That, is the power of branding, and developing a strong brand will be one of the most important things you’ll ever do for your business.
Consumers tend to pay more for branded items than store brands and would even pay more for premium, elite brands as opposed to the mass produced ones. A brand is designed to become familiar to a targeted audience, and familiarity inspires trust. When a consumer trusts a brand, they are more likely to buy the product or service that brand offers and this increases the companies brand equity.
A company is made up of both tangible and intangible assets, tangible assets are physical objects that you can touch like machinery, property, office equipment and so on. It’s the intangible assets that build your brand, and these are the assets that will gain brand loyalty which translates into increased revenue.
Marty Neumeier said it the best in his book, ‘The Brand Gap’. He tells us that a brand isn’t what you say it is, it’s what the audience says it is, I’m paraphrasing here. It’s that intangible feeling one gets when interacting with a brand that will encourage more followers. The way a company positions itself in its customers minds is the difference between a forgetful, irrelevant business and a brand with substance that customers can relate to. If you want to do this properly you will need a couple of things.
You’re going to need a plan, a way forward. What is the company personality? Think about the companies tone of voice, the way it interacts with clients and the feeling it radiates. Start by defining your brand positioning and who your ideal customer is. This is the best way to gain insights, and find pain points to explore. When you’ve uncovered pain points you will know where to offer your solutions.
This is how the company is visually displayed in the world. This will include things like professional logo design and brand identity design, what are the colors of the company and what style of typography to use. It should also detail how the visuals react in different applications. And how, when used properly form a cohesive story.
Having the best product or most well equipped factory isn’t enough nowadays. We need to acknowledge that we live in a branded world and the most successful companies are ones that have informed branding.