When you are offered similar brands with similar products/services (like the examples shown above), are you able to make a choice almost instantly? What made you decide to choose one brand over the other? Neuroscience studies have proven that we do purchase based on familiarity and brand recognition. Dan Hill, author of Emotionomics: Leveraging Emotions for Business Success said, “Our emotional reaction to a stimulus resounds more loudly in our brain than does our rational response, triggering the action to follow.” So, how can branding help businesses to grow?
A brand that is properly branded gives an impression of being industry experts. Therefore, making the public feel that your company is more trustable and reliable. It can also help build an emotional connection with your customers and change how they perceive your brand. Once they are familiar and recognises the unmistakable typography/colours/images of the brand, they’re more likely to grab that product. Moreso than the sea of others that are surrounding it. Aside from building recognition and trust, here are some other reasons why branding is beneficial to your business.
Gain Competitive Edge in the Market
In any industry with a lot of companies, competition abounds. A strong brand helps you to catch the customers’ eye and stand out among your sea of competitors. With more recognition, your customers will become followers. Hence, when you expand your product line, it will be more easily accepted. And in time, gain a stronger foothold in the market.
Generates New Customers
Once a brand has been well-established and started gaining its own group of followers, customers are willing to share their discovery with their friends and family. It will have no trouble getting word-of-mouth referrals. Which in fact, is the most effective advertising technique. And best of all, it’s free!
Increase Business Value
Consumers are willing to pay more for a brand that they think is strong and positive over a brand that they have little connection with or one for which they don’t particularly care. A professional appearance and well-strategised branding can also give the company leverage within the industry. As people are more likely to do business with a company that looks more polished and firmly established. And as a result, attract more investment opportunities.
Attract Talents and Inspire Employees
Working for a brand that is reputable is more enjoyable and fulfilling, as they are held in high regard amongst the public. When an employee works for a strongly branded company and truly stands behind the brand, they will also be living ambassadors for the brand. They will work in the same direction and achieve the goals the business owner has set. Thus have a higher degree of pride and morale.
Related Articles: 3 important steps to successful brand building