A company’s brand name represents their marketing identity — who they are, what they do, what kind of quality they provide, their reputation for trustworthiness, and more. It is a mental picture of how customers perceive the business, and is influenced by the elements, words, and creativity that surround it.
Why Should I Care about Branding?
Branding is proving to be one of the most important aspects of any business. Companies that effectively focus on their brand can better differentiate themselves from the competition, and have a better overall marketing strategy that is targeted and aligns with the company mission and sales goals.
Benefits of Branding:
- Increases Credibility
- Emotionally Connects Your Target Audience with Your Services
- Motivates The Consumer to Buy
- Creates Customer Loyalty
- Creates an Image of Experience and Reliability
How Good Branding Increases Conversions
- Education – Educating potential customers on the value of your brand and how your brand can solve their problems will influence their buying decisions.
- Differentiation – Clearly communicated brand attributes such as a mission statement, value proposition, or pricing can influence customers to buy from you over your competitor. Branding will highlight why your company is unique and what differentiates you from competitors.
- Perceived Value – The way potential customers perceive your brand or how they think about your brand will have a huge impact on whether or not they do business with you. Brand Marketing can help you increase the perceived value of your company by making you look larger or “more professional”, which in turn increases trust. People buy from companies they trust.
- Studies show that branding campaigns can increase conversion rates up to 25%.
How Brand Marketing Affects Other Forms of Marketing
Brand Marketing creates the foundation to utilize other forms of marketing more effectively. Direct Marketing relies on branding to make the introduction to services. If potential customers are not familiar with a brand, the likelihood of a customer responding to direct marketing efforts decreases. Brand Marketing also allows customers to develop a personal relationship with your brand, which makes them more likely to remain loyal.
The Importance of Branding in Traditional Advertising
Traditional advertising methods, such as TV and Radio, introduce and establish your brand in the minds of consumers. By driving awareness of your brand through these mediums, you are more likely to become top of mind when consumers need your services the most. While traditional advertising is not designed to produce conversions overnight, building brand awareness will make all the difference when consumers are thinking about your services and are faced with options from competitors.