Many businesses make the mistake of thinking that a brand is nothing more than a company’s logo. In reality, the best and most successful brands are much more meaningful and are built over every single experience a customer or stakeholder is likely to have with them. Here are 5 key reasons why having a good brand matters.
Your brand is your competitive advantage
There are many sectors in which most businesses offer a very similar product or service on paper. For potential customers, a company’s brand is often the only thing they can use to differentiate between two competitors. If you have a clear USP or competitive advantage within your sector, you should use your brand to communicate this to stakeholders. Take Brewdog, as an example. There are countless breweries in the UK, but Brewdog’s brand has reinforced their disruptive approach to crafting original and exciting beer. This has helped to clearly communicate how their product is different to every other ale or lager on the shelf, and they have earned a considerable amount of success in a relatively short space of time.
Your brand makes you recognisable
If your brand is consistent and your marketing strategy allows for it to be seen in the correct contexts, it can be the difference between a potential customer or sales lead being aware of your business or not. Building up enough quality touch points between your brand and your target market through the right channels will slowly build up awareness of your business. A patient approach is required here and having a clear, thorough brand pack can make sure you are easily recognisable throughout your marketing output.
Your brand is an asset
The viability of products and even entire industries and businesses can be very volatile. Brands are abstract and - provided they are looked after - can hold their value and survive changes in trends and technologies. Virgin began as a record company in 1970 but having a strong brand which can be trusted across many sectors. This has allowed them to adapt and the business has certainly stood the test of time as a result, whereas the sales of records have fluctuated dramatically since.
Your brand can attract talent
As well as providing customers with a reason to buy your product or service, your brand can also give potential employees a good reason to work for you. For sought-after professionals, being shown that your business is a great place to work, or that they will be given the opportunity to make a difference is likely going to be important to them when deciding where they want to work. Google is the stereotypical example of a company which offers considerable perks to its’ employees and thinking of a Google office conjures images of nap pods, bean bags and pool tables. On top of these relatively cosmetic offerings though, the Google Careers brand defines the ethos of working for the company with its’ own strapline “Bring Questions, Build Answers”. Having a separate brand just for attracting the best applicants shows just how important branding is to employees, too.
Your brand connects with people emotionally
For the most part, people don’t connect emotionally with products or services alone. Your brand is your opportunity to create a relationship with your customers in a meaningful way. Making sure you communicate your company’s values to customers through your branding establishes trust in the short term and can forge brand loyalty in the long term.