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Do you think setting up a company, having an attractive website, launching a wide range of products is enough to make your business a hit? If yes, then you’re probably wrong. Don’t believe us, know the reasons yourself!
Without a powerful branding, your business is spineless – bitter but true!
About 71% of customers prefer buying a product from a brand they’re familiar with. What does it mean? If you want to ensure the success of your business, you’ve to build a powerful brand.
Didn’t get it?
Let’s take an example, if we offer you two t-shirts, one from a random business and the other from Nike, which one will you pick? You’ll pick up a Nike t-shirt without giving it a second thought. Isn’t it? The reason behind it is simple, you’re familiar with Nike and trust them. You know that they manufacture the best quality items. And this is the true power of a Brand!
Still not convinced? Read the below section to find out how having a strong brand can accelerate your success.
What Exactly Is A Brand?
The short and straightforward answer is, your brand is your reputation. It’s the way people perceive you in your absence. In other words, your brand is the face of your business.
Branding isn’t about a stylish logo or a catchy tagline or the particular products you sell. It is much more than that. It’s the things that distinguish you in the market. It’s the experience you provide your customers. It’s your culture and ethics you adhere to. A brand is a feeling of trust and loyalty that a business instils in customers – this is what makes a business shine and thrive!
The deal is, nobody wants to buy a product or service from someone or something they don’t understand or familiar with. Every customer has trust issues, they want a guarantee that the products they’re investing in are legit. So, how do they know this? Through Branding.
Building a brand is like humanizing your business. It assures your customers that they are investing in the right platform or service. A brand communicates with your customers on the behalf of your business. It guides and encourages your customers to stay loyal and help you gain their trust.
A brand is the key to differentiate yourself from your competitors. It sets you apart and displays your unique qualities as well as abilities to your customers. It provides a shape and structure to your business and controls how people perceive it.
Why Should You Build A Brand And Not Merely A Business?
Below are the top 6 reasons that show why you need to build a powerful brand :
1. It Increases The Value of Your Business
Branding is very important when trying to establish a future business. A powerful and well-established brand can help you increase the value of your business by offering the company a firm grip in the industry. Future investments and growth become much lucrative when you have a solid position in the marketplace.
2. It Expands Your Customer Base
A powerful branding means there is a great impression of the business amongst customers, and they're more likely to get involved with you because of the trust, familiarity and dependability you've provided them. Once a brand has been established, your best advertising strategy will be the word of mouth. That means, your existing customers will promote your business on their own will.
3. It Offers Pride and Satisfaction to Your Employees
When an employee works for a powerfully branded business, they become more proud and satisfied. They take a sense of pride in the work they do. Working for a reputed brand helps them earn a high regard in society. This keeps them motivated and they work with full zeal and zest. Simply put, a powerful brand will help you in increasing your productivity.
4. It Creates A Sense of Trust Within The Industry
A good brand with a professional appearance helps your company to create trust within the industry - be it your consumers or business partners.
There is no surprise that people are more willing to establish business relationships with a company that is well-strategised and polished.
Branding helps in displaying the company as industry experts and pioneers. It creates a positive impression in the industry that lasts for a lifetime in the minds of consumers, potential clients and business partners.
5. It Helps In Reducing Price Sensitivity
"I have to buy this, no matter what". Strong branding enables you to raise your prices. Why? Simply because you've become the best at what you do. For example: Nike will sell the same $5 t-shirts at $500 and still, people will buy it.
GREAT sales means BETTER ROI and HIGHER growth!!
6. It Lends You An Edge Over Your Competition
Being a brand means turning all the tables in the market in your favour. Why people prefer buying an iPhone when a normal smartphone comes with similar features but at a much cheaper price? Because Apple is a powerful brand and is a tough nut to crack when it comes to competing with it.
These are just a handful of benefits of establishing a powerful brand, there are many more. But the overall essence is, it helps you to become a trailblazer and an inspiration while ensuring your thriving success.
To have a lasting impression, your business needs to be much bigger than you and your products. It needs to have a futuristic vision, ideologies, and a compelling story that encourages your consumers to take action and of course an exceptional product or service that helps people in transforming their lives.
Maybe you'll get lucky and your business will boom without a brand. But practically, that's not possible - only 50% of the small businesses survive past five years. Also, it's not a coincidence or a conspiracy that the leading global companies have the most loved brands, Nike, Apple, Google, Starbucks to name a few.
If you want to build a brand that not only helps you to gain the trust, respect and loyalty of your audience but also bring booming success and fortune, get ready and start searching for the right branding agency that can help you in doing so. Let's make it a little easier for you, come to us.
As one of the leading branding agencies in the UK, we help businesses build their brands that remain in the hearts and minds of the world for a lifetime.
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To check what we can do with your business and eCommerce store, get in touch.