No matter where we look, brands are all around us. Major corporations have realized that branding is essential for a thriving business and are heavily invested in creating and maintaining a successful brand. However, branding is just as important for smaller firms. Startup companies have it especially hard in today’s fast-paced market where there are a lot of competitors. Therefore, building a recognizable brand early on can greatly increase their chances of success. So if you are a small business owner and still have doubts, here are a few reasons why branding should be important to you.
Before we can continue, we need to establish what a brand actually is. Many people still think of a brand as the logo that a company uses, a simple combination of text and color. But a brand is so much more than that. Your brand is your identity; it’s all the things that people associate you with. It’s a combination of your style, company culture, slogans, product, website, social media presence, and overall philosophy. If you want to build a successful brand, you need to go beyond simply creating a logo.
You need to think of all the information that you put out there and how those things influence the perception of your business. And keep in mind that the public as a whole is important, not only your customers. Even if customers enjoy your product, they might stop using it if the public perception is bad simply because we as human beings want to fit in with our society. The contrary is true as well. There are many examples of products that are not superior to their competitors but are sold at a much higher price simply because their brand is widely accepted as better.
As we mentioned before, your brand gives you an identity. It makes you unique on the market and it also protects you from people trying to copy your product. In many industries, it’s not easy to stand out. Even if you come up with a completely innovative idea, it’s only a matter of time before your competitors try to copy it. However, a brand is something they cannot reproduce. They can offer the same product or service as you but they cannot recreate all the interactions you already had with your customers. When your clients are satisfied, they will keep using your product, even if your competitors offer the same service. Many will continue to support you even if your product is more expensive simply because they recognize you as a brand they can trust.
Before customers decide to buy a product, they need to make a conscious decision to do so. They evaluate the pros and cons of spending their money on a certain product. If people recognize and trust your brand, they will make those decisions faster without even considering the competition. Customers are more likely to notice your ads and click on them if they recognize you. Very often, people will click on ads just because they recognize the logo without even reading the text of the advertisement. Therefore, it’s very important to create a logo that perfectly represents your brand. However, creating the right logo is not always easy. Consulting professionals is a good way to ensure you have a unique branding design. Once you have put your logo out there, it’s very hard to rebrand and create a new one, so investing in the right logo early on can save you a lot of time and money.
Customers are not the only people influenced by your brand. One of the little-known benefits of branding is that it has a huge impact on the morale and productivity of the people working for you. Employees feel more secure working for a company that has a strong brand and it also gives them the satisfaction of talking about their work with pride. Positive feedback from the people working for you, in turn, makes it easier to hire talent that shares the same culture and goals as your company. So when you think of branding, keep in mind what kind of people you want to work for you and make sure you build your brand around that. There is a whole area called employer branding specifically focused on this topic.
Branding is an integral part of every business and small companies are no exception. If you want to be ahead of the competition, you need to set clear branding strategies and make sure your customers recognize and see you as their first choice. These are just a few reasons why branding is important, there are a lot more, too many to cover in one article. But once you start investing in your brand, you will start noticing all the positive impact it has on your business.