When someone thinks of opening a startup, the attention tends to be on the products and services mostly. That is smart, of course – you cannot start a business without knowing what you have to offer to your target audience. Then, you need to consider how to market them. E.g., should you hire people to promote goods on social media? Do you need to pay for directors and talents to create a commercial? It is only after those two things are clear that you may think of branding. According to Peter Noel Murray PhD, “The significance of brand personality has been demonstrated in research showing that the greater the congruity between personality characteristics that describe a consumer’s actual or ideal self and those that describe a brand, the greater the consumer’s preference for the brand.”
The thing is, while this progression does not seem like a recipe for disaster at all, there’s a chance that you are already fatigued by the time you ponder about how your brand will appear. Does it have to have squiggly or bold letters? What color scheme should you use? What is supposed to be the tagline? At times, business folks tend to leave such matters in the hands of others instead of focusing on it themselves.
As an aside, we’re not saying that you cannot trust your team when it comes to branding. However, the probability of it not meeting your requirements can increase when you think less about it.
Let us give you some reasons to give branding equal or more attention while planning your business.
- It Makes Your Goals Clear
Remember that your brand is no different from your marketers or ambassadors who speak about how people can benefit from connecting with you. It serves as your first advertising method, to be honest, since your potential customers may see it before the actual marketing techniques. Thus, the brand should be able to convey your goals to anyone looking at it immediately.
- It Enhances Consumer Awareness
A label that has gone through a series of careful planning is more likely to have all the elements to attract consumers than one that got created overnight. You need to think of your branding scheme with the target audience in mind, after all. This way, you can come up with various promotional ideas to make everything – from your products and services to the website – eye-catching for customers.
- It Boosts Transactions
Of course, the ideal result of getting the attention of potential buyers is earning more profits. Even the sales of your company depend on how excellent your branding skills are, considering you don’t know that yet. Consumers naturally feel drawn towards brands that look crisp and original instead of ones that seem to be a spin-off from old brands. “Emotive messaging, flash sales and timed promotions have long been staples of the retail arsenal, with impulse-driven purchasing proving to be one of the most effective tactics for retail-marketing success,” Liraz Margalit Ph.D. wrote.
- It Improves Your Company’s Value
A well-thought-of brand tends to increase the value of the company not only in the industry it belongs but also in the eyes of the target market. With so many establishments producing similar products and services, the customers have grown smarter than ever now. They want to offer their loyalty to a label that’s on a league of its own more than a brand that is practically the same as the others before it.
- It Promises Incredible Name Recall
Another benefit of thinking about branding profoundly is that it will help people to remember your label whenever they hear a word or phrase related to it. “You buy something because you remember a persuasive ad for it. Thus, advertisers seek to find ways to get consumers to remember their products and services. One obvious way is to repeat the ad over and over,” William R. Klemm Ph.D. says. For instance, when you speak of fizzy drinks, the first company that may cross their mind is Coca-Cola. When it comes to sports shoes, there’s Nike. You can bring in more consumers to your side when you picture out a brand that can also become a household name.
Branding has evolved in recent years, in the sense that it does not merely pertain to the logo or slogan of the company. It also has to allow your message to resonate to your target audience through short words and images. That is the best way for you to gain more customers, sales, respect, and loyalty soon than you envisioned.