The world is waking up again post-COVID. As the global economy kick starts once again, it is important for businesses to take a step back and reflect upon its strengths and weaknesses and what kept them going through the pandemic.
The most resilient companies were the ones that had the strongest brand. During times of uncertainty, it is usually these brands that customers stay loyal to.
But what exactly is branding? And, why does it play such an important role in business growth? Let’s find out.
Branding is more than a logo
Branding can be summarised as the entire identity and personality of a business. It not only constitutes how a brand looks and feels, but also tells the story of a business and how it communicates that story to the market.
Having a strong brand is perhaps one of the most important needs in today’s business world. More and more businesses are offering similar products and services. They are also competing with one another in the global economy. A unique brand, therefore, is often the main differentiating factor between businesses in the same sector.
Importance of a strong brand
Let’s explore the main reasons why branding plays such a critical role in the business world:
1. Stand out from the crowd
Customers tend to purchase products and services from businesses who they are familiar with. Often, this familiarity comes through a consistent and well-crafted brand strategy.
A business with a cohesive brand is more memorable and helps it stand out from the crowd. Memorable colours, logos, style and aesthetics go a long way in establishing a positive experience for customers which generally results in repeat purchase.
2. Create a competitive edge
The global economy has been consistently growing thanks to more and more new businesses coming to market. However, this also means that there is a lot more competition than before.
It is therefore crucial for a business to have a strong brand strategy in place and promote their unique selling point in a creative and memorable way to remain competitive and attract more customers.
3. Build authority and trust
The relationship between a business and its customer is always built on trust. If someone doesn’t trust you, they will simply not buy from you. To build trust, a business must have a clear branding in place which is consistent and engaging.
Businesses that are trusted are also the ones that have a strong voice in their industry. Often, these businesses are the ones that are innovating and leading the industry.
A strong brand, that is trusted and has authority in their industry, makes a powerful combination.
4. Help form meaningful relationship with customers
Customers love to engage with brands that they love. A brand that has a unique personality of its own, usually stands out and often secures repeat customers.
Many brands in recent years have been using humour and other emotions to engage with their customers on social media. This helps customers connect emotionally with the businesses and are therefore more likely to refer others to the brand.
5. Develop employee loyalty
Branding plays a critical role within the business itself. A company with a strong brand and a great vision enables their employees to feel empowered.
In recent years, businesses have been increasing employee loyalty and motivation through merchandise and apparel. The look and feel of the office space is also something that more and more new starters are putting a lot of emphasis upon. Both aspects are part of the internal branding strategy of a company which should be given priority.
At the end of the day, your business will flourish when your employees feel empowered and love what they are working on. By associating with a strong brand, your employees will feel like they are part of the grand vision and are working towards something big.
6. Communicate business story
Companies like Apple, Google, Microsoft and Amazon almost have a cult-like following. This is because of the consistent and well-organised story that they tell their customers and how it makes them feel.
By engaging with the brand and the founder’s journey, customers feel a sense of hope about the future, which often makes them loyal to these companies.
A strong brand connects at a deeper, emotional level with their audience. By having a consistent story, customers feel part of something bigger and become loyal to that brand.
A strong brand personalises and embodies the entire organisation. A company with a clear and distinct brand will always stand out of the crowd and help gain a competitive advantage.
Over time, a company that has a unique brand and delivers on its promise will capture long-term customers who become loyal fans.
At Evolve, we specialise in creating exceptional brands that will scale with your business. We have helped numerous high-growth scaleups and FTSE100 companies bring together a strong, reputable and unique brand, with a loyal customer base.
If you need any help bringing together a strong brand strategy for your business, get in touch with one of our brand experts to discuss your challenge.