Branding is an essential tool for businesses of all sizes. It can help you build lasting client relationships, and clearly express your unique selling proposition. From customer retention to brand perception, here’s are five reasons branding should matter to your small business.
1. Branding expresses your core values
Your brand should reflect your values and communicate to your customers what they can expect from your business. It’s an opportunity to tell your target market what you believe in and what’s important to you. Are you an innovator ready to shake up your market? Are you a tried and tested company people can rely on? Do you deliver high-end, quality products or services? Or perhaps you are a budget-friendly vendor? Your branding will precisely define this for everyone to understand.
2. Branding gives you a competitive edge
Defining your brand gives your business the opportunity to differentiate itself from your competitors by encouraging your customers to assign values to it. Apple’s famous ‘Get a Mac’ campaign is a classic example of how this can play out. Here, the Mac was branded as the best choice for young, cool, and creative people, while portraying competing PCs as stale and out of touch. This kind of positioning start to align Apple as the thought and tech market leader they are today.
3. Branding helps you improve customer loyalty
By creating customer loyalty, the power of branding really comes through. Reflecting your customers’ core values in your branding, you are inviting people to align themselves with your business on a personal level. The right branding encourages them to choose your product or service not only because they believe it best fulfils their needs, but also because your brand reflects and validates their own self-image. That’s the point when a sale evolves from one-off transaction to a long-term relationship.
4. Branding can increase your price point
A strong brand can add perceived value to your product or service and means your customers may be willing to spend a little more to buy into your image. Prime examples of this are the fashion or automotive industry. Many people are purchasing the status that comes with the prestige of a brand over the actual item in question. However, you don’t have to be a global powerhouse to achieve the same for your small business.
5. Branding attracts top talent
Good branding can also help you attract the most in-demand employees. Just as your customers want to align themselves with a brand that shares their values, employees will want to work for a business they can be proud of. Branding will define your business’s mission and goals and communicate them to your staff. This will help you create a team-conscious, thriving work culture – and line up a bunch of qualified prospects at your office door.