The benefits of a strong brand

What makes up your brand

First of all, you should be aware of what actually makes up a brand. Rather than just the logo, it’s the accumulation of all the elements of your business, from customer service or the interior design of your premises, right through to the website and even your tone of voice when communicating with your audience. Essentially, it’s how you communicate, look and behave as a business. All these elements combine to differentiate you from others in the market. Getting the brand right can lead to real tangible benefits to your business. It’s not something that should be forced. If your brand aligns with who you are as a business and the values you hold, then it should flow naturally and feel genuine. A good brand should remain consistent and relate to your audience on a meaningful level.

Customer recognition and loyalty

Your target audience need to know it’s you from the smallest details. The Coca Cola brief for their bottle design was 'A Coca-Cola bottle which a person will recognise as a Coca-Cola bottle even if he feels it in the dark. The Coca-Cola bottle should be shaped that, even if broken, one could tell at a glance what it was'. This level of recognition isn’t easy and Coca Cola invest a lot of time and money into their brand. But it can be achieved through consistency across all areas of the business. From visual cues including fonts, colours and imagery, as well as your tone of voice and behaviour.

Once your target audience are aware of and relate to your values and personality, they will feel loyal to your brand. This can encourage high levels of word of mouth marketing which will spread your brand awareness further and, most importantly, to the right people.

Credibility and trust

Through brand recognition and consistency of messaging, you build trust with your audience. 70% of consumers now say that trusting a brand is more important than ever. For example, Patagonia have a strong environmental stance. This aligns with their audience and the issues they regard as important. But Patagonia don’t just communicate through their messaging, they consistently act in a way to re-enforce those values. They immerse themselves in campaigns and business practices that put the environment ahead of profit. Of course the long term advantage is good for business. Research shows that 62% of consumers want brands to stand up for what they believe in and when they do, those companies appear truly credible and attractive to their audience.

Converting sales

Customers are more likely to spend money with brands they recognise, trust or have had a previous positive interaction with. Research has shown that 57% of customers will spend more money with brands they have that connection with and feel loyal to. This is also where word of mouth and recommendations, encouraged by a strong brand, can lead to a high level of sale conversion. Not only will you be able to convert more sales, but there will be a lower price sensitivity. Price sensitivity describes how heavily the cost of your product weighs on your target market’s willingness to buy it. The less it weighs on their decision, the better. Companies such as Apple achieve this to a high degree. Their new products are considered ‘must haves’ by their loyal customer base before even being launched.

Attracting your target audience

With a consistent brand, by behaving in a way your target audience can relate to and acting on your values, you will align yourself with those customers. This will grow a strong relationship with that audience who in turn are more likely to recommend your business to friends and share your content through social media. Having a well thought out and considered brand, gives customers confidence while communicating to them that you probably show the same attention to detail in all areas of the business. Similar to the way you might use a dirty restaurant toilet and begin to wonder what state the kitchen might be in.

Summary

Measuring the tangible benefits of a strong brand can sometimes be difficult for your business. However, there is research to show that 89% of consumers would choose a brand they recognise over a competitor. It can set you apart and make your business memorable in what is often a saturated market. Once customers align with a brand, they can be fiercely loyal and willing to promote that brand through word of mouth and social media marketing. The most successful companies always invest heavily in branding, leading to a high return on investments and increased profits.