Why Should You Build Your Own Brand?
In this post, we will discuss why you should build your brand. You’ll learn:
- The definition of brand
- The importance of building brand
- The benefits of building brand
If you are hesitating about whether to build your brand or not, you’re in the right place.
Let’s dive in.
1. Definition of brand
What pops up in your mind when it comes to brands? An icon? A logo?
A brand is much more than a logo.
A brand is an intangible marketing or business concept that helps people identify a company, product, person, or service. Put it simply, a brand is an identification of your business. It tells how your customers recognize and experience your products and services.
2. Importance of building brand
The brand is the long-term dividend!
Branding is the biggest Matthew effect (summarized by the adage “the rich get richer and the poor get poorer”) in the business world.
In the long run, top brands tend to take in most of the industry’s profits, and the brand concentration will become higher and higher.
3. Benefits of brand
- Brand improves recognition
Nowadays, customers are overwhelmed by numerous choices of products and services every day.
Creating a brand makes it easy to tell consumers exactly what you do and what you stand for, distinguishing yourself from the crowd.
Your brand is a representation of your business, culture, and vision remained in customers’ minds.
- Brand generates new customers
Brands contribute to drumming up word-of-mouth referrals as people love to share the brands they like. After all, you can’t tell others about a brand that you don’t remember.
Once a positive perception of brands has been well-established among consumers, word of mouth will pass on and reinforce perception, gaining more reputation.
Referrals will be the best and most effective marketing channel.
Potential new customers will be more likely to come into contact with this brand other than competitors.
- Brand creates trust
Brands establish an attainable realistic promise in the market.
Once the promise is delivered, trust builds up in the minds of customers. Trust plays an important role in considering buying and making the purchase. People are more likely to purchase from brands with more credibility and familiarity. The more trust, the greater reputation, and in return, the stronger the brand itself.
- Brand brings premium
Brands generate a premium for your products and services, and people respond emotionally to brand values. They get much more than a product or benefit.
When your business has a strong brand name, you establish yourself in the industry. Your presence will be showcased as a key player in your industry, which automatically increases the value in the eyes of your customers.
It also means you have the ability to have more premium power in your industry.
- Brand increase values
Strong brands stand firmly in the marketplace with more mindshare and more leverage in the industry.
All those turns into value, increasing the overall worth of the company. That far exceeds the physical value, including products, equipment, factories and warehouses.
Moreover, a strong brand usually guarantees a bright future business, making it a more appealing investment opportunity and better financial return.
- Brand affects industry
Branding can have a powerful snowball effect if your products and services are well satisfied by customers.
Your brand name will be passed on by satisfied customers and fans, and even cause a stir in the industry.
If you make it better, you will redefine your industry, establishing yourself as a new leader in a particular industry.
- Brand inspires employees
Brand provides motivation and direction for employees.
It tells your staff how to act, how to achieve goals, and how to reach success.
Employees are the first spokesman for the brand. When they have a good association with the brand, they are more likely to deliver the perception further down to their partners and clients.
That can lead to more involvement, stronger partnership, and better services and products.
The brand is the flag that all staff can rally around.
- Brand attracts talents
Compelling brands attract more top talents.
Working for a reputable brand with high regard amongst the public makes the job more enjoyable and fulfilling.
And the employees have a higher degree of pride and satisfaction and win approval from the public.
Conclusion
Brand is also an intangible asset that an enterprise displays its image, brings a premium to the company, and generates added value.
Big companies aren’t the only ones benefiting from brand development.
The most profitable companies, no matter small or large, reach a consensus.
By building a strong brand, they have established themselves as leaders in their specific industry.
Ready to start your own brand? Let me know your idea by leaving a comment below.
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3 Replies to “Why Should You Build Your Own Brand?”
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