No business is too boring for branding. In fact, branding is the one indispensable tool which sets your business apart from others. Whether your company sells business-to-business (B2B), business-to-consumer (B2C) or direct-to-consumer (D2C), you should always be building your brand through marketing as well as advertising.
The big question comes when you consider stepping back in order to focus entirely on branding. A thorough and thoughtful branding project can be costly in addition to time-consuming, leading many business owners to second-guess the spend.
However, here’s why you need to spend money on branding.
Attract Better Customers
Brand research allows you to identify exactly which kinds of customers are aligned with your company’s unique culture as well as purpose. Clearly defined customer personas give you the opportunity to craft messaging specifically targeted at the right customers.
Not only are the correct customers more likely to buy your product or service, they’re also markedly more loyal over the duration of their relationship with your brand. This brand loyalty becomes exponentially valuable when your customers turn into brand advocates, convincing their friends as well as family to buy your products or services as well.
In a world of ideal information, buyers could clearly quantify the advantages of each phone, gym membership or jet engine on offer. Their selection would be clear – buy from the seller offering the highest benefits. However, we don’t live in such a world. In our world, buyers get bitty, imperfect information regarding all offers. In addition, there is a time gap to bridge before any transaction can take place. The buyer needs to make a leap of faith at the moment of every single transaction.
Command A Premium Price
The age-old adage is true: individuals don’t buy products, they purchase brands. And individuals are willing to pay superior prices for superior brands. Branding gives you the power to able to position yourself as an industry leader with a persuasive set of value propositions offered by none of your competitors. Brands which establish meaningful differentiation have the ability to justify their worth and command greater prices for their products or services. And greater prices, as we all know, equal increased revenue.
Reduce Marketing Costs
A consistent, well-articulated brand improves the efficiency as well as effectiveness of all your marketing initiatives. Through better understanding your audience with customer interviews, you are able to develop campaigns with extremely relevant messaging which is targeted at your most valuable customer segments. No more effort which is wasted in scattershot messaging. In addition, brand cohesiveness means that marketing efforts are easily integrated — each of your initiatives reinforces the others. And your bold new personality means that campaigns are fundamentally differentiated right out the gate. Finally, the guidelines and templates which emerge from the branding process ensure that you aren’t reinventing the wheel on design every time you develop a new marketing initiative.
If you would like to discover more about brand management then you need to do our Brand Management Course. Follow this link to find out more.
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