Why Is Branding Important For Your Startup?
4 December 2019
A brand isn’t just a product or a service that a particular business is known for but it is an icon that can stand the test of time. A brand is a company’s name, logo, stated values and philosophies, products or services that are understood by anyone who comes in contact with a company. In a world of digital space, managing a brand is essential for businesses of all sizes because it is the brand that differentiates your business, communicates the value proposition and conveys what you are and what you do. Every startup or small business needs the branding to grab a customer’s attention. It will help transform first time customers to lifetime customers who will later help in the best form of marketing, word-of-mouth. Early branding for a small or startup business is key to success.
One can never underestimate the overall positive impact that branding can create for a company. Here are a few reasons why branding is important for a startup or an emerging business:
- Creates A Unique Identity For your product/Service: A company’s brand is more than a logo or a name- it the company’s face. Branding gives an opportunity to express core business values and business methods, the company’s mission, and vision. A clear vision can guarantee company success, as it forces the company to set goals and work strategically to make its vision come true in the long run. Perfect branding helps you carve a distinct style and build brand recognition in the market.
- Branding builds trust: Good branding not only builds trust among customers but also does a lot for the business owner. When a business owner invests time, energy and money as a part of branding, it transforms into a professional presentation for the company. This, in turn, develops confidence in the mind of the business owner that his product or the service is grabbing the public’s eye. As your branding gives your business a recognizable identity, it enhances customer’s affinity towards your product and also enhances trust in your business.
- Branding increases new revenue: Branding helps maintain loyal customers who can take the brand to the streets, family, and friends. A recent study reporting on consumer behavior stated that 94% of customers are likely to show loyalty to the company that offers complete transparency on various aspects of their business. Another report stated that 74% of customers love the brand that offers exceptional customer service.
- Branding Differentiates you from the Competition: A brand is a promise of an experience that is unique and is directly connected to the trust in the customer’s mind. A company can have a competitive advantage when it creates an experience, product, or service unique to them. Trying to duplicate what others have done may win some business but there must be a defining quality for every business to succeed. For example, there are many sports shoe companies but Nike is known for its excellence.
- Branding Inspires And Motivates Your Employees : Branding can even inspire your employees to carry out your mission and vision in an equitable manner. When your employees understand your mission, they work towards achieving business goals by delivering impeccable customer service and maintain strong customer relationships. Therefore, a strong brand should help maintain strong morale amongst the employees and helps extract productivity at all levels of your business.
Bottom line: Every small or startup business owner must maintain the qualities and values of their brand to appeal to a larger but specific group of customers. If you are looking for help building a brand for your small or startup business, we can help. At Thomas Consulting Group, we provide exceptional brand development services for startup and small business owners who want to take their business to the next level.