The purpose and role of branding crosses over into numerous domains and objectives. Branding is not just about being a known provider for your service or product. Successful branding is also about getting the market to identify your business as the solitary provider of the solution to their problem or need. A problem or need that they self identify with, but you clearly point out in marketing and advertising. Your branding is the solution to the markets' problems.
There are many areas that are utilised to develop a brand including advertising, customer service, merchandise, reputation and logo.
The first and most important factor for having a successful brand is recognition. Recognition can be measured through the ability of people to identify your logo, your marketing phrase or terminology or any other recognisable element within the company. In effect, the company logo acts as the 'face' of the business. As a direct result, a professional logo design is required to be powerful, yet memorable and able to create a lasting impression instantly upon first glance. Many other methods such as printed promotional products are useful methods for advertising and improving brand recognition.
Presenting your company brand as professional, experienced and knowledgeable within the industry will build trust amongst consumers, potential clients and customers. In turn providing your company with a great ratio of the marketplace that will be more likely to go into business with your company based solely on your brand as opposed to if they knew nothing or very little about your brand. Presenting a credible and professional appearance through your brand will build trust in the manner and process of which your business operates with their consumers.
A unique component of branding is advertising. Strategically crafted advertising campaigns are an effective method of portraying the company's brand, product or service and message. Advertising can be easily scalable or provided reach to large numbers of potential consumers within a targeted region or demographic. It is also a useful method to stand out from the rest of the industry's competition.
Having a strong and recognisable brand can have drastic improvements in the perceived value of a company. Any business that is devoted to building its brand value, will see noticeable financial returns from its efforts in both the short and long term future. Having a strong brand that is recognisable within the marketplace can significantly reduce the cost of sales and improve the value and perceived value of a company. In addition, having a consistent brand implies the business is well-positioned for any future expansion or endeavours it chooses to pursue.
Having a strong brand generates respect from consumers within the market but also defines the role of your product or service. This can significantly tailor your customers' expectation of both the role, price and outcome of your product or services. A successful brand that is clear in its messaging and consistent throughout comforts customers as they know what to expect during every encounter with that brand.
Effectively and strategically marketed brands are easily able to receive referrals or attain new customers to consume their product or service. Having a strong brand is often a synonym for being recognised as good, useful, competent and of value to the consumer. So it makes sense that these same consumers will intend to trade with your company. Once a company's brand is strong and established, word of mouth will become their most effective advertising technique to receive referrals.
Once your brand strength has been solidified, brand loyalty will begin growing. Brand loyalty will result in repeat customers who will prioritise purchasing your products or services over your competitors. It’s often cheaper to sell to existing customers than to go out and find new ones. Making brand loyalty a worthwhile investment. An independent report by Invesp suggests that repeat customers are up to four times cheaper to acquire in comparison to acquiring a new customer. However, Invesp denotes that the true cost of new customers versus repeat customers will depend on individual company variables.
Employees need more than just work. Employees need a unified goal and objective to strive toward. To have meaning and purpose within your profession can be incredibly effective in driving creativity, passion and productivity. A strong brand is also able to achieve this. Through mission statement, company culture and internal procedures that influence customer and employee experience are all variables for this. The sign of a truly strong brand is the willingness of its employees to work together for the company's greater good.
Begin harnassing the power of your brand with JABA today. Make your brand strong and profitable. You can speak with the team at JABA to develop your marketing strategy that will boost your company's achievements. Call us on 08 8232 2655