7 Reasons Why a Strong Brand is Important for a Company
In this day and age, branding is an integral part of any company. There are numerous benefits of a strong brand, but the most important one is that it can lead you to success. The immense importance of brand recognition can be seen from a Pitchbook survey that highlighted that 82% of investors determine whether they want to invest in a business based on their brand image and recognition. A strong brand will, thus, help define your company, make it unique, and set it apart from the others. Read ahead if you want to learn more about the importance of branding with examples.
1. Improves Recognition
Your brand is the face of your company. It is what the customers remember your business by. In a sea of similar companies, your business can be recognized by its distinct brand image, which includes the colors you use for your logo, text, graphics, etc.
To further clarify this, let’s take the example of Nike trainers. While many other brands offer similar trainers, buyers are drawn towards Nike’s trainers because they can distinctly tell that they belong to Nike by their logo— the tick mark.
2. Generates New Customers & Sales
When you have a strong brand identity, you are likely to get referrals as well. If your brand has a positive reputation, customers will buy your products, remember you and tell their friends and family about your products or your brand’s experience. Eventually, word of mouth will become your primary source of sales.
3. Enhances Customer Loyalty
Customers are likely to keep coming back for more products if they have retained your brand image. 91% of customers say that they are more likely to buy from an authentic brand than dishonest ones. Thus, making a good impression is super important. Through a combination of excellent products and strong branding, you can turn your buyers into loyal customers.
4. Helps with New Product Launches
Marketing and branding go hand in hand with each other in making a lasting impression on the customers. Once you have established yourself, promoting new products becomes easier as customers are already aware of your business, brand, and what it stands for. So if you are launching a new product or service, or a variation of your existing one, strong brand identity will considerably help.
5. Motivates Employees
Another reason why branding is important for small businesses is that it motivates employees. Working for a reputable company with a strong brand identity harnesses a sense of pride and satisfaction. Employees are more likely to work harder for a reputable brand that they stand by and which the public has high regard for because it feels more fulfilling. Moreover, it also attracts potential employees who would be motivated to work for your company and carry the brand image forward.
6. Builds Authority
It is estimated that 91% of businesses use content marketing to promote their brand. By doing so, they also establish their authority. This is because content marketing is about figuring out solutions to relevant problems that customers face. When you provide your brand to them as part of the solution to their problems through your content, you are essentially establishing your brand as insightful and experienced.
7. Reinforces You in the Industry
A strong brand image helps increase your business value. This not only gives you the upper-hand over your competitors but it also attracts more investors. Your strong brand identity also prevents other companies from copying your product as your products become distinct and congruent with your brand.
Now that you are aware of the importance of branding, you must be wondering where to get started to create a brand image for your company. Whether you are a small or established business, we, at Mera Group, have a team of industry professionals who can help launch or redesign your brand identity at an affordable price. Contact Us today to get a free consultation!
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Whether you’re an established brand or an innovative new start-up, success doesn’t come from a single campaign or strategy. Lasting success comes from understanding your business objectives and partnering together to achieve your goals.