Many small businesses and start-ups neglect to think about branding and the impact it can truly have on their business. Oftentimes, they look at it as just another cost or they they believe they can DIY it. I see so many business who have their products or services ready and make the mistake believing that right consumers will find them and they’ll start selling like hot cakes. However, branding, when done well, actually brings an immediate return on its investment and, oftentimes, so much more. Branding isn’t about what you’re selling and how great it is at all. Well, it is, but that comes a bit later. If consumers perceive your business negatively or your business isn’t even getting in front of the right buyers, they’ll never get around to finding out how great your products or services are, right?
Let’s take took at four big reasons why branding matters for every business.
FIRST IMPRESSIONS ARE EVERYTHING.
Your brand is how consumers perceive your business. It helps you to control the perception and the narrative, instead of leaving it to chance. You have a split second to make a great first impression or consumers will move on to something else. Branding also helps you form a stronger bond with consumers. It provides insight into a business and helps consumers to emotionally connect with you, which will build brand loyalty. It takes between 5-7 impressions before a potential customer will remember your brand. Do you know how yours will be remembered?
IT MAKES MARKETING MORE EFFECTIVE AND CONSISTENT.
An intentional brand identity will make your marketing efforts and communications more effective and more consistent. If you don’t know to whom who you’re speaking to, then you wont know how best to speak to them in a way that will resonate with them. With clear brand guidelines, it makes your employees jobs easier, too. A consistent brand across multiple points of contact will improve lead generation and can increase revenue by 23%.
IT DRIVES A HIGHER PRICE POINT
Intentional and consistent branding makes you more desirable to your ideal customers. While your products and services are important, what really drives sales and perceived value is the experience of your brand and the story you tell. Again, it’s the perception that consumers have of what it would be like to purchase from you. The higher your perceived value is and the more desirable you are, the more you can increase your prices.
IT BUILDS BRAND LOYALTY.
When a consumer finally chooses to make a purchase from you, it will either make or break the relationship. In other words, it will either be their first and last purchase or they will come back for more. Loyal customers are extremely valuable, because you pay once to get them through your sales funnel, but they bring in repeated sales. As their loyalty grows, they will spread the word to family and friends and become an advocate for your brand. This equates to free marketing! Customer advocates are the best marketing tool you have.