I’ve been asked this question many times in my time as a brand strategist and designer, so I figured it was about time that I answered it in detail.
To begin with, we should explain what branding means as there is a lot of confusion regarding the term. In case you haven’t heard it before, we’ll cover the basis: a brand is not a logo. Therefore branding isn’t about creating logos. It can very much be a part of the process but branding covers a much wider area. So what is branding then?
Well, the best definition I’ve found for it is that branding is the area of expertise in charge of creating a full experience from the moment a potential client first hears about you to the moment they’ve purchased and enjoyed the benefits of your service/product. In other words, a brand is the feelings, thoughts, memories, and experiences that your audience associates with you and your business. Much more than a logo, right?
Creating this experience requires perspective, a great understanding of behavior and psychology, and lots of creativity to portray the essence of the business and the person behind it in a way that connects with their target audience. One of the key things why I never recommend DIYing your brand is because as business owners deeply invested in our vision we lack the objectivity and perspective to understand and craft our own branding. I’ve had brand strategists and designers as clients for this very reason! So if you’ve been trying to DIY your brand for some time with no success do not worry, it’s not you, even those that make a living of it find it incredibly hard as perspective is key.
Now that we understand what a brand and branding entail, what are the actual benefits of investing in branding?
1. Branding increases the value of your products/services: when you are purchasing a product or investing in a service you are acquiring much more than the product or service itself, or at the very least you should! When you buy an Apple product you are not only investing in great and beautiful technology you are also becoming part of a club that prises minimalism, well-thought design, innovation, and forward-thinking. You are buying and supporting the values and philosophy of the brand you are purchasing from and because of that, you are willing to pay extra. Having a deeper understanding of what a brand stands for, represents, and does for the world immediately increases the perceived value of the product as it gives the customer extra insight into the brand.
2. Making a choice: let’s imagine that you are looking into purchasing a coat and you are dwelling between two brands, that had almost the same product. One of those brands explains nothing about why they do what they do, what their mission is, and what values support their practice. Meanwhile, the other one not only goes in great detail into the why, the how, and for whom but they entice you to become part of their movement of making the world a better place one coat at a time. They seem to be speaking directly to you and connecting with you in a way that you know you are not buying a coat, but buying an experience and a boost of confidence and self-worth every time you were that coat. Given the choice, even if the second coat is more expensive 90% of us would go for the one that we connect with on a deeper level. Branding plays a major role in influencing a decision.
3. Fulfilment: when we purchase something we are looking to satisfy a need or a desire. Although can’t expect a product to make us feel like all is right in the world, we expect a certain level of fulfillment from having obtained that product or service. This is where branding comes in, to procure that sense of fulfillment we must go beyond functionality and tap into emotional value. When we connect to a brand on an emotional level we are prone to make the best out of it and have an enriching experience and as a result, we feel like our need or desire has been fulfilled.
4. Looks matter: in an overly saturated market like the one we are all part of anything that can set us apart is a competitive advantage that must be taken seriously. We are all attracted to beautifully crafted things, detailed and enriching experiences, and well-designed products. It’s human to want to be surrounded by beautiful things. Nevertheless, the may reason for making your brand look good in and out is that it shows that you care, plain and simple. Investing in making every inch of your brand beautiful and well design shows yous customer that you care about them, their experience, and that a lot of love and thought has gone into your product or service. We are more likely to invest in someone that puts effort and intention in all that they do than in someone careless about their delivery and the experience they offer.
5. Loyalty: one of the greatest marketing strategies out there is to have your clients come back for more. Creating a sense of loyalty not only increases your revenue but it creates the space for customers that will willingly and lovingly promote your brand just because they love what you sell so much that they want others to benefit from what you offer. Branding is what ensures this sense of loyalty as it focuses on understanding what your client wants and needs and delivering it in a way that is in alignment with your vision and their values.
In other words, branding is an amazing asset to ensure you provide a great experience to your clients while increasing your revenue. Plus! These are just some of the benefits that branding can provide to your business there are a lot more of them that I will be sharing in future posts. In the meantime, I hope you found this article insightful and that it opened your eyes to the magic that branding can bring to your business.
If you are ready to upgrade your brand reach out to see how we can take your business to the next level!