5 Reasons Why a Strong Brand is Important for your Small Business
A brand represents the sum of people’s perception of a company’s customer service, reputation, advertising and logo. When all of these parts of the business are working well together, the overall brand tends to be healthy. Good branding increases the value of a company, provides employees with direction and motivation, and makes acquiring new customers easier.
What is brand identity? It is the statement of who you are and what you can do for someone. But why is branding so important if it is that basic? In this blog we discuss the importance of branding for your small business.
Branding Improves Recognition
One of the most important components of a brand is a logo. This is because the logo is the ‘face’ of the business. It is what people instantly recognise. A professional logo design should be simple enough to be memorable, but powerful enough to give the desired impression for your company. Having a well designed logo means trust is built between your and your potential customers. A lot of the time having a poor logo design results in people making snap judgements and leaving.
Branding Builds Financial Value
A strong brand often guarantees future business. Companies who publicly trade on a stock exchange are valued at many ties the actual hard assets of the company. Much of this value is due to the branding of the company. The amount of sales and growth for a company comes from branding. All of it happens when a company has a powerful brand story. They know who they are, what they do, what customers get from working with them and what kind of satisfaction employees get from working for them. The story drives everything from sales to investment.
Branding Inspires Employees
A lot of the time employees need more than just work to be inspired. They need something to work towards. When the mission of a business and its reason for being, they are more likely to feel that same pride and work in the same direction to achieve goals the business owner has set.
Branding Generates New Customers
With a strong brand there is more likely your business will grow through word-of-mouth. For example, is there much chance of a customer telling someone else about your business if they couldn’t remember the branding of your company? Some of the most profitable companies, small and large, have a single thing in common. They have established themselves as a leader in their particular industry by building a strong brand, beginning with a strong logo.
Branding Makes a Promise to your Customers
A good brand will always tell customers what they should expect, and hold it to you. This does not only just keep your promise between you and your customers, but with yourself also. There are many big companies out there with strong brand identity marks, but it is often the promise behind it that makes the difference.