The Importance of Branding: Top 4 Reasons
Apple. Disney. McDonald’s. Coca-Cola. These unrelated companies all have one thing in common – unparalleled brand recognition. Whether it be the golden arches, iconic apple logo, or color schemes, these companies are easily recognizable. Although branding might not seem important to a consumer, it definitely is! According to Forbes, consistent brand presentation across all platforms increases revenue by up to 23%. Check out the importance of branding in our top four reasons:
Imagine this – you’re at the store in a time crunch and need to purchase a product you don’t know much about. There are two brand options for the same product, one brand you have never heard of, and one you recognize. You’re most likely to go for the brand you recognize, because it seems familiar, even if you’ve never purchased it before. The product quality might be exactly the same, but the brand with stronger recognition is ultimately favorable. In a world with so many options, brand recognition makes it easy for a consumer to decide.
Creates Emotional Connection
Strong branding can also create an emotional connection to consumers. If your brand can harness the feelings of consumers, they’ll be more likely to purchase your product or service and stay loyal long-term. Disney is the ultimate example of this – but it’s not necessarily their logo, colors, and typography that creates this emotional connection. It’s the entire experience and magical story telling throughout films, merchandising, customer service, and theme parks. An emotional connection is important because consumers want to see the humanity behind your company. In fact, 64% of consumers say that shared values help them create a trusted relationship with a brand.
Branding is a key factor in overall growth for your business. Consumers are drawn to products and services with strong branding, because they associate it with prestige and a higher level of quality. For example, when Apple releases a new product, people will camp outside of stores and wait in endless lines to get their hands on it, even if it’s priced way over the competition. Branding might be an investment of time and money when getting started, but it is one that should pay off over time.
Increases Employee Satisfaction
Strong branding not only helps your business externally, but also internally among employees. Most employees like to feel like they’re making a difference in their job, and branding helps solidify this through providing a clear mission and direction. Additionally, branding will create a sense of belonging and identity for employees, resulting in more satisfaction. Although we’ve shared four reasons branding is so important, we’ve still barely scratched the surface. Contact us today if you’d like to learn more about the importance of branding and how our experts can help to build your business