A brand is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers. Wikipedia
A brand identity is made up of what your brand says, what your values are, how you communicate your product, and what you want people to feel when they interact it. Essentially, your brand identity is the personality of your business and a promise to your customers.
A brand’s power derived from the goodwill and name recognition that it has earned over time, which translates into higher sales volume and higher profit margins against competing brands.
A brand experience is a brand’s action perceived by a person. Every interaction between an individual and a tangible or intangible brand artefact can be seen as a brand experience
Why Is Branding Important
So now that we have a better understanding of what branding is, why do we need branding? Most SMB owners and freelancers might look at branding as something that they don’t need until they hit the enterprise level.
There are SO many reasons why branding is important for ALL business no matter what size your company is. Here are some key reasons.
One of the major componants of the brand is the logo. The logo is the face of your company and your brand. Your logo needs to a representation of who you are.
Your logo should be simple but unique. You want to users, customers and even competitors to recognize your logo and think about your brand instantly.
Just as people are more likely to purchase from a business that appears polished and legitimate, families need to feel comfortable before committing to a child care program. The Deluxe team used the business’s new logo on business cards, staff T-shirts and the outside of the building to give the business the professional image it deserved. Passersby and others who encounter the logo can now easily identify the business as a trusted center for education in the community.
Builds Financial Value
Companies who publicly trade on a stock exchange are valued at many times the actual hard assets of the company. Much of this value is due to the branding of the company. A strong brand often guarantees future business.
Whether a company is in the position to borrow funds for expansion or rolling out to an IPO, being perceived as more valuable will make the process advantageous for the owner. The greater a company’s devotion to building its brand value, the better the financial return from its efforts. A unified, consistent brand means Discover, Learn & Grow is well-positioned for any future expansion it wants to make.
Many employees need more than just work — they need something to work toward. When employees understand the mission of a business and its reason for being, they are more likely to feel that same pride and work in the same direction to achieve the goals the business owner has set. Having a strong brand is like turning the company logo into a flag the rest of the company can rally around.
Like most educators, Jones and her staff are passionate about what they do. The early learning center’s consistent and unified brand, which all stems from the updated logo, reinforces that passion and can continue to inspire Jones’ team even when challenges arise.
Generates New Customers
Branding can also help a business get word-of-mouth referrals. After all, would a client be able to tell a friend about Discover, Learn & Grow if they couldn’t remember the brand of the learning center? The most profitable companies, small and large, have a single thing in common. They have established themselves as a leader in their particular industry by building a strong brand, starting with a strong logo.
Need help with your brand?Contact Mefor a free consult.