With today's trending #InvestInResults, Twitter posts touch on topics from #climatechange and #blockchain to #buildingbusiness and #generalmotorlayoffs. Investing in branding, especially when building your business Branding is variable in scope, time and well... price... but there are a number of reasons in why you should invest in branding. Here's our top list of why investing in your branding will ultimately equate to investing in results.
Good (and effective) branding is not just about pretty design. The right colors, typography, and logo influence your buyer's decision making process. FACT: According to the Journal of Consumer Research,
"five experiments document that the mere circularity and angularity of a brand logo is powerful enough to affect perceptions of the attributes of a product or company."
A study by Psychological Science (2013) confirmed this notion where researchers found that visible logos on branded clothing added more value than unlabeled clothing, thus creating preferential buyer treatment. Although startup companies like Italic are selling brandless luxury goods at a fraction of the cost, buyers are still swayed by branded material. When you first develop your brand, consider it as the crossroads for potential buyer growth. Invest in your brand, invest in higher revenue results.
Brands need to be concise, uniform and clear in their content, supporting visuals and strategy. I've seen brands who struggle between various shades of blue in their logo or inconsistent messaging in their website and social media platforms. Once you peak the interest of potential customers, one of the biggest fallacies in branding is creating customer confusion. Customers want a seamless user experience. There should be no confusion on what your company's value proposition is, the mission behind having your company in existence and the targeted audience that your company serves. With minimal attention spans, avoid confusion at any costs. You may be losing customers because of it.
You formed your LLC, you have a website, and now you're out in the real world. One of the primary obstacles you now face is why people should care about your company. Your role is to gain credibility to your company not only through your customers but also your vendor and preferred partners. Vendors and partners generally scan your brand material online to determine whether the partnership is a good fit. Just like putting on your outfit in the morning, you want to make sure your brand is dressed for success. Ask yourself this question. If the answer is no, we're here to help!
"Does it look like you have your company put together?"
Congrats, you've launched your company and now have enough capital (and business) to make those first crucial hires. With the competing market offering everything from unlimited vacation to bring your cryptokitty to work day, good talent is selective in making their next move (and as they should!) Defining your brand from the start not only helps in employee recruiting but also hiring and enhancing your team's morale. What were some of the best places that were crowned victorious as best places to work for in 2018? CNBC gives their highlights - P.S. all of these companies have invested in their brands!
I've seen my share of bad/poor/quickly done brands. There's a number of reasons why (or most importantly how) these brands come into existence. Time, budget, and sometimes the vagueness in seeing the repercussions in going through a bad branding process. There's value in building up your brand equity which Wikipedia defines as,
"a phrase used in the marketing industry which describes the value of having a well-known brand name, based on the idea that the owner of a well-known brand name can generate more revenue simply from brand recognition."
The cost of saving a couple of months or thousands of dollars may actually cause more work through a rebrand. Companies rebrand for a number of reasons. The most recent and famous rebrands includes Dunkin' Donuts changing its name to Dunkins'. Some of the most popular store locations are being remodeled with new signage, employee shirts, and updated packaging. Dunkins' had a clearly defined brand from the start and although they are moving away from their donut imagery, their new brand provides a millenial feel with bold pops up color and coffee on tap. But this rebrand process is expected to take years - updating all of the brand touchpoints from contracts to merch can increase the costs into the millions of dollars.
Consider undertaking a full branding process with a preliminary brand audit, assessment, research, development, and strategy phase. Building a timeless brand that ensures longevity and returns requires an investment. Rebranding can sometimes be more costly than the initial brand itself. As Ralf Speth, CEO Jaguar Land Rover, famously stated,
"If you think good design is expensive, you should look at the cost of bad design."
We provide a comprehensive approach in building a timeless brand that builds brand equity over time. If you're considering investing in your brand but aren't sure where to start (or whether it's worth it!), get in touch!
