Successful companies with a strong brand never dispute brand importance. In fact, many big businesses mention their brand on their balance sheet as one of their intangible assets. Like other intangible assets, such as skilled workforce and distinctive company procedures, a strong brand helps a business reach higher profits than with tangible assets. We, at 95Visual, understand the importance of a strong brand. A product from a brand that customers trust is more desirable than a product from lesser known competitors. Shoppers recognize a face in the crowd, and a well-known brand helps them cut through the barrage of other products on the market. Some marketers believe that a strong brand is everything. Although it is not everything a business needs for success, without one, you do not stand out. Moreover, that is not good for business. Read on for more benefits of a strong brand.
Branding Improves Recognition
Logos are recognizable symbols that identify a business. They are not interchangeable with brands as they only identify the company, they do not sell or explain a product. While logos are critical, their primary goal is to trigger the experiences a customer has had with that brand. So, brands are more than visual identification. This concept is why it is important to understand that brands link with emotion. A customer will have some sensation in response to interacting with a business, and in reality, a brand is the company’s personality. As customers get to know a business, they become aware of what the industry believes and is striving to achieve. Apple and Starbucks are two companies that illustrate how a brand improves recognition. We recognize Apple for its sleek, simplistic technology. While simultaneously identifying Starbucks for their coffee, and warm, inviting environment.
Brands Inspire Employees
Research indicates that engaged and cheery employees give businesses a competitive edge. When a brand communicates to employees, they will stand by its mission, vision, and core values. They will become part of the brand culture when they understand the who, what, why, and how of the business. Include sets of values that try to merge emotional, physical, and logical elements into great experiences. Inspired employees are essential in keeping the brand’s values alive and tangible. Soon enough these same employees become valuable contributors to meeting business goals.
Brands Create Trust
There is hope when you buy a generic product. Trusted brands become known for their consistency and reliability. Customers become loyal advocates of a product when a business has earned their confidence or never had their faith shaken. Once a relationship has established an emotional connection in the brand’s behavior and values, customers will maintain trust as brand advocates.
Brands Generate New Customers
People who believe in a particular brand are going to buy that brand for everyone and tell others about it. Referrals and marketing are two primary methods of gaining new customers and building a strong brand. They communicate what the business is promising to consumers and prospects. The brand is how the promise is kept.
A strong brand will enhance business success by generating more revenue in every way possible. While the value of a brand is intangible, it has a direct effect on sales volume. Take Apple, for example. The name and icon are synonymous with originality, simplicity, and superior design. Whenever Apple launches a new product brand recognition and trust immediately boost sales above the competitors. The Apple brand personality and promise is so mighty that Apple does not need to establish it. They only need to keep giving their customers what they have learned to expect from Apple. And that is a super brand that keeps its promises.