In today's fiercely competitive business landscape, branding has transcended beyond being merely a logo or a catchy slogan. It now represents the very essence of your company's identity and the impression you leave in the minds of your customers.
Do you aspire to hear your customers say, "I know that brand," "Have you tried out their new product? It's amazing!" and "I have to buy it?" The secret to attaining such unwavering customer loyalty and fervent advocacy lies in the art of defining your brand.
So, let's dive into the realm of defining your brand identity and discover the remarkable impact that a well-defined brand can have on your business.
Provides Purpose
“Brand purpose represents your reason for being and what you stand for above all else.” - Raphael Bemporad, BBMG.
Not to be confused with mission and values, brand purpose is the foundation of your business. It serves as a guide to all you do and is a crucial factor to nail from the get-go - if you wish to demonstrate to your customers that you’re more than just your product or service. But why should that matter?
Simply put, the newer generation of consumers seek a more fulfilling experience. People want to feel like they are a part of something bigger, not just purchasing a product or service.
So, these days, embodying an inspiring ethos, taking a stand on important issues, and making a change for the better, play a huge role in swaying consumers.
Take, for example, TOMS:
Upon seconds of entering the site, visitors are presented with their One for One Model: for every pair of shoes purchased, TOMS donates a pair to a child in need.
Their brand purpose is clear and powerful. In under a minute of being on the site, visitors are reminded of their purpose and start to form an emotional connection to the brand.
Remember, once an emotional connection is formed, it's easier to convince consumers to join you in your purpose and take the desired action!
Sets You Apart from Competitors
Let’s be honest, no matter how unique your product or service is, competition is stiff, as there will always be another company, or even multiple, selling what you sell or something similar.
Now consider the following brands: Coca-Cola, Apple, Nike, and Microsoft. What do they all have in common?
Freshened-up websites with consistent and instantly recognizable expressions, colors, font, and images.
In other words, powerful branding. Just think about it, Apple consumers don’t say: “I want that smartphone because of its A14 Bionic Chip, LiDar Scanner, Super Retina XDR display.” They want it because it’s an Apple SmartPhone.
They stand out from the crowd, and that’s because:
- They took the time to define their brand purpose. Ask yourself: what are you best at? What are you passionate about? What difference can you make?
- They ensured their team is aligned with the defined purpose, and it is ingrained in all relevant customer touchpoints.
- Make it their mission to provide value to the customer experience.
- They emphasized their brand story - this informs audiences who you are, what motivates you, and SHOULD invoke an emotional connection. In fact, 89% of shoppers stay loyal to brands that share their values.
Brand stories are essential to differentiating you from the competition. After all, simply stating that your products are better than the competition won’t get you very far. We all know how powerful storytelling can be. Use it to your advantage to make it easier for consumers to connect with you.
Of course, it takes time to build a strong brand, but it’s worth it, as once in place, it’ll not only set you apart from competitors but also increase the value of your brand, thereby making it easier for you to raise prices and gain more customers - without much effort on your part.
Drives Trust and Loyalty
Your success rates all boil down to how much trust consumers have in you. After all, no trust = no sales.
With the sheer number of companies offering solutions on the market, consumers aren’t interested in taking the time to figure out why they should trust you and purchase from you. If they don’t trust you, they’ll move on to a competitor.
So, it’s on YOU to build trust and build consumer loyalty.
Of course, this takes time, consistency, and authenticity in your branding efforts.
Simplify your brand story and remain true to who you are. If it doesn’t actually represent who you are, then it’ll counteract all your trust-building efforts. And don't forget to be personal. Did you know that 82% of consumers feel more positive about a brand after reading customized content? No one wants to purchase from a company that doesn’t understand their problems and needs.
Generates Growth
Defining your brand doesn’t only focus on current efforts; it's also a powerful growth hacking technique as it lays the foundation for generating future business.
A strongly developed branding strategy can provide your company with more leverage in the industry, as it turns your brand into a more appealing investment for consumers and establishes its standing.
As a result, you’re provided with influence, word-of-mouth referrals, returning customers, and low price sensitivity, to name but a few.
But it doesn’t end there, as branding also helps generate growth in future rebranding strategies.
Take a look at Burger King’s rebranding efforts:
Times change, so rebranding is crucial for the long-term sustainability of a company. Whether you’re looking to connect with a new audience, set yourself apart from competitors, stay current, present new values, or boost your bottom line, having a strong foundation will ensure your strategy runs like a well-oiled machine.
Final Note
Cutting through the noise and strengthening your standing in the ranks is easier said than done. But, it’s not impossible, especially if you have the right tools. Want to take a step in the right direction and ensure you're making waves when defining your brand? Whether you want to focus on rebranding, optimization, or you’re building a brand from scratch, we’ve got you covered.
We’ve only scratched the surface of the power of branding in this article. Our years of experience and extensive knowledge give us an advantage when it comes to knowing what works. So, let us help you, and reach out to us today to discover how we can help skyrocket your business.