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Did you know that ignoring your brand is actually costing you business?
When you think of branding, the first thing that may come to your mind is a logo. However, branding is much more than just a logo design. It’s actually a tool to help grow your business.
Let’s find out more about why branding is crucial for the success of your business.
Branding for Success: It’s More Than Just the Logo!
Logo: The Face of Your Company
Imagine showing up to an exclusive networking event looking like a hot mess. Your hair disheveled, maybe even having something stuck in your teeth.
Hard to imagine, right?
Hopefully, you aren’t showing up to events dressed that way. You’ll probably put a lot of thought in the way that you dress and only wear the fanciest things you own. The same applies to your logo.
Many business owners put little-to-no thought into their logo and what it says about their company, sometimes investing as little as $5 through sites like Fiverr or UpWork. So, essentially, you’re showing up looking like a hot mess when marketing your business.
The fact is that a logo design is really just a very small piece of your overall brand strategy. If you’ve ignored even this small piece of your branding, you probably don’t even know what your brand strategy is!
A Quick Definition of Branding
Branding is basically influencing people’s “gut feeling” about your company. The end result of this is getting people to know, like, and trust you.
This can be affected by a lot of things like your culture, your tone of voice, your brand message, and even your aesthetics.
So, the results of good branding are not just having a pretty logo design. Branding can actually affect your bottom line…
3 Ways Branding Your Business Can Increase Your Bottom Line!
1. The Competition Doesn’t Matter
When you build a strong brand competition won’t even matter. What we want to do is carve out a “blue ocean” for your business.
In marketing speak, we have two categories:
- Your blue ocean
- Your red ocean
The red ocean is basically bloodied up because you have all the sharks who are just fighting for the customer’s attention.
That’s not where you want to because it’s just oversaturated. One of the things that branding accomplishes is positioning your company in the marketplace.
The truth is that “the riches are in the niches,” and this is one way that we can carve out a blue ocean for your company to where the competition is very minimal. That’s because no one offers quite what you offer, and no one does it quite in the way that you do it.
The other side of this equation really goes back to that know, like, and trust factor—when you’ve built a strong brand, you’re able to create brand loyalty and so people don’t even worry about the competition anymore because all they want is you!
If you don’t know what I’m talking about, just ask any owner of a Honda!
My father-in-law is one of these Honda enthusiasts and he swears by them. To him, they’re the very best vehicle you can possibly buy. Now, whether that’s true or not is really irrelevant. To him (and many people) they are the best.
Branding helps you accomplish this sort of loyalty towards your company to where the competition doesn’t even matter.
2. You Can Charge More
When you brand your business well, you can charge more.
Now, when you think about positioning and finding your competitive advantage, competing on pricing really is not usually the best strategy. That’s because anyone can come along and undercut you.
One thing you have to realize is that pricing is very relative. And that’s because different people can place different values on different things. Value is essentially perceived.
I can give an example right within my own industry. You have people who are charging $5 for what they call “branding” whereas other people are charging about $10,000 for branding. Of course, I would hope that the $10,000 version comes with a little bit more than the five-dollar version, but still, that’s a pretty big difference.
Let’s take the example of the Pet Rock, a collectible toy from 1975. (It’s still available on Amazon for those who want to check this out!)
It still boggles my mind to this day that this person sold a rock! This is something that people can literally just go in the backyard and pick off the ground. But people were paying about three or four dollars for it!
And that’s because just by adding on a few things, they increased the perceived value of this rock. The Pet Rock came with a little carrier and a little instruction guide on how to train your pet rock and people thought it was hilarious. So, in the end, this person was not selling a rock they were selling humor.
They were selling entertainment.
This is something that a lot of entrepreneurs tend to forget is that people are not buying the features – people are buying that end result. This is what branding is going to help you communicate.
If I’m selling a product, and I bring the price to you and you say oh that’s too expensive, the truth is that thing is not necessarily too expensive. The fact is that you do not place enough value on that thing to pay that amount for it. If that’s the case, I have failed to do one of two things:
- I’ve either failed to really add enough value in that product to merit the price that I’m asking for, or
- I’ve failed to communicate the true value that I’m actually offering
I might be communicating that I’m selling a rock, but what the customer really cares about is the entertainment that comes with it.
So branding is a tool that can help you communicate the true value that you’re providing for your customer–how you’re solving their problems.
This is done through the way you present yourself through your aesthetics, but also through your message, that is, in the way you communicate to your customer. If your message resonates with your customers to where they know that you’re going to solve their problem, then people are willing to pay just about anything for that.
3. Selling Becomes Easy or Unnecessary
When you’ve done a good job branding your business, selling becomes easy and even unnecessary.
As I like to say, you have to sell hard because you have poor marketing, you have to market hard because you have poor branding. But, when you have a great brand, selling and marketing become easy.
Now, if a brand is a person’s “gut feeling” about your product or service then, it’s true that selling and marketing can work to enhance your brand. But, without a good brand, it’s very difficult to have effective marketing, and it’s even harder to do good sales.
Branding essentially does the selling for you.
So, when you built up a strong brand, you start to build up Brand Equity and Brand Recognition to the point where people know, like and trust you so much that you don’t have to convince them to buy.
When Apple releases a new iPhone, do you really think they have to do a lot of convincing to get people to buy it? No, they’ve built a strong enough brand that they just have to let people know when it’s coming out (maybe tell them about a few new features) but people are going to buy a regardless. Heck, I even get a new one every other year!
So good branding is crucial to the long-term success of your business, but it doesn’t happen overnight.
As the old saying goes: the best time to plant a tree was 20 years ago, and the second-best time is now.
All of this starts with the Brand Strategy, which is, to know how to define your brand and how to position your brand.
From this, we can better determine how to communicate your brand through Brand Messaging, as well as know exactly how to present yourself through Brand Aesthetics… yes, even with logo design.
If you’re interested, I’d be happy to offer my services for free for a 30-minute Brand Review. So, I’ll share exactly what you’re doing well in your branding and marketing as well as offer advice for what you could be doing better.
You can schedule your free Brand Review right here.