The Importance Of Business Branding
In the age of digital marketing, there are thousands of companies vying for the top few spots in the marketplace. The way you’re viewed by customers will make or break your success. That’s why company branding is more important than ever.
Remember, branding is more than a sleek logo and catchy slogan. Branding is the foundation for how others view you. Not only do you need to look the part, but you also need to sound the part.
Ahead, we’ll discuss what branding is, the importance of branding, the impact of branding, and then leave you with three tips for developing a successful brand.
What Is Company Branding?
When marketing your company, it’s crucial to have a uniform persona for your brand. This is where company branding comes in.
To develop a company brand means to develop a unique identity in which customers, employees, and stakeholders view you.
Company branding includes:
Visual Identity: Logo and Color Scheme
Company Identity: Mission Statement and Core Values
Communication Identity: Tone of Voice and Marketing Channels
When developing your brand, you want to identify what you stand for, what you represent, and how you want the outside world to view you.
Also, you should consider the best ways to personify your core values through your brand. Are you known for using recycled materials to create your products? Appeal to environmentally friendly consumers. Are you known for providing high-quality school supplies at a low cost? Appeal to parents and teachers.
Your brand isn’t limited to the image you’re seeking. It also involves creating an image that’s appealing to your target audience. By doing that, you’ll gain credibility with customers.
The Importance Of Company Branding
Some companies are well-known for their logos. Everyone identifies the Nike swoosh. But, company branding goes deeper than that.
Over time, your brand is what’s expected of you. For example, Wendy’s is known for their sarcastic and sassy social media presence. Changing their tone of voice overnight would confuse their customer base.
Your brand is also rooted in your decisions. When deciding on a new marketing or sales strategy, consider what your stakeholders and customers would think. Is the plan on brand?
Consistency in branding is how you latch onto a market share for your company. Implementing a strategy that strays too far from your identity can have negative consequences.
You want your brand to match across all mediums, including social media, company website, commercials, and print advertisements.
Company branding is crucial for new companies entering the marketplace. You can find your footing in the market by standing out amongst your competition. Some markets are more oversaturated than others, but there’s always room for a unique brand.
What Is The Impact Of Branding?
Branding impacts not only your business decisions but also how you’re viewed by the market. A pillar of marketing to consumers is standing out memorably. A unique brand allows you to do that.
In every industry, there are countless examples of the select few companies that are successful and those that failed. Not all of that is because of branding. However, most successful companies are iconic in their own way.
Customers develop expectations for your company based on your brand. If one of your core values centers around product quality, but all your products are poorly made, customers won’t trust you. Once again, staying true to your created persona gives you credibility with customers.
Stakeholders have two reasons to invest.
They believe in your product.
They believe in your identity.
Stakeholders may not see the need for another computer company, but they may see potential in your branding. Your identity is unique compared to other computer companies. Lean into that identity. Otherwise, you’re just another computer company in a crowded market.
Remember, success is driven partly by your products, and partly by your brand. Unless your identity isn’t working, don’t deviate too far from it.
Three Tips For Developing A Successful Brand
Branding is difficult. It requires a lot of market research. It also requires plenty of trial and error. There are a few key concepts that go into creating a strong company brand.
Find your core values. Core values and a mission statement go a long way in developing your brand. In theory, your future decisions are based on your core values. Customers, employees, and stakeholders will hold you accountable to them. Shape your identity around your core values and mission statement.
Find your voice. Newer companies that find success often utilize social media. To do so, you need to find a unique and consistent voice. Create a persona for your company to communicate with. When doing this, consider the kind of voice your core values call for.
Find your niche. The hardest part of succeeding is claiming your share of the market. Do that by identifying the niche of the market you’re targeting. Broadness is not your friend. Once you’ve found your niche, craft your brand around it. For example, a luxury car brand will market itself in a different way than a commuter car brand.
There are many ways to craft a successful company brand. However, every successful brand consists of common components.
Final Thoughts On Company Branding
Company branding goes deeper than marketing. It’s a way to develop an identity for your company.
In the future, you should consider your brand when making key decisions.
You want to create a brand that is unique and targets your market. You also want to resonate with not only your customers but also your stakeholders and employees. People want to work for hundreds of companies because of the brand alone.
Stop dragging your feet and take the stepping stone to success by crafting a brand for your company.
