Isn’t it time your business took branding seriously?
When it comes to branding, even some sizeable businesses think it means little more than a new or refreshed logo. And that a simple design job ticks the branding box. Which means we marketers have failed to sell the importance and impact of a strong brand. Ironic, given we’re in the business of persuasion.
What is a brand anyway?
Your brand is your reputation.
It’s how people feel about your business. What they say about you to their family, friends and business contacts. The collected associations and experiences that frame your customers’ perceptions of you.
Together, these determine:
- their willingness to buy from you
- how much they’re prepared to pay for the privilege
- how long they’ll remain loyal to you.
A strong brand helps you sell more stuff, to more people, at higher prices, for longer. You can’t control it – it exists in the minds of others. But you can manage and influence it. Fail to do so and you’ll likely fall behind those competitors who do.
So, looking after your brand is a ‘no brainer’, right? Yes.
Then again, as someone who makes a living out of building brands, I would say that wouldn’t I?
Where’s the proof?
Here’s some of the best available evidence based on extensive research*.
- Brand value accounts for c20% of a business’s market capitalisation.
- Strong brands far outperform the growth of the average company.
- Brands with high ‘power’ scores capture 3x the volume sales of the average brand.
- High strength brands command a price premium.
- They have 4x greater odds than weak brands of growing.
So, how do you build a strong brand?
Building a strong brand starts with being clear about your purpose. Then defining your vision and values, and setting out a focused strategy. With those in place, you can start to articulate your unique story and distinctive style.
- What makes your business different and special?
- How will you stay ahead of your competitors?
Only when those are clear should you start creating your visual identity – logo, colours, design style and use of photos and other imagery. And defining your use of language and tone of voice, ie how you want your written content to sound and feel.
The role of design is to help you communicate what your brand is about. Renowned graphic designer, Paul Rand, said: “Design is the silent ambassador of your brand.”
No time like the present
We live in volatile and uncertain times. In business there’ll always be winners and losers.
Businesses that invest in building a strong brand that’s fit for the future, are far more likely to survive and prosper than those that don’t look beyond short term sales.
*See this Slideshare presentation by Tom Roach for further details and references.
View our Branding page for more detail on how we can help your Business.