Branding and Business Value
In this post, we will review branding, brand identity, and how it directly affects your business value.
Firstly, branding refers to the marketing practice of actively shaping a distinctive brand. It is also the perception of the company in the eyes of the world.
On the other hand, brand identity involves researching your audience, value proposition, and your competition. Let’s dig just a little bit deeper.
What is Branding?
To start, your brand is a noun, but branding is a verb. Designing a logo or graphic is considered branding. Similarly, getting together with your team to brainstorm ad campaign ideas is branding as well.
Creating a consistent, cohesive brand for your business can distinguish yourself from competitors as well as clarify what makes you the better choice. Lastly, branding is critical to business because of the overall impact it has on the business and its overall value.
Brand Identity and Its Value
Brand identity refers to the collection of elements that a company creates to portray the right image to its consumer. It’s made up of what your brand says, what your values are, how you communicate your products/services, and how you want people to feel when they interact with it/them.
In short, brand identity is the personality of your business.
What Does Branding Do for You?
The first thing your consumers see is your logo – the “face” of your company. Professional logo design should be powerful, easily memorable, and make an impression at first glance.
A strongly established brand can give the company more leverage in its industry. This also makes it a more appealing investment to potential partners in the marketplace.
When a business has strong branding, it’s usually indicative of a positive impression of the company amongst consumers. This, in turn, increases the likelihood of them doing business with you due to the familiarity and dependability conveyed by your brand. Once a brand has become established, word of mouth will be the best, most effective advertising technique.
When an employee works for a strongly branded company and its brand, they will have a higher job satisfaction rate and an additional higher degree of pride in the work that they do.
Professional appearances and strategic branding will help your business to build trust with its clients. With a proper brand, customers, industry experts, and the public, feel as if they can trust your company and the way it’s run.
Last but certainly not least, advertising is another element of branding. The use of promotional products from trusted company make it easy to create an appealing advertisement strategy that goes with your business’ branding goals.
Performing a SWOT Analysis
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. Therefore, a SWOT Analysis is a technique to assess these aspects of your business.
In Conclusion
We covered quite a bit today! We reviewed the differences between branding and brand identity, how branding affects your business value, and how to perform a SWOT Analysis to assist with the initial creation of your strategy for success.
Resources & Further Reading
Free Downloadable Tempate!
Click the icon above to download the SWOT Analysis Matrix which has four quadrants devoted to Strengths, Weaknesses, Opportunities, and Threats
DeBara, D. (2020, January 24). What Is Branding? Retrieved October 23, 2020, from https://99designs.com/blog/logo-branding/what-is-branding/
DeBara, D. (2020, March 04). What is brand identity? And how to design and develop a great one. Retrieved October 23, 2020, from https://99designs.com/blog/tips/brand-identity/
Frediani, B., Hirschson, S., Perlmutter, K., Maestres, D., Rippole, J., & Sachs, M. (2020, July 20). What Is Branding And Why Is It Important For Your Business? Retrieved October 23, 2020, from https://www.brandingmag.com/2015/10/14/what-is-branding-and-why-is-it-important-for-your-business/
Wheeler, K. (2020, September 2). How to Develop a Unique (& Memorable) Brand Identity in 2020. Retrieved October 23, 2020, from https://blog.hubspot.com/agency/develop-brand-identity