4 reasons why branding is a great investment
Your brand is your company’s most precious asset, because this impacts how your organization is perceived by your clients, employees, and the world. R
egardless of the type of products and services you are dealing with, proper branding is fundamental.
Branding goes deeper than the known business name, logo and slogan! In our opinion, it’s a brand’s commitment in relation to the type of experience customers will encounter when they engage with your company.
To consumers, branding conveys a certain level of assurance in reference to the nature of the product or service they will receive and tells them about the standards your organisation seeks to maintain.
Therefore, branding should not be viewed as another cost counted against your marketing budget –rather an investment to yielding more returns.
So, why invest in branding?Branding offers a competitive niche
Whether you’re a small, medium or large company, your company needs to compete for your audience’s attention. To win in the ever bending competitors curve, organizations must plan and implement specific actions and measures that will be taken in order to reach their goals and outdo their competitors. When done properly the organization’s brand reflects their strategic plan, and helps promote strategic areas and initiatives that will move the organization forward.
Decreases cost of marketing
When your brand is consistent and well-articulated, it increases the productivity and success of your marketing initiatives. Through segmenting your audience and understanding their needs, you will be able to develop relevant targeted campaigns rather than wasting efforts in trying to reach an irrelevant audience. Further, brand consistency can be maximized on by ensuring that all your marketing is incorporated so that one initiative supports the others. A proper brand identity means that your campaigns are instantly differentiated from your competitors.
Makes it easy to increase prices
This is because people are willing to pay extra for quality brands. Branding allows you the privilege and power to position yourself as industry barons with an exciting set of value propositions offered by none of your competitors. Brands that institute meaningful differentiation are able to rationalize their worth and charger slightly higher prices for their products or services.
Brands provide a stable asset
Brand equity is a powerful thing. Not only does it permit you to easily adjust your products and services pricing, it also offers a quantifiable effect on share price. The way your brand is perceived governs how your customers behave, and customer behavior determines your brand’s financial performance.
The long-term outcome of branding is that your brand will become a more valuable asset should you want to sell your company. In a real life scenario, it’s more like the refurbishes and developments you make to your home over the years. You can enhance your brand equity by making your marketing initiatives memorable, easily recognizable, and producing product that are superior in quality and reliability.
It is safe to conclude that branding is the promise made by your organization to the audience. This brand promise tells the audiences who you are, what you believe in, and what unique value you provide. The capability to realize your promises at every stage of the relationship is the defining factor for most organizations success or failure. When promises are broken the reputation of the organization is called into question, and the brand suffers. When brand promises are kept, audiences respond with loyalty and affection.
Generally, factors that influence our decision-making process have little to do with the product or service. Our perception towards a product or service is created from the associations that we’ve made with the product through advertising, brand identity and the environment in which the product is experienced.
Let us tell your story through an unforgettable brand experience. Contact us today
Happy Reading!