WHAT IS BRANDING?

Have you ever seen or heard of farm animals being branded? A hot touch of a branding iron brands the animal and it’s left with a mark that identifies the owner. Just like this, when a company brands itself, it wants to leave a lasting mark, and a consistent positive impression in the minds of their current and future customers. In order to do this, the company will register a name (DBA) or use the founder’s name, define its mission and how it wants to run its operation, and hire a logo designer to create the first visual image ( its logo)  that represents what the company stands for. Thereafter, the company will hire an agency or their logo designer to take charge of their branding. In this case, the company will typically purchase a branding package, which will encompass the logo, website, business cards, digital and printed materials as well as promotional merchandise. The company will usually purchase each of these in steps beginning with the logo, website and business cards to start. Need branding for your business?

WHAT SHOULD YOUR BRANDING REPRESENT?

Your branding should represent your value. Why would customers purchase your service or product if it offers no value? Also, if you were to sell your company one day, you should consider what its brand value would be. Thus, your main focus should be divided into three parts.

1. To bring benefit and be of value to your customers.
2. To differentiate yourself from the sea of competitors and stand apart from the rest.
3. To position your brand strategically with success in mind, focusing on sales strategies and conversion tactics to create brand value for your company.

Don’t know where to start?

WHAT IS BRAND VALUE?

Brand value simply stated, is the value of your brand. How much would your company be worth right now if you were to sell it? When starting a business, a company should consider that one day there will be an offer which comes to them to buy it. Thus, the company must be strategic and meticulous about its company matters; especially its finances and its reputation. You should also consider how much money and time it took for you to build your business in the first place. If your website has high traffic and generates leads all day long, that is also part of your brand value. If you generated partnerships that bring you income, this is also your asset. Thus, before selling your business or estimating your brand value, look at all of these factors carefully and work with a consultant that specializes in mergers and acquisitions before selling.

BRANDING INCLUDES YOUR REPUTATION TOO

Let’s say you have an amazing logo, a high-performing website, and all the elements of excellent branding, but your customer service is awful; well this will affect your sales. Branding includes brand equity which has to do with how positive your customers’ perceptions of your company are. The more your customers know and admire your brand, the more they will not mind paying more. Thus, if your company is fortunate enough to have positive brand equity, you will make more sales, stand out from the competition and consumers will be fans. Brand equity is achievable with the right strategy. Contact us for a free consultation.

WHAT IS BRAND LOYALTY?

Brand loyalty simply describes the loyalty a customer has to a certain brand. A good example is Starbucks. This awesome company created an app which is simple to use, and offers rewards for loyal customers. As such, more customers even through the pandemic purchased their favorite drinks and or treats via the app. Currently, the app houses an impressive $1.4 Billion of interest free money sitting in it and accounts for 22% of transactions. Because the app was designed so well, and rewards its loyal customers, it topped as the most successful method for driving sales for Starbucks recently. Based on this example, you can see how brand loyalty can be created by adding extra value for the customers in addition to the usual mass marketing efforts. The secret formula for brand loyalty seems to be: consistency of product and service combined with an added benefit for the customer; powered by cohesive, influential marketing. So once you have your branding locked in and you need to push out your brand further, a great way to bring brand awareness is through Facebook ads.

If you would like to have better branding, you will need to position your company to build a lasting impression. Have great ideas, but don’t know how to get started?