Although your company might not be a billion-dollar empire like those mentioned above, it doesn’t mean you can’t take advantage of brand marketing. If you are not already focused on branding, it’s time to get to it.
5 Advantages of Brand Marketing
To give you the push you may need, here are five of the top advantages of brand marketing.
1. It builds credibility and recognition and inspires confidence, helping create brand loyalty.
Solid branding, when combined with extraordinary customer service and exceptional products/ services, will help establish your company as a serious business, especially if you are in a crowded field. When you’ve worked to create a brand, customers know that you are in this for the long haul and have no plans of leaving them in the immediate future.
As people recognize your brand, they’ll develop trust and loyalty that will keep them coming back to you. They might even become advocates that send business your way and help your business to thrive. Loyalty is crucial because it can be worth 10 times as much as a single purchase
2. It ensures consistent marketing, something customers appreciate.
Consistent branding has been shown to increase revenues by up to 23 percent. After your branding is in place, which can include your company philosophy, website, typography, colors, print, and more, it will simplify the rest of your marketing efforts. There is no need to sit down and make tons of choices with every new marketing campaign. Simply go with what you already have in place.
Here’s an interesting tidbit about consistency. When surveyed, 71 percent of people reported that the greatest negative impact of inconsistent brand usage is the confusion it creates in the market. In other words, is this the same company that I’ve trusted in the past or have they changed things up?
3. It opens up the lines of communication.
Your brand allows you to communicate your mission, vision, and ideas while also sharing your values. When customers feel a connection with your values, there is a good chance they will become loyal for life. In fact, this loyalty may continue on into future generations.
Shared values are responsible for 64 percent of brand relationships. Ensuring that your brand resonates with your target customer’s values and conveys this appropriately is one of the best and easiest ways to form a connection between your company and your customers.
4. It makes it easier to scale your brand.
The easiest way to explain this is with an example. In the past, McDonald’s was best known for burgers, fries, and chicken McNuggets. In recent years, they’ve morphed into a McCafe that also sells gourmet hot and iced coffee, as well as cookies. What they’ve done is changed their direction, based on what is popular right now. This change was essentially seamless and didn’t require a huge new marketing campaign on their part. People already trusted McDonald’s and were repeat customers, so it’s no surprise that they were so willing to try something new.
With brand marketing, you can scale your business, or change its direction when necessary, without fear because you know customers are coming to you regardless.
5. Effective brand marketing will increase your company’s bottom line.
Branding does everything from inspiring loyalty and enhancing recognition to making your company more memorable and reducing your overall marketing expenses. Once you have a well-crafted and easily identifiable brand, customers will want to show their appreciation by returning to you time after time. Meanwhile, you can simply maintain your brand marketing, which requires much less effort when it comes to marketing new and existing products and services. This, of course, will reduce your marketing and advertising costs.
Keep in mind that 59 percent of customers report that they prefer to purchase from familiar brands they know they can trust. Simultaneously, a mere 2 percent increase in customer retention can lower your costs by as much as 10 percent. In other words, you’ll be spending less money out of pocket, while also benefiting from repeat customers.
If you’re a small business owner, brand marketing is a crucial component of your success. With so many advantages and nothing to lose, what are you waiting for?
