The tin line that separates branding and marketing has over the years, been diffused into the marketing departments of companies. It is not just that that is a wrong approach to running a successful business but also that the world has so much evolved that the customers have become the chief judges of our day-to-business endeavours; so the need to own a brand.
What Is A Brand? The word “brand” seems to be among the most common these days. If I should have $1 each time I hear the word, I would have become a millionaire by now. Well, your brand is not your a logo, though that is what many people think. It is more than just your logo or the colours you’ve chosen for your brand. Your brand is what you stand for. Your brand is the experience you provide. And the ironic thing about a brand, just as I have said is that it leaves with the people. Your brand is a culmination of everything that make up your business.
It ranges from the product and service of your company, their over all packaging, your logo and how it appears in different touch points such as your storefront, to your website and and all those things make up the experience the customers have or they expect or have when they do business in terms of your customer services. It becomes needful to say that every encounter with you or your employee is an opportunity to build your brand.
Haven said that, let’s find out what you stand to gain if you brand.
GAIN 1: NEW CUSTOMERS:
We are emotional beings and react religiously to the very first perception that we have. With a strong and consistent brand comes the perception of professionalism and credibility. It doesn’t matter how many employees your company has. It doesn’t matter if you are running solo or not. It doesn’t matter if you have an empty warehouse or don’t even have any just yet. If you have a strong brand that consistently delivers on its message, it will create a strong perception of professionalism and credibility. It will create trust and people will feel good about doing business with you. So when you have a strong brand that delivers tangible results, it will attract new customers thereby driving your business growth.
New customers = stronger strength in the market
GAIN 2: LOYAL CUSTOMERS
Having a strong brand can also create more loyal customers as well because they have an emotional attachment to your business that’s highly resistant to your competitor’s offers. Even though we refuse to accept it most times, we buy most times as a result of emotion instead of reason, especially as returning customers. This explains why someone will decide to stick to a brand that may not be the best per say, believing that things will be better, or more so, that the brand has no equal.
GAIN 3: MORE SALES
The arithmetic is simple. More customers coming around will have the end result that you’re going to be able to drive more sales in your business. It is not strange to see some of these loyal customers returning not just alone but with their hands full of referrals and recommendations.
GAIN 4: EMPLOYEE ENGAGEMENT
When you brand, you will stand to gain not just from the external environment but also internally. Employees will be more engaged and are going to want to work for a company more that had a clear and compelling brand. We all want to roll with the big boys in town, right? So employees like to work with strong brands that they can be proud of. Give an employee a branded T-shirt of a famous brand and she will wear it to church. Give that same person a branded T-shirt of one week brand and she’ll make it a spare to be worn only when she’s close to the work place. I hope you get the idea?
GAIN 5: INCREASE IN BUSINESS VALUE.
A company’s total value is attributable to factors other than tangible assets. It’s not just about how many machines you have. Neither by the number of employees under your work force. So a big part of your business by you comes from the strength of your brand. By extension, a business with a strong brand is going to be worth more than one without an established brand
As at 2001, coke’s market cap, including brand value is $120 billion and it’s market cap, not including the brand value is #50 billion
That’s a great gap there.
It’s been a lot of years after 2001 and we know coke is growing stronger by the day. That means it’s now worth very much more in brand value, than what it had in 2001.
Building a strong brand is an investment that is worth more than worth ever amount of money one puts to it.
You’ll stand to gain a lot if you start your journey to building a brand for your business today.
And guess what…
Branding is not reserved for the big boys in the industry. It’s for all.
The goal of everyone in business is to make money. To make that money, people have to buy from you. This will include both new and returning (loyal) customers. So with enough customers, you will make enough sales.
This in turn will further strengthen the value of your business. And guess what this will do…it will place you in such an elevated stand that you can charge premium prices for same thing you are literally begging to be paid pea nut for today.
With enough money generated from enough sales from both new and old customers, you will have a very engagement team of employees. Why? They will put in their best, knowing that their will be enough take home at the end of the month, being it that sales has increased greatly.
This entire weave of the web will get your company, business, organisation, and even you as an individual stronger and more productive.
What challenge are you having with starting your journey to branding your company?
Share with me.