5 Reasons Why Brand Building is Crucial to Business Success
Understand why brand building is crucial to business success and what it truly means to build a brand and not just launch a business.
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When people think of brand building they often think of logos and printable materials. But your brand is so much more than what it looks like. Your brand encompasses everything that your business is and stands for.
Brand building is one of the most crucial elements of building a successful business. It impacts how others’ view your company and significantly influences purchase decisions.
Through effective brand building, you ensure that potential customers and clients alike understand your business and what it’s all about. In this article, we will be looking at the 5 reasons why brand building is crucial to business success. Let’s get started.
1. Stand Out from the Competition
One of the most important things you need to do as a business is build a brand that helps you stand out from the competition. You need to create a brand that gets noticed. In the words of Entrepreneur, “without a strong brand at the foundation of your campaigns, you’ll just be more white noise to the average consumer.”
Branding plays an integral role in consumer purchasing decisions and it’s often the reason consumers choose one company product over another, so it is crucial to the success of your business that you build a brand that stands out from the competition. How do you do this?
- Be original: nobody likes a copycat. Just because another brand created a memorable logo doesn’t mean you should copy it. Consumers hate unoriginal branding. If you want your branding to stand out from the competition you need to be original. Work with an experienced marketing agency who can advise you on creative avenues to explore. Marketing experts who have been in the creative industry for years know what it takes to create a brand that stands out from the competition, so there is no one better to seek advice from.
- Target your audience: if you want to stand out from the competition, you need to create content your audience cares about. “Define your target audience pain points and/or aspirations. Think trends, upcoming trends, ‘how to/how to not’ guides,” says KAU Media Group. “Try to be granular with your audience targeting and create hyper-specific content for that audience. In doing so you will experience far greater engagement!”
- The best brands (and the memorable ones) know their audiences’ wants and needs inside out. They know how to connect with them. The better you understand your audience, the more tailor-made your content will become and the more conversions your brand will drive.
- Be consistent: brand consistency is the key to business success. Your brand must look and function the same from your website, across all your social media channels. The more consistent you make your brand, the easier it will be for your audience to familiarise themselves with your offerings and come to rely on your brand.
2. Builds Customer Trust
Brand building plays an essential part in creating trust in your business. Potential customers and clients are more likely to trust brands they recognise. Familiarity is key. The more people know about your brand and the more familiar it is to them, the more likely they are to trust you.
Let’s think about it another way. You’re in the store and you’re looking at hoovers. You want to buy a hoover that’s going to last a long time, provide great value for money, and also clean your carpets properly. Are you going to choose the hoover brand you’ve never seen before or the one that all your friends have and that’s been promoted all over social media?
You’re going to choose the brand you’ve seen before because you recognise the brand and that makes you (albeit subconsciously, perhaps) trust the brand more.
The same applies to your business. The more recognisable your brand is, the more likely customers are to trust you. But how do you become a well recognised brand? Just to help you out, we’ve made a list of some of the best ways to build your brand and earn customers’ trust.
- Be honest and transparent: people love brands that are upfront about what they do. In fact, 86% of consumers say that authenticity is a key factor when deciding what brands they like and want to support. So, the more honest you can be, the better.
- Provide a great customer service: today’s customers expect a better service and experience from brands than ever before. From 24/hr availability, to online tutorials, your customers expect you to go above and beyond to meet their needs. In fact, according to Salesforce Research, 89% of consumers are more likely to make another purchase after a positive customer service experience. The better your customer service is, the more people will trust your brand.
- Share positive reviews: 73% of consumers trust a brand more after reading positive company reviews. Your audience is heavily swayed by your company reviews. You can shout about your products all day long but without positive reviews from satisfied customers, you will find it difficult to sell your services. Positive reviews are one of the best and most effective ways to build customer trust.
3. Increases Employee Loyalty
When you build a brand that is widely recognisable, it has a positive impact on the morale and motivation of your employees. Not only will you retain your employees for longer, but you will also be more likely to hire new members of staff.
Building a brand that provides value, promotes honesty, and is motivated to work towards a common good is the best way to increase employee loyalty. It helps to share the bigger picture with employees, making them feel a part of something bigger. But how do you achieve this?
- Write a clear mission statement: a mission statement is one of the best ways to describe the function of your business and its competitive advantage. Writing a clear mission statement is a good thing to do as it provides you with a document that can be shared with existing and potential employees to boost morale and motivation. By identifying the purpose of your work and sharing it with your team, you help build your brand and further the success of your business.
- Show that you care: so much about building a great business brand requires that you care. Just think about some of the Virgin Group, for example. That’s a brand that really cares for its people and it shows. You can’t expect your employees to care about your brand if you don’t care about them. While there are times when you have to make tough decisions, showing care to your employees by supporting your staff when they need it is an excellent way to build a successful business brand.
4. It Builds Trust with Stakeholders
Stakeholders are an integral part of many businesses, providing much-needed practical and financial support from the early days and into the future. A business cannot succeed without its stakeholders and each stakeholder has a different role to play; influencing the direction and success of the business.
From small start-ups to large corporations, every organisation has a delicate balance of stakeholders and each of their stakeholders has a tangible impact on the company.
However, stakeholders only invest in your business and stay invested when they know they can trust you. And to earn this trust you need a great brand. How do you achieve this?
- Show Corporate Social Responsibility: more than ever before, individuals and organisations are looking to invest in businesses that show a corporate social responsibility. Showing corporate social responsibility is a great way to show that you care about more than just making money. It shows investors and stakeholders that you care about the wider community and issues that are bigger than just yourself. This helps build connection and trust in your brand.
- Be proactive and take action when it’s needed: your stakeholders want to see you take action when it’s required. So, it’s important to have those difficult conversations, tackle challenges head-on, and to take responsibility for your actions. Being proactive in this way will earn you respect from both your stakeholders and your customers.
5. Creates an Emotional Connection
It is not uncommon for people to cringe when business and emotions are mentioned in the same sentence. However, emotion does have a significant impact on brand building and success.
You want to make people care about your brand. And to do this, they have to get invested emotionally. The more customers connect with your brand on an emotional level, the more they trust your company and the better your chances are of building brand loyalty and boosting the success of your business.
- Hit customer pain points: some companies build emotional connections by highlighting customer pain points. For example, double glazing window companies might hone in on customers’ fears around broken windows and home robberies before offering 10% of high-quality and top security double glazed windows. This method hits a customer pain point, prods at it a little bit, and then offers a great solution.
- Provide a solution to a need: speaking of solutions. Another effective way to build emotional connections with your customers is to provide a solution to a need. Most consumers are scrolling for products and services online because they need something; whether it be more information or a specific product, they are looking for something and you need to be the one that provides it. If you can provide a solution to a need, you instantly become a favoured and reliable brand.
Still wondering why brand building is crucial?
We have only mentioned 5 reasons but there are so many more! We hope this article has inspired you to build a brand that will stand the test of time, meet the needs of customers, and grow a business that stands for something bigger.