Think about some of your favorite brands and why they are at the top of your list. Perhaps it is because of their mission, values, style or something else. Whatever the reason, it didn’t happen by mistake. Businesses and organizations carefully craft their branding strategy to appeal to consumers. So, let us ask this, what is your strategy to raise brand awareness for your business or organization? There are several reasons why branding should be at the top of your marketing strategy. We’ve included five reasons, and as a bonus, we are sharing a key strategy to implement it.
This is at the top of our list because it is extremely important. Brand recognition is the ability of a person to identify the business or organization over another. This is the first step in the sales funnel to get customers because a person first needs to know a brand exists to purchase a product. Brand recognition doesn’t happen overnight, it may take a while to build it but it is important to develop in the long term.
Set yourself apart from the competition
Likely, you aren’t the only business or organization in a certain space. So you have to differentiate yourself from the competition. This is done through branding. This provides the opportunity to share why you are better than comparable businesses. By establishing your company through brand recognition you are creating credibility and a reason why someone should do business with you.
Make a connection
Why did you make your last few purchases? For us, one of those items was Coca-Cola. We could have chosen to buy another brand but why this one? Well, when looking at the options and reaching for that bottle something resonated with us. With the personalized bottle, memorable Santa Claus or red logo that created an “impulse buy.” There was something about it that made us purchase that brand. Coca-Cola successfully tapped our emotions with its branding over some time and now, without thinking about it, that brand is our preferred choice. This is what you want to emulate with your business or organization. You should make an emotional connection between your brand and your customers.
Grow your revenue
At the end of the day, you want to grow your business or organization. And there are many steps to help achieve revenue growth but a fundamental part of that is marketing, specifically branding. For example, if your business is an Italian restaurant and a customer decides you have the best Chicken Parmigiana in the city then how can you get more business from that? Well, first the customer must remember who you are because that is how word-of-mouth occurs. According to a Nielsen study, eight out of ten people surveyed trusted the recommendation of a family member or friend. This is why having a great brand is vital to your business.
Build Continuous Financial Value
Some of the best companies and organizations that we all know and love are valued because of their brand. Their intangible assets even outweigh the tangible assets. Why? Because of their brand. It holds a greater financial value.
We’ve outlined a few reasons why branding is so important for your business or organization, which is great. However, you’re probably wondering how you get people to notice you. This is another step in the whole strategy. To get your brand appearing in front of people, you will also want to advertise to them. One of the best ways to target specific people who will buy from you is geofencing. With this, you are essentially creating a virtual perimeter around a specific area. For example, if you are a restaurant and want to attract customers to your establishment you could run advertising that not only includes specials but ways to increase brand awareness as well. Your logo can appear on banner ads and when someone needs a service or product in your sector, you will be top of mind. For more help on implementing this, then visit our services page.