Branding 101: What Every Small Business Must Know
"Branding, by definition, is a marketing practice in which a company creates a name, symbol, or design that is easily identifiable as belonging to the company. This helps to identify a product and distinguish it from other products and services. " - Branding Magazine
#1 Branding Increases Recognition
An effective brand will give you a competitive edge over other businesses & increases your company's recognition in the marketplace. To build an effective brand you must be consistent in your marketing content -whether it be your brand colors, fonts, messaging, culture, or logo. Consistency is key!
#2 Increases Business Value
This is commonly referred to as brand equity. As you build your brand, there is the potential for added value over and above the business itself because of brand recognition.
#3 Branding Generates New Customers
Branding plays a huge role in terms of referrals. Keep in mind, 92% of customers trust referrals from people they know. In other words, a strong brand naturally promotes word-of-mouth. Word-of-mouth is an effective marketing method that works through recommendations from a satisfied client to a potential client.
#4 It Promotes Employee Satisfaction
Don’t forget about the people working for you! Branding can and does increase employee satisfaction. How? Employees take pride in working for reputable brands. In addition, it’s also a great way to attract new talent when you are hiring!
#5 Branding Creates Trust
Branding helps a company build trust within the marketplace. It builds trust among clients, both potential and existing. This requires consistent effort over time but will be well worth it.
Overall, branding is an essential marketing component that should be part of every small business’s marketing strategy. Be across all your marketing channels with your branding. Successful branding doesn't happen overnight and it takes long-term effort to be effective.