7 Benefits of Branding Your Company Will Experience
Want to grow your company like never before? Branding is the way to do it.
One study showed that 77% of marketing leaders in the business-to-business (B2b) realm cite branding as being critical to their growth. Another study shows that 9% of today’s B2B marketers consider brand awareness to be their most important objective, with sales/ lead generation falling behind it.
Having an alluring brand that effectively sells to your clients is certainly a major advantage of branding, but branding comes with a slew of other benefits, too.
Although it’s normal to put branding at the end of your marketing list (especially if you’re on a budget) here is a rundown of seven benefits of branding you should know.
Let’s jump in!
1. Benefits of Branding: Branding Helps You to Scale
Let’s say Starbucks announces that it is introducing some new doughnuts to go with your cups of coffee.
Will you try it? Probably.
Why? Because like many other consumers, you enjoy the company’s coffee, so why would its doughnuts be any different, right?
Now, let’s take a peek at McDonald’s. For years, it was known for its fries and other fast-food items. However, after introducing its McCafe products, it has become increasingly known for its coffee products, too.
What do these two companies show us? Having a solid brand makes scaling your brand possible. In other words, you can easily add new products or even change directions when required.
2. Branding Enables You to Charge Premium Prices
When you think of a premium brand, one of the first companies that may come to mind is Apple — and for good reason.
Apple phones are substantially more expensive than their competitors’ phones. However, many customers still choose Apple over other brands.
Why exactly? Because Apple has generated some high-quality products and has built a loyal following with them.
The moral of the story? The stronger your offerings are and your brand is, the more likely you’ll be able to charge premium prices. #chching
3. Branding Makes It Possible for You to Exit Your Business Easily
This is a benefit of branding that doesn’t get much attention.
But it should.
If your business has a strong, money-making, attractive brand, you make exiting your company in the future that much easier.
Let’s face it: People aren’t interested in investing in anything that requires a lot of time, money and energy to get right. So, if you have your business brand moving in the right direction, you are eliminating an additional headache for your company’s prospective new owner.
When you add strong brand loyalty and brand recognition to the mix, you have an extremely saleable asset in your business. Just make sure that you don’t wrap your company’s brand inside your own personal brand.
4. Branding Helps You Attract Talent
Another major benefit of business branding? It can be a major asset when it comes to staff recruitment and retention.
Sure, branding can help you on the external-sales front, but it can also help you to attract passionate workers and build strong employee morale. After all, if you have a strong brand, your employees may think the following:
- I will like working here.
- I support the mission of this brand, so I would like to work there.
- This company does things in a particular way, and I’m on board.
- This is an excellent company to work at.
A couple of the most popular companies to work at are Apple and Google, partly because they are geniuses at communicating their unique and attractive personalities, missions and values.
A majority of job seekers take a company’s brand into consideration before applying there. So, make sure that your brand is one that will attract job seekers — and more importantly, attract the right ones.
5. Branding Boosts Your Bottom Line
Turning existing clients into your brand’s biggest fans can benefit your bottom line in the long run.
When you drive around a new city, you may be more likely to grab a burger from McDonald’s than you would a local place you know nothing about.
Likewise, if you’re on the road and you see the famous Starbucks siren logo, you may be tempted to grab a cup of joe from there, as you know it’ll taste good.
The stronger your brand, the more likely you are to attract consumers’ dollars time and time again. And that’s what makes the biggest, most profitable brands all around the world stand out from the rest.
6. Branding Helps to Communicate Quality
If you’re like most people, you enjoy pizza. And chances are, you don’t mind going to Pizza Hut or Dominos.
These two restaurants are a couple of the world’s most profitable pizza chains due to their strong marketing and branding efforts. These efforts make both companies known for offering quality pizza.
When you walk into any Pizza Hut or Dominos restaurants, you expect them not to let you down. You know you’ll likely walk away from the restaurant with delicious pizza in your belly and a pep in your step due to the good experience you’ve had.
When your branding is on point, customers will believe in the quality of your offerings, too, and you’ll have plenty of opportunities to show them why you should remain their top choice in your business’s industry.
7. Branding Positions You as a Thought Leader
When you build a solid brand and then proactively add awareness initiative to the mix, you develop a brand expert profile.
This profile allows you to become an unparalleled thought leader. In other words, you become the go-to expert resource in your company’s industry.
The more of an expert you appear to be, the more you’ll gain the trust of consumers and other stakeholders. And this will only help your image and your profit margin in the long run.
Branding Will Take You to the Top
In an increasingly competitive marketplace, branding is one of the most effective ways to build a standout business. And now that we have fleshed some of the top benefits of branding, you have every reason to begin implementing your strategy.