You’ve recently started a business of your own. However, you’ll also have to consider what your potential customers think of your business the minute they see it online or while walking around your physical location. With this in mind, you’ll want to find out the importance of building a brand.
A brand is arguably one of the most important aspects of your business. Here’s why it’s so important:
Building a brand can help you stand out from the rest of the competition
Unless your business exists as a sole pioneer in a niche that no one has ever thought of, you’ll inevitably face competition from at least one other entity – or several other entities as is often the case.
Say that you chose to run a business selling records. But if your record store doesn’t have any branding at all, your potential customers won’t be able to tell it apart from another one within your immediate vicinity or in a nearby town. You risk losing to any of your competitors since your business came is generic, run-of-the-mill, and doesn’t stand out at all.
You’ll have to ensure that your business has a catchy name and logo to go along with it. The name itself should be something that isn’t too long. A catchy one- to three-word moniker is enough. Go beyond that and people will surely forget what the name of your business is. Your business’s brand name also doesn’t need to be directly related to the nature of your business as long as your potential customers can easily commit it to memory.
As for the logo, it should convey what your business is all about in a single image. You might want to get a graphic designer to create your business’s logo instead of trying to draw it all by yourself as they know better how to condense the various aspects of your business into an image that your potential customers won’t forget for a long time.
Building a brand can generate word-of-mouth referrals towards your business.
Since your business isn’t generic, potential customers will more easily remember you – provided of course that you came up with a name and logo that they can instantly recall. Once you’ve succeeded in that, they’ll then spread the word about your business to anyone they know who they think might also want to buy from you.
On the other hand, if you don’t build a brand at all, you’ll have to promote your business yourself with money from your savings account instead of taking advantage of a marketing opportunity that your potential customers will gladly do for you without you having to spend a single cent for it.
Building a brand can help make your business more trustworthy to your potential customers
Another perk of developing a brand for your business is that your potential customers would trust it more than if you existed as a generic one. Investing in your branding efforts can leave an impression that you care for them. They might not hesitate to share some of their private details with your business. You can use those to create personalized experiences that should make them want to spend even more on your business since they’ll generally be more comfortable dealing with an entity that knows their changing tastes quite well.
You can refer to Signal’s guide to
Building a brand can motivate your staff to work for you
When you’re a business operating with a few people as part of your staff, you might find a lack of confidence from your employees if they are unsure about your branding or don’t feel like it’s something they can get behind. They might even consider working for a competitor with a more established brand where they can feel like they’re part of something big.
If you want to make your staff feel like they truly belong to your venture, you should build your brand. Once you’ve done that and clearly explained to them how you came up with it, they’ll know what their purpose of working for you is. They can become motivated to meet the goals you’ve set for your business and stay with you through thick and thin.
Technically speaking, you can still sell products or services even if you didn’t develop a brand for your business. However, the last time anyone did that was back when Russia and its neighboring countries were still under Communist rule. Since the Soviet Union won’t make a comeback anytime soon, you’ll want your business to thrive in a competitive environment. You can accomplish that by learning about the importance of building a brand as discussed above.