7 Reasons Why Your Small Business Needs Branding.
You might have attended a seminar or listened to a program and have heard about branding.
Interesting. If you are conversant with business terms, you would have heard of the word several times.
However, for newbies, branding is the process of curating a distinctive and unique name and image of a company’s product in the minds of consumers and the marketplace.
To achieve branding, you need to carry out advertising and promotional campaigns using consistent messages and tones.
Whenever we come across, “Make people happy,” Disney comes to our mind. Also, the iconic Mickey Mouse is to Walt Disney Co. What of when you see the Michelin man? You remember the Michelin tires. All these are as a result of creating a powerful brand.
Here are seven important reasons why your small business needs branding to catapult you to success.
1. Customer recognition: When done correctly, branding brings about a high level of customer awareness. How do you create awareness for your business? Advertising and promotional campaigns targeted at your brand and its offering do the magic.
Prospective clients can recognize your products due to branding. Thus, it drives their decisions during the first purchase, repeat purchases, and leads to increased market share and sales.
2. Customer loyalty: Have a look at the products you have at home, you will realize some brands are more appealing to you. You have become emotionally attached to such brands.
Likewise, you can replicate such in your business by creating a powerful brand through excellent service, support, feedback, and satisfaction.
When your customers are loyal to your brand, they show commitment to repurchase and continue to use your brand.
3. Competitive advantage: Businesses spring up every day. With branding, you can position and differentiate your company from new entrants and existing competitors.
Part of what differentiates your business from competitors is a unique selling proposition that gives your brand a competitive edge.
By having a unique identity in the market and your audience’s minds through advertising and marketing, you outsmart your competitors.
4. Attract talent: The reason for this isn’t far-fetched. Psychologically, every human wishes to be associated and work with the best.
You will experience an increased belief in your company brand when you attract the right set of talents. They will help you actualize your brand goals and objectives.
Without quality talents, your company is at risk of failure.
5. Brand equity (for new products): A company with positive brand equity can conveniently transfer to a new product line. Thus, It results in an increase in market share, sales, and revenues due to positive brand equity.
For instance, the demand and customer loyalty for apple’s products are among the highest in the consumer tech industry because of brand equity.
6. Exude Confidence: A strong brand conveys confidence. Branding grabs the attention of your audience. It gives confidence both to the customers and the business owner alike.
The strength of a business depends solely on their brands. By having a good brand, you rest assured of potential leverage and confidence.
7. Become a market leader: branding helps a brand becomes a market leader by setting new examples in business facets of production, marketing, promotion, and offering the best customer experience, which serves as inspiration for the industry peers.
You can become a market leader by offering pioneering services in marketing, sales, production, or customer services.
Being a market leader goes beyond being the first to develop a product; you can be the market leader by taking the lion’s share of it. Apple is an example of a market leader.
In this article, I have listed the seven fundamental reasons why your small business needs branding. Which of the above points do you find to be more important?
