THE IMPORTANCE OF BRANDING
A solid brand identity is the groundwork for developing customer loyalty, customer retention, and a competitive advantage
Think of your brand as how your company is perceived. It’s the face of your business, without a comprehensive, well-defined brand identity, your audience might not understand who you are. They may not connect with you and understand the value you can deliver to them. In the end, you need to make a personal connection to your audience. Your brand is built through 3 main parts:
A brand is built on the relationship between a company and its clients and you can quantify its value. The following are some interesting brand statistics that will convince you to invest in your brand!
Brand credibility is a psychological factor that can trigger the buying impulse of consumers. However a brand can produce a positive or negative effect based on how it is perceived.. Establishing credibility is not a one-time process. Instead, you must continually work on maintaining and enhancing it because, one mistake could easily trump the reputation you have built. Consistency then becomes of utmost importance in your brand building and it must be aligned with all processes involved in your business operations, from advertising, to marketing and production.
People refer brands
People like to work with companies they trust which is why referrals are such a valuable source of leads. Creating an effective brand and delivering on your brand promise will create a memorable experience for your customers and heighten your change to be referred.
Stay top of mind
Brand awareness is the extent to which a brand is recognized by potential customers and correctly associated with a particular product or service. The more familiar people are with something, the more they trust it and gravitate to it. Brand awareness is important because it helps businesses to stand out above their competition, build an audience more effectively, and generate more leads. A higher level of brand awareness typically equates to higher sales and also serves as an economic moat that prevents competitors from gaining more market share.