Your companies brand is something that has to be absolutely right- it will often be the first thing people hear about your business so make sure it’s memorable and appealing to customers. Building a brand is possibly one of the most important steps, and can literally be the difference between success and failure, however it’s something that new companies can easily overlook. Here are some of the reasons you need to focus on your branding.
People trust brands
These days, anyone can start up a legitimate looking business thanks to the accessibility of the internet. It means with just a bit of know- how, scammers can knock up websites that can sell either rubbish products or simply take people’s money. Customers will be aware of this, which is why people like to buy from companies they know and have heard of. This is where branding comes in, as when you buy from a brand, you know you’re paying for the research that’s gone onto the products, the design and testing phases as well as the quality of materials. Perhaps most importantly, you’re purchasing the good reputation of the company, because if something were to go wrong with the transaction, they know that things will be dealt with quickly and professionally and they’ll get their money back.
You can charge more money
People trust brands for all of the reasons above, and because of this it means they’re generally happier to spend more money on them too. So while the process of branding can be expensive, you can reap the rewards of it by charging more and having customers that are happy to pay more. This money can then be funnelled back into your business to make it better and continue growing.
It reduces competition
It doesn’t matter what you do or sell in business, you’re going to have competition. Branding enables you to find your niche, therefore reducing competition as you’re focusing on more specific customers. Take clothes for example, there are lots of big clothes shops out there which you might feel you can never compete with. But target your branding onto a certain style, age range, price range etc and you set yourself apart from them. For example, eco friendly, unusual luxury clothes for children. Or mens gym gear, or budget friendly basics for students or those on a low income. Once you’ve found your niche, you can brand your business from there so that you can appeal to the right customers.
Building your brand
Your brand is about more than just a logo. Consider what your brand is about, what customers are you targeting, how can you get the message out there. Make it personal to you, whether it’s a viral ad with trap beats and a fun raps or blog posts with gorgeous photos. If you’re unsure, work with a marketing agency who will be experienced in branding businesses like yours.