Your brand is the soul of your business; It’s what entices people to buy from you in the first place, and keeps them coming back for more in the future. People have an emotional reaction to brands just as they do to people. Powerful branding that people understand builds credibility and establishes trust between businesses and consumers.
Here are the main reasons why all entrepreneurs who are serious about scaling their business for the long-term should consider investing in building a brand platform as soon as possible.
Build your brand and build it early; when and if you sell, the brand itself will have equity.
Attracting great talent can be challenging for SME’s, but if you’ve built an authentic, powerful brand that lives and breathes your mission and vision, great talent will want to work for you, and will be your most powerful brand advocates.
Additionally, if employees love their workplace, let them shout it from the rooftop. According to this Accenture report, 65% of people are drawn to brands that treat their employees well.
A strong brand strategy lets you clearly articulate your purpose, vision, mission, and values, which are the core principles that keep all your audiences connected and engaged – consumers, customers and employees alike.
Building a powerful brand is the safest way to ensure that your loyal following will continue to avail themselves of your products and services. In fact according to the 2018 Accenture Report, 63% of surveyed global consumers prefer to purchase products and services from companies whose purpose reflects their own values and beliefs and 62% say their purchase consideration is driven by a company’s ethical values and authenticity.
A strong brand strategy provides a roadmap for how and what you communicate, and to whom. The more transparent you are, the more people will gravitate to your brand—and, most importantly, trust in your brand. That trust is the key to building a lasting relationship.
Simply put, brand positioning is the place you want to own in your target audience’s mind. It is the process of creating market differentiation through exploring, identifying, and refining your distinctiveness via a brand positioning strategy.
Brand Positioning triggers an emotional response from your target audiences and enables you to compete on value, not price.
There’s a lot of competition out there. With entrepreneurship on the rise, especially amongst Black women who are starting businesses at a much faster rate than any other group, it’s mission critical to differentiate your business from the rest of the pack.
The foundation of this is to create a memorable brand that you believe in and that resonates with your target audience. Strong branding will make your company memorable.
People like consistent people. Consistent people come across as trustworthy as they always do what they say they are going to do and if they don’t, they clearly explain why.
The same goes for your brand. Consistency is key, in every aspect of your brand. Colour, tone of voice, logo, customer support, product attributes, etc.etc., all of these elements and more roll up to your brand promise.
Clearly articulate your brand promise, and keep that promise year after year so that your brand will grow to become beloved and trusted year after year.
Why waste time and money cultivating leads that you don’t want? Understanding your target audience, and developing strong branding that appeals to them and that you deeply connect to filters out leads and potential customers that are not a good fit for you or your business.
If you build your brand with purpose and consistency, it can even impact your pricing strategy. Consumers are willing to pay a premium for brands they trust and that keep their brand promises.