Consistency is key when it comes to building progress and generating remarkable results. It’s as true in working out and developing a hobby as it is in reinforcing the brand for your business.
Establishing a strong brand for your company is like strengthening its backbone and giving it more defined structures. That way, you’re allowing people a glimpse of what your company could offer to its employees, the industry and the world.
As your business grows exposure to the public, be ready to harvest the fruits of your labour and observe how a distinguished brand can bring about the following 6 benefits to your business:
1. Boost customer recognition
If I were to ask you to come up with 5 brands that sell electronic gadgets, what would you have in mind? Whatever your answers are, those are the brands that have nailed their job in branding and building customer recognition.
Businesses nowadays are willing to invest hundreds, if not thousands, of dollars into ads to gain exposure after learning the immense power of customer recognition. Once your brand grows familiar to people’s ears and eyes, you’re essentially moving your business’s ranking up in your specific industry. Your target customers can then spot you right away amongst a sea of similar businesses and opt for your products or services instead of others’.
2. Create a loyal customer base
In this fast-paced business world, enterprises of all sizes are competing fiercely in innovation, creativity and technology. It should come as no surprise that having good products alone is no longer enough for sustainable customer retention.
What is the secret sauce then, you might ask? Excellent Customer service and products that actually solve problems for people. They’re the two main ingredients that create a consistently positive customer experience and generate “repeat customers”, who’ll eventually become your loyal customers, secure a stable stream of revenue for your business and contribute a major part to your marketing efforts.
3. Easy Advertising Effort
Once you have customer recognition and an established customer base in place, promoting your latest products will instantly become a no-brainer. You no longer have to spend as many resources on making billboards, buying ads and even giving out free samples just to draw people’s attention to your business.
Instead, your existing base of loyal followers will hype up your upcoming release to the point where your latest product can secure enough sales even before its launch. Just take a look at Apple Inc. and their annual Apple Events. Once they drop the announcement on one of their social platforms, their gigantic base of followers will start reposting it and voluntarily promoting the event for them. That’s some seriously easy yet effective marketing with zero dollars invested.
4. Outrun Your Competition
Imagine for a second that you’re a family-run restaurant specializing in Korean cuisine. Take a 15-minute walk down Yonge Street, Toronto, and you’ll be stunned by the number of competitors that do the exact same thing as you do. What could you possibly do to stand out from the crowd in this situation?
This is when a strong brand comes in handy. Try to position your restaurant as a go-to diner where people can feel connected and at home by sharing the stories behind: who started running this family business? And what made you decide to inherit this from your family members? Even if you’re selling the same menu as your competitor next door, the fact that you’re putting effort into establishing your image and making your uniqueness explicit already puts you way ahead of them.
5. Generate More Revenue
A strong brand is incredibly profitable to businesses since it saves them all the time, resources and effort they’d have spent on promoting their products. The more effort and time you put into reinforcing your brand, the greater revenue and number of customers you’ll see.
Take coffee as an example. While we all know a cup of Starbucks coffee doesn’t necessarily cost $8 to make, most of us are still willing to pay for it. Reason? An incredibly strong brand. Starbucks is a perfect example of how branding, and sometimes rebranding, can transform the general public’s perspective on something as trivial as coffee and convince them to pay more.
6. Appeal to More Creative Talents
When I say a distinguished brand can contribute to business growth, I’m not just talking about all the stats you see on your annual revenue growth reports. If your company displays a well-defined culture and your employees, genuinely enjoy working there, recruiting new talents, especially ones who align with your company’s core values, is nothing more than a piece of cake.
Just as you care about the continuous growth of your business, great talents are constantly on the lookout for personal growth and professional advancement. Show your potential new members what resources your company can offer and shower them with benefits that will help improve their overall well-being. From there, you’ll be able to grow your team with incredibly talented people who’re in for the long haul.
If you’re new to the idea of branding, chances are you’d much appreciate an experienced mentor who can coach you through the process and make the first steps easier for you. Well, then, you’ve come to the right place!
Join our upcoming Two Day Branding Workshop in our Oakville studio featuring Darrell Keezer, CEO at Candybox Marketing, and Mahfuz Chowdhury, our Senior Brand Manager. In this workshop, they will be assisting you in gaining clarity about your company’s value proposition, identifying your brand’s stories and aligning a consistent message to deliver to your audience.
We’ll be selecting 6 businesses from our list of applicants to join the two-day workshop on 13-14th December. Seize your chance now and sign up before the places are gone!