Think of this dollar value for a second: 187.8 billion.
Wonder what this is? This is the brand value of the World’s Most Valuable Brand “top-notcher“: Amazon. It grew a whopping 25% from last year’s figures and is US$30 billion more valuable than the lists’ salutatorian, Apple. Would you like your brand to rise to this level of success?
Branding for Business
Regardless of whether you are someone who is putting up a business or you are tasked to launch one, you certainly would want to start off on the right foot.
Think of three brand names that come to mind when talking about laptops. Chances are, you have included Apple in your list. This is because Apple is one of the most popular global brands and its name and logo have long permeated the minds of people around the world. They’re just one example of successful branding.
Along with astute business strategies like setting targets and securing the bottom line, branding should also be foremost on your mind. Why? Here are the top five reasons:
1. Strong branding makes you memorable
Philip Kotler and Gary Armstrong, in their book “Principles of Marketing,” define a brand as something that identifies the services or products of a seller of group of sellers. This may be a design, name, sign, symbol, term, or a combination of these that differentiates the company’s offerings from those of its competitors.
A strong brand identity – your business name, logo, or the colors and graphics that you use to portray your brand – will bolster your branding efforts. It will help place your brand in the minds of your target consumers.
Effective branding identity concepts and other visual tools (such as your logo, communication and marketing materials, stationery, and even your online components) can all contribute to a cohesive branding identity that will promote brand recognition.
2. Strong branding cultivates trust
People usually put their trust in established brands who appear to be bigger, better, and stronger than their competitors. While not everyone may resort to judging the book by its cover, solid branding efforts can help draw people in. This is when you can amaze them with your quality products or services that will convince them to patronize your offers. Customers who are satisfied with your products or services will most likely feel good about their purchase. This will be an influencing factor in earning customer trust and loyalty for your business.
A well-crafted point-of-sale material, a unified look across all your showrooms, and a visually arresting website can all be tools to create a perception of excellence about your company. These can signify that you are a reputable company that cares enough about the details. How meticulous you are about your branding efforts will also give your market a glimpse of how you do business.
3. Strong branding elevates your price point
Ferrari has earned pole position in this year’s race for the World’s Strongest Brand. It has overtaken other popular brands such as Coca-Cola, Disney, Lego and McDonald’s with a 94.8 out of 100 rating in the Brand Strength Index. Its iconic prancing horse logo has sprinted miles away from other luxury car marques in terms of unparalleled brand recognition. This also allows Ferrari to enjoy a level of freedom to place a premium on their products and services. From caps, apparel and, of course, cars, to theme parks, hotels, and experiential activities, their cohesive branding identity is a feast for the senses.
When you want to command a good price on your products or services, then you have to establish yourself as a reputable, trusted, and well-recognized brand. People who appreciate your brand values and are drawn in by your compelling brand story and identity will most likely shell out more for your offerings than on brands that are sloppy inside out.
4. Strong branding supports your customer interactions
People are keener in promoting “feel-good” brands or services that they subscribe to. This is an effective marketing vehicle as word of mouth spreads like wildfire but costs little to nothing in terms of advertising costs. Keep this in mind when formulating your branding efforts. Branding also encompasses the way your staff conduct themselves, especially your frontliners.
From the way they dress to the way they talk, they should carry and follow all your branding guidelines to project a unified identity. Your communication and marketing programs will flow more fluidly when everyone is rowing in the same direction. Each person in your organization should be an effective brand ambassador.
5. Strong branding helps you filter leads
When your branding is on point, then you have a better probability of weeding out your leads. For example, you are selling luxury cars. You have to thoughtfully curate your branding identity tools to ensure that you are projecting a premium image. Your brand must be the perfect embodiment of luxury. From your brand’s tone of voice to the activities that you line up for your potential and current customers, everything must be aligned with luxury.
Seeing the whole luxurious package will already deter most, if not all, car buyers who have a different price point for their car purchase. Effective branding identity collaterals will only talk to your target market. It will distract unwanted leads but aid in attracting your desired ones.
The Look of Success
A strong identity will swathe your brand in the most appropriate garb from head to toe. Imagine your brand as someone whom you will be launching as the next superstar. Not only will you dress and make them up to look stunning, but you will also enrol them in trainings to make sure that they feel, and then act, like a superstar. When you simply shove a person into the limelight without the necessary preparations or without being dressed to impress, then you might as well kiss your superstar dreams goodbye.
For a brand to be loved, it should come in a nice, thoughtfully wrapped package. When it’s all haphazardly served to the consumers, do you think anyone would want it? Build and dress up your brand. Make it stunning from the inside out and, for sure, it will reap stellar success.