Top 5 Benefits of Branding for Your Small Business
As a small business owner understanding the importance of branding is crucial, and whilst you may have an amazing product or service, if you make the mistake of overlooking the importance of branding, no-one will pay attention. Whilst there are numerous points that distinguish an effective brand, here is a run down of the top 5 benefits a professionally designed brand will give your business.
1. Competitive edge on the competition:
The reality is most start up businesses mock up a quick logo themselves with the aim of getting things moving, often neglecting the value of what a professionally developed brand can offer them. This is great news for you, as it distinguishes you from a substantial percentage of the market who do not appreciate the importance of branding. People are always going to choose a professional looking, well branded company whose values are immediately apparent, over a company whose brand is a second thought. Potential clients would have to invest much more time trying to understand a poorly branded company, hoping the services on offer are better than the company's identity; something a well designed brand can communicate effectively in seconds.
2. Client trust:
People are much more likely to trust a brand that communicates core company values. People buy into brands they are familiar with or brands which look like they are committed to delivering a good service or product. Without an effective brand, it is highly unlikely you will leave a lasting impression, or indeed attract the right audience in the first place. You would not turn up to a job interview in shorts and a vest - don’t do this with your business identity. People need to feel comfortable when buying into your business, and the perception is that businesses who present themselves in a professional way are much more likely to deliver.
You need people to associate your amazing service with a recognisable brand. It is no good if you give your customer the best service ever, if they cannot remember who you are, which is important to get repeat business and future recommendations. A successful brand identity does exactly that - it allows people to visually identify you and what you do - quickly! You suddenly go from being ‘another business’ to ‘the business’.
4. Builds financial value:
This is an important one for business owners to understand. Branding is an investment that will add financial benefits. If married up to intelligent communications, it is the first thing people see and so it needs to leave a lasting impression. It is also the best way to generate referrals from customers. A good brand will stick in peoples' minds when thinking of your line of industry and so referring your company is much easier than ‘that third shop down the road’. A strong product or service, combined with a clever branding strategy, is the best combination to get your business off the ground and generating revenue.
5. Company pride:
Having a strong brand not only allows your customers to buy into it, but also your employees. Recruiting is the 'easy' part, but if you are wanting motivated individuals to carry your vision forward, they need a brand that inspires them to do just that. People have a sense of pride when they work for companies who have identities, and having that type of employee transcends into the service you offer your customers - everyone wins!