Ever wondered what does swoosh of Nike represent? Most of us are unaware of the fact that it represents speed and motion. Branding has a significant role in making your business a business! Without accurate branding, do you think your company could flourish? Let us throw an insight as to what actually can happen with the right branding.
The growth of new startups
In the modern era, it has become exceedingly easy to start up a new company. The amount needed to set up a small business has come down to laughably low numbers, and with the advancing computer technology, managing a small scale business has become a dream.
Unsurprisingly, with these highly favourable conditions, there has been an exponential growth in the number of entrepreneurs today. People are resigning from their exceptionally well-paying jobs so that they can start up their endeavour and be their boss. There are huge prospects in starting up a unique business in today’s world.
The challenges with the growing intensity of competition
However, with new business popping up left and right, maintaining yourself as the best in the business and staying on top of the charts among all the other newly emerging startups have become quite challenging.
Out of every 100 startups that are being born today, 90 die out before they have seen the sun of their 120th morning. It is only a mere 10% that will go and have a real shot at becoming a legacy.
Becoming a brand directly puts you in business
A lot of the problems, associated with the increasing competition in the market can be combatted with one single solution – building your brand. Being recognized as a brand has a lot of benefits for a business – especially for one that has just started. However, branding is often disregarded and considered as an unimportant practice by new companies.
It is often thought of as something to indulge in when you have already developed a strong foothold and have enough time and money to spare. Especially by small scale businesses, branding is generally considered a practice to be employed by multinational companies and established corporate giants.
In this article, we will discuss why the above-discussed approach to branding is entirely wrong and why you should focus on becoming a brand right from the start.
To know how you can employ an appealing brand voice for your digital start-up, check Digital Agency Network. They have published an in-depth insight on creating a digital brand. Though many of the advantages that follow may seem like a no brainer, they often go unconsidered during the debate for branding.
1. Branding lets you establish a unique identity for your business
Branding allows you to introduce your company. It will enable you to express who you are and what you stand for. It is the perfect chance to build up a personality that your potential customers, investors, and venture capitalists can relate to and get behind.
Allowing your company to establish its unique, personal identity, branding aids in setting yourself apart from all the competition out there. A big part of distinguishing yourself from the competition is coming up with a brand logo that mirrors your company – in aim and performance.
This is why employing a professional logo design service such as Logo Design Valley to design a persuasive logo that leaves an impression is such an essential part of branding.
Pro-tip: It helps you in announcing that you are not just another firm in the same business – but you are an entity of your own.
2. Emphasizing on branding leads to the development of feelings of trust and goodwill in the customer for your company
Garnering a loyal customer base can often be challenging – especially when there are just so many options available for your customers. So, what can you do to persuade your target audience to bring their business to you rather than your competitors?
Your audience is more likely to do business with you when it feels that it has a connection with you. Branding yourself helps build this relationship between your company and your potential customers. It enables you to appear more reliable and promotes feelings of trust and goodwill in the general public in association with you. Based in New York, digital agency Crafted also mentioned on their blog that people are more likely to prefer strong brands over the competition and once a business establishes a brand, it can use word of mouth marketing and other advertising techniques to get new customers.
Pro-Tip: You need to establish that one on one connection with the brand to sell.
3. Branding practices add to the aesthetic appeal and help you on your way to becoming a trend
Close your eyes and think of all the companies that are trending today. Do you notice that they all have one thing in common, and that is an excellent branding?
You can seldom become a fashionable trend unless you put due emphasis on your branding. Whether it is good or bad – branding helps you get into business a great deal. Two different companies supplying the same product might be equal in the quality of their product, but it will always be the one with the most significant branding that will be on top of the sales chart.
Pro-tip: Your product needs to create the buzz to be noticed, and that requires you to market aggressively and gain attention.
4. Early branding helps you keep in the business for longer
When you focus on your company’s branding from the get-go, it enables you to build a lasting impact on your audience. Your potential customers realize that you mean to stay in business for the long haul, and this might make investors more likely to trust you.
You are deemed reliable, secure, and worthy of getting funded by wealthy shareholders. This gives you enough financial backing to overcome the hurdles all startups are likely to face, and emerge on the other side, victorious.
Pro-Tip: Branding is one step that needs to be done first as it helps people associate rightly with you from the very beginning.
5. It makes you memorable and drives up your sales to new heights
Imagine yourself in the middle of the supermarket. When are you faced with an aisle full of similar products, which one do you reach out for?
More than half the times, the average customer will reach out for the product that he has heard most about. It might not be the best product that is available, and might not even be the cheapest – but this is the product that is selling the most, regardless of these factors. The reason for this increased sales of a single product is branding.
The right branding helps you in getting noticed by your potential customers – even in a market crowded with competitors. When you want to make people remember you during your shopping sprees, you must put enough effort and money in building yourself as a brand.
Pro-tip: The product that sells is the one that people can recall easily. So work on that mantra!
Whether you are a fresh start-up trying to gain a foothold in the harsh corporate market of today, or a year-old family business, being passed down generations that are trying to keep its head above water; with the introduction of all this new competition – there is one thing that you most definitely need in order to survive. Having a unique identity.
To get the most business, your company needs to stand out before customers, competitors, and investors. It is only when you are recognized as your own trusted firm that you will get showered with the countless opportunities that the corporate world has to offer. The best way to establish this distinguished name is by emphasizing on your branding techniques.