Why Is Branding So Important?
Businesses need branding for various reasons, one of which is to enhance their visibility. With strong branding, a business is more likely to capture people's attention. A business without cohesive branding is unlikely to remain in a person's memory for very long, meaning that it’ll be reliant on paid advertising to reach its target market.
Despite this, branding is often neglected by companies. Rather than seeing it as an ongoing investment that should evolve with time, it is often instead seen as a one-and-done project.
Your Brand Is How Your Customers Perceive You
Take a look at some of the most prominent global brands. All their actions, from their written and visual content to their office spaces and internal communications, are carefully crafted to align with their brand identity. This comprehensive approach ensures that everything they do is representative of their brand. If you desire your business to be successful, it is vital to understand the significance of branding.
When looking at the portrayal of your company, consider the various brand aspects, such as your website, social media, advertising, display, and signage. Without a physical store, your website will likely be customers' first interaction with your brand. As a result, it is crucial that it is aligned with your brand identity, including factors such as colours, design, and website copy. Additionally, your advertising, displays, and signage should also mirror your website's branding elements.
Businesses require branding for various reasons, one of which is to enhance their visibility. With robust branding, a business is likelier to capture people's attention. A business without cohesive branding is unlikely to remain in a person's memory for an extended period, which can be fatal during an economic downturn.
Building trust with your audience is critical, but it can be challenging to achieve. A business lacking key branding elements will find it even more difficult to earn the trust of potential customers. If given a choice between a business with polished and clear branding and one that has not made this effort, most people would trust the former.
Branding lets you demonstrate to potential customers that you are a reputable and established business. It helps set expectations early on, and potential customers will acknowledge the work you put in to develop your brand. If you want to learn more about how a brand can help increase buy-in and improve perception, get in touch with a member of the Royal Flush team.
Branding Can Make or Break of Companies
For companies, a brand can make or break any activity. A brand identity influences how a company is perceived, regardless of the target audience. Here are some examples of how companies have benefitted from brand investment.
Molson Coors Are Investing in Themselves
As we mentioned in a recent blog post, investing in your marketing is a sound strategy when in a recession, and the data supports this. We know that consumer spending has fallen, largely due to the recent cost of living crisis, and for Molson Coors brewery, this means sales that are well below previous forecasts.
They aren’t in mass redundancy territory, net sales still grew 0.4% to £2.2b thanks to increased prices, but being able to react quickly and effectively meant they could get ahead of the issue. With consumers having less disposable income, marketing is even more important; what was once a habit purchase may now be a luxury.
If consumers are having to rethink their spending ad look for ways to reduce costs, there is an increased need for brands to position themselves as better than those getting the shopping list cut. For Molson Coors, the excellent branding of products such as Madri has ensured that they’ve remained at the fore of public discourse.
Purplebricks Are Banking on Their Impressive Brand Strength
We all know that brand is an essential part of any company’s toolkit and the recent activity at Purplebricks highlights this. The under-fire online estate agent company has been struggling recently, forecasting losses in the range of £15-20m for this year. Despite this, those within the company remain optimistic.
They’re currently seeking a buyer and while the poor figures could dissuade a number of interested parties, there is reason to look beyond the losses. Using YouGov data, we can see that Purplebricks boasts higher brand health than competitors such as Savills, Knight Frank, and Foxton.
What this shows us is that they’re doing something right but find themselves at the mercy of the market. If Purplebricks didn’t have such a strong brand, they’d be in much murkier waters, with would-be buyers having little reason to invest in a company that is currently battling mounting losses in a contracting industry.
Has Your Company Invested in Branding?
We know that many companies are all looking for ways to cut costs as prices increase, but it’s also clear that those who are willing to invest in their brand are more able to reach their target audience in an increasingly tight market.
If you’re looking for somebody to help your company develop a clear brand identity that connects with your customers, both current and ideal, get in touch with Royal Flush today. Our team have worked with some of the biggest companies in the UK, helping businesses create brand identities that stand the test of time.
To book a free one-hour consultation, submit an online form or give us a call on 01492 463209.