The Importance of Business Branding
1 Aug 2018
For many years people bought into businesses, not brand. It wasn’t until the 1950s that advertisers saw the value in creating a story around a business to drive trust, recognition and engagement. Jump forward 68 years and brand has, in some cases, become even more important than the product. People buy into brands. Not always – but very often. They also stay loyal to a brand. How often do you see an Apple user switch to a Samsung?
“Strong brands create emotional connections between a business and its customers, and this can generate substantial value – the top 100 brand assets in Australia, for example, were worth $143 billion in 2017. And businesses that have strong brands are also significantly more profitable.” Source.
Brand is not only important to bring in new customers, but to motivate your employees too. People want to work for cool brands. Ryderwear, Google, Apple. These are all brands the best people want to work for. They attract top quality that consequently dispatches top quality services to customers.
Creating a strong brand message makes you memorable and allows you to channel emotion into the business that builds connection. A strong brand story also answers the key question all consumers have – “Why you?” If you can show your value in your branding – you’ll gain their interest (and dollars.)
But remember – brand means very little if businesses don’t invest in the right channels to share their brand. Every brand needs a strategy and every strategy needs a channel. Deloitte shared their insights into what channels are expected to drive the most ROI and value in 2018. Key report findings include highlights from a survey of over 300 senior marketers: Key report findings include highlights from a survey of over 300 senior marketers:
Four in five marketing professionals believe new technologies will drive change in their marketing strategy in the next five years.
Two in three marketing managers believe that digital and social media are the best channels for building a brand.
Digital marketing and social media marketing are the only two mediums that marketers expect to spend a higher proportion of their budget on over the next two years.
Almost two in five marketing managers think that social media is the most effective medium for building customer engagement.
People love a good brand message and are buying into brand. If you’re a business chugging along with an unclear message or mediocre brand, chat to us. We’ll help clear away the clutter and develop a brand that people want to be associated with.