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.