a child care service center if they know that their little one is safe and secure within the premises.
4. Provide a Clear and Defined Direction for Employees
Another thing a solid brand can offer you is a clear and defined direction for your employees. Many staff members require more than just a list of tasks – they should also have goals to work toward.
When you have a clearly defined brand strategy, your staff would also know what they need to do in order to succeed in meeting the company’s goals. If they understand what the business stands for, they would take pride in what they do and work productively to achieve the company’s objectives. This will make it easier to rally them when necessary and turn your brand logo into a battle flag.
5. Expand Your Customer Base
Expanding your customer base through product marketing is good, but there’s one thing that’s even better: free word-of-mouth marketing.
With a strong brand, people will be spreading the word about how great your offerings are without added advertising costs. After all, people love supporting the brands they like by wearing, eating, listening to, and talking about their products and services.
The most profitable companies – both big and small – establish their authority and stellar reputation by creating a solid brand.
6. Establish Relatability and Shared Values
A powerful brand can provoke emotions in people, no matter who they are. In fact, a study from the Consumer Thermometer proves that no one is immune to this effect; 64 percent of women and 68 percent of men admitted to having a strong emotional connection with a brand they like.
When you have a powerful brand, your audience should be able to experience three feelings: optimism, interest, and trust. Once you stir up those feelings, you should be able to gain loyal customers from the products or services you offer.
Remember recognition? This is the next level you’ll have to achieve after that.
At this point, your goal should be to establish a sense of kinship with your customers. This means that you must be able to show your company values that they can relate to. After that, you will surely have patrons for a lifetime, and even for generations to come.
7. Introduce New Offerings More Easily
Ever wondered why competitors who have been in the market for a long time appear to find it so easy to introduce a new product? It’s all about the brand.
Once you have loyal followers for your brand, it is easier – not to mention, less expensive – to announce a new product in the market. This is because loyal patrons will be interested and won’t hesitate to try the new things you have in store for them.
A Final Word: Planning and Execution
There are plenty of reasons why you must build a strong brand, but its effectiveness still depends on how you do it. To make sure your brand sticks, reach out to experienced branding consultants for help in planning and executing your brand strategy.
Hasan Fadlallah is a Serial Entrepreneur – Founder & CEO of Brand Lounge, the region’s leading and award-winning branding consultancy, whose role is to help organizations align their business behind an idea that will deliver success time and again. Equipped with over 20 years of professional consulting experience, today he advises businesses throughout the Gulf and Africa on brand development and in 2014 was recognized by the World Brand Congress who awarded him the prestigious Brand Leadership award in Brand Excellence.