Importance of Branding
Why is building a brand so important to success?
Have you ever watched the movie Focus with Will Smith? If not, I’ve embedded a clip below for your convenience. Enjoy.
When you establish a business that you invest your time and money into you’re ultimately betting that clients or consumers are going to choose you over all the other competition. The truth is, you can certainly be successful without establishing a brand for your business but if you want to thrive, you might want to consider branding.
What Is Branding?
According to the Business Dictionary, branding is the process involved in developing a unique name, look, and experience for your business while maintaining consistency across all aspects of the business. From marketing to customer service, your brand should create a recognizable identity for your business.
Why Is Branding So Important?
Thought out my years of experience, I’ve noticed that the key difference between major companies and small business is branding. I’ve seen lack of brand presence impact the organizations bottom line and I’ve also witnessed brand presence increase key performance indicators (KPI). A clear brand strategy provides detailed guidelines that everyone associated with the business can follow to be successful. It demonstrates how to represent the business, how you want your business to make customers feel, and how to help meet the organization’s goals. Most importantly, branding establishes a significant and differentiated presence in the market that attracts and retains loyal customers.
Let’s face it. Attracting and retaining customers is a critical part of business. Growth is impossible without it. Consumers buy from brands they know and love. It’s the reason we all have overpriced iPhones or pay for overpriced coffee at Starbucks. That is why branding is so important. It builds long-term value.