Five reasons why branding is an investment; not an expense.
People often describe branding as a business expense. This language implies that branding will incur costs with no return. This is incorrect.
Branding is one of the best investments your business can make for high returns rewards.
"If you think good design is expensive, you should look at the cost of bad design."
- Dr. Ralf Speth, CEO of Jaguar.
There are so many reasons why investing in branding will provide your business so many returns and rewards. Branding has numerous psychological effects on your customers, your employees and most importantly, yourself.
Consumers love brands; and the biggest thing to take away from this blog post is customers buy brands, not products.
Brands connect with people emotionally; creating a connection with them on a personal level. People strongly identify with them.
THE COMMON MISCONCEPTION
A lot of business owners think that your brand is your logo. To put it simply; it is so much more than that. Your brand is your business identity, your strategy, your target audience, your tone of voice, your purpose, your mission, your touch points, your aesthetic - I could go on forever. It captures everything unique about you and the perception you want the world to have.
There are numerous studies that prove brand perception is one of the most important motivators when it comes to making a purchasing decision. Think of the big fish - like Coca-Cola, Apple, or Nike whom consistently re-invest in branding, although they are immensely popular all around the world. Below are some of my favourite reasons on how branding can benefit your business:
IT WILL PROVIDE CONFIDENCE AND CLARITY
Understand your value and how to deliver that through an aesthetic and strategic approach. Branding creates a strong foundation to help you deliver solutions; providing you the clarity to know what to market; and confidence on what you sell.
YOU CAN COMMAND HIGHER PRICING
Investing in branding will differentiate your business from your competitors. This will allow you the privilege to demand higher pricing for your products. Generally speaking, branding helps establish you as an industry leader. That comes with various benefits.
IT CAN MOTIVATE YOUR EMPLOYEES AND ATTRACT NEW TALENT
Branding not only attracts customers; it attracts talented employees as well. It sends out a subconscious message within your industry that you are levelling up, investing in yourself and elevating your position within your market. Potential employees typically want to jump on board a company that appears to be succeeding.
Internally branding can boost productivity within your workers. It creates an emotional connection with the company, so the company’s goals become important to employees. In turn, they become brand ambassadors.
IT WILL ATTRACT YOUR DESIRED CUSTOMERS
Your branding will align with your target audience; positioning you in the market to appeal to them. It well help you stand out from market competitors and create awareness to your customers. An additional point, is that it can elevate your position in the market. Would you buy from a brand that is dated & tacky or a brand that is current, well-defined and crafted? Branding instils awareness. It allows your audience to understand who you are & what you are offering.
STAY STRONG IN A TURBULENT ECONOMY
Thanks COVID-19. NOT! Every once in a while, the world is shaken by an economic crisis. Many businesses suffer but typically the ones that don't have strong brands. Bulletproof your businesses future by investing in a branding today.
To reiterate, the biggest thing to take away from this blog post is customers buy brands, not products. So do your business a favour and invest in a brand design & strategy.
If you're still not convinced; at the end of the day… I am pretty sure its considered a tax right-off.
(Disclaimer: confirm with your accountant.)
Needing a brand design & strategy?
Contact me here - www.emlycreative.com.au/contact