Why Should You Have a Brand Strategy?
Your brand is the skeleton of your business… yes, you heard it! Without your brand you are, well, nothing.
A brand is best understood as your reputation and your visibility on the market, combined with your target audience. We can use this simple equation to define it:
Reputation x Visibility x Target Audience = YOUR BRAND
And we can measure a brand’s strength by:
Reputation x Visibility = Brand Strength
But enough maths for now – we are in branding! When we are helping businesses with their brands – whether they are start-ups or corporations, or an individual’s personal brand – we divide our process into three branding phases
1. The first phase is exploring your business objectives and aligning your brand with your goals and your company vision.
2. The second is developing all the tools you will need to communicate the brand, such as your logo, tagline, brand colours, business cards, digital collateral and website.
3. Finally, there is the phase of strengthening your newly developed or updated brand, through marketing, partnerships and digital strategy.
Beyond just a recognisable logo, your brand increases the value of your company and provides employees with direction, a vision and motivation. It helps you acquire new customers and publicity, increasing your revenue.
But why is branding so important? Here are some ways that a strong brand impacts your business.
Branding improves company recognition
A major component of your brand is its logo. We instantly recognise the golden arches of McDonald's and the red from Coco-Cola. Your logo is a simple and powerful part of your unique selling proposition (your USP) and it’s an investment – your logo is going to be seen on every piece of marketing collateral and in all correspondence, such as emails. It’s going to be seen across social media channels and in advertising. There is a fine line with logo design - you want something that is innovative yet professional, and powerful enough to send the message of the desired perception and values of your company. No easy feat!
Branding creates advocates
When your company looks established and professional with its branding, you trust it. We are far more likely to purchase a product or service from businesses that look real and legitimate! When we see a good brand that we like and have good feeling associated around it, we are more likely to recommend that brand, which is why it’s so important to consider your target audience in the process.
Branding increases your company’s value
You may think your brand is worth however much your branding company charged you, but the truth of the matter is, this is an INVESTMENT. Much of the stock exchange value of companies is due to the hard assets, including the branding.
A strong brand and brand reputation on the market leads to future business - this means your logo is going to be worth far more in the future! Companies that are dedicated to building strong brands get a far bigger return on finance. Basically, you get out of it what you put in.
Branding inspires partners and employees
The people working for you need something to work TOWARDS – your vision or mission. When your employees, clients and partners understand your values, what drives you and what it is that you are trying to achieve, you are more likely to get their buy-in. We could even liken the branding to have a similar effect to a company flag, with your mission statement being like a company’s national anthem. Remember, inspiration is the number one feeling that evokes action.
Branding attracts new customers and clients
Imagine that a client sees you on a social media platform or they come across your website. If what they see – the colours, the designs and the copy all send the right message, then they are far more likely to convert and buy.
Branding results in referrals
With a strong brand, you are likely to get referred. If a customer likes what they see online and in person, you have a good reputation and they can remember your company’s name and logo (always a good sign!), then, chances are, they will mention you to a friend.
Developing a powerful company brand is crucial to get the success you require and can have a direct impact on your recognition and bottom line. This is why we are going to further explore our 10-step process of developing your company brand.
For more information on how to expolore and craft your brand, you can email us at firstname.lastname@example.org
ABOUT THE AUTHOR
Briar Prestidge is the CEO and Founder of Briar Prestidge International. With a background in digital marketing, branding and executive headhunting, Briar has an international career that spans over Dubai, New York, London, Melbourne and Auckland.
She is renown for her personal branding work with high-profile clients and has been featured in CEO Magazine Middle East, Entrepreneur Middle East, Ella Magazine, Khaleej Times and The Media Network.
Briar is also the Managing Director of media and events agency, Deals in High Heels and a talk show host. As a speaker, she presents on personal branding, digital and social media strategy, and motivation.