Branding is sometimes overlooked, but in reality it’s a crucial aspect of running a successful business. Especially now in the digital era, where a brand’s personality online can make a significant difference to their profitability.
If you haven’t thought about branding or aren’t convinced of its importance, then keep reading. Here are just some of the ways in which branding can affect the success of a business.
Makes Your Company Easy to Recognise
One of the biggest reasons why branding is so important is because it helps customers identify your brand with ease. An attractive logo and colour scheme can go a long way in helping people remember your business. Even when a consumer isn’t actively looking to make a purchase, having a memorable brand means you have a better chance of being the first person they think of when they are.
Builds Trust
A consumer is more likely to trust a brand that they recognise over one they don’t. Consistent branding helps establish a familiarity that can build trust between you and your audience, leading to better traffic, engagement, conversion rates, and, of course, revenue.
Improves Audience Alignment
Ensuring your business resonates with your audience effectively is crucial for increasing overall profitability. For instance, The Premiership (the top flight of English rugby union) rebranded to the ‘Gallagher PREM’ to give it a more informal feel and to reflect the intensity, athleticism, and skill of the sport.
This came after PREM Rugby recorded a 30% growth in fans between the ages of 18-34 who valued physicality as one of the main appeals of rugby. The rebrand helped align PREM Rugby with its audience more effectively to engage younger fans and drive further growth.
By leveraging consumer data, PREM Rugby made sure their brand was aligned with their target audience and supported their long-term goals.
More Effective Marketing
It’s difficult to create effective marketing campaigns without taking the time to build a strong brand first. Businesses with established branding often see higher returns from their marketing efforts as their campaigns are more focused, creative, and effective. They usually require less budget too, as the brand alone can help sell a product or service.
Don’t Overlook Branding!
Building a recognisable and trustworthy brand that meets the needs of your target audience is crucial for success in business. By not taking the time to brand effectively, you could miss out on a significant amount of leads and profit.
