Why your brand could be your biggest asset… and what it even means
16 June 2021
Your brand could be your company’s biggest asset, or its biggest downfall. Discover what a brand actually is, what makes a brand successful and how to start building your brand today.
The difference between a business and a brand is often misunderstood.
Whether you’re a big company or small business, your brand could be (and should be) your biggest asset.
Equally, your brand could be your biggest downfall.
This post covers what exactly your brand is, why investing in your brand is essential and how to start building a strong brand for your business.
What’s the difference between your brand and your business?
Understanding the difference between your business and your brand is the first step to establishing a solid brand presence.
Your business is straightforward; it’s the organisation itself, your products and/or service.
Your brand is your business’s identity, which can make it a little more complicated to explain.
Your brand should encompass your company values and personality; it’s how your business communicates and how it makes people feel.
Your brand is what makes your business recognisable and memorable, and it’s a lot more critical to your customer than you might think.
Why is branding important?
Branding has been shown to impact everything from purchasing decisions, customer loyalty and revenue.
For example, research shows that 73% of consumers admit that brand experience is essential when making a purchasing decision, 89% of shoppers stay loyal to brands that share their values, and brands that present consistently can increase revenue by 23%.
Essentially, a strong brand makes attracting and keeping the customers you *actually* want so much easier.
What makes a brand successful?
Many business owners offer a product or service that technically speaking ‘suits everyone’, which is where branding problems begin.
Your brand shouldn’t be for everyone; here’s why.
Most businesses have competitors, it’s unavoidable. Your brand is the one thing that helps customers choose you, which means you need to choose your target customer and create a brand with that customer in mind.
Everyone is different, and you’ll never build a brand that suits everyone, so you need to create one that suits a specific type of someone.
Successful brands have a clear personality that suits their target audience.
Having a strong brand with a customer in mind helps attract that target market, and it also makes talking about your business and marketing your business so much easier.
How do you build a strong brand?
Building a brand takes time.
Strong brands don’t happen organically; they an intentional and require a continued effort to develop effectively.
Keeping your brand consistent across all platforms is part of the process too. It takes 5 to 7 impressions for people to remember your brand, if you keep changing your brand appearance and presence, it becomes impossible to make a lasting impression.
Building a brand starts with understanding your customer, defining your values and your purpose.
Clarifying your brand in this way helps develop your brand’s identity, such as your logo, fonts, website design, brand personality, and social media presence.
Everything should complement and reinforce the message you want your brand to convey to your customers.
Are you looking for help with your brand?
We believe a brand’s strength lies in its story.
The first step we take with all our new clients is a brand clarity questionnaire; this helps us understand their business and its direction.
We use your answers to this questionnaire as a foundation for all our services, from branding, design, copywriting and advertising.
Whether you have a new business or are looking to refresh your existing brand, we’d love to hear your story, learn more about your brand and make your marketing activities more manageable.
Book a chat with Ryan to learn more.