It’s always tough whenever anyone tries to start a new business. There are just too many variables to keep track of and details that require thorough attention. Entrepreneurs are forced to wear many hats as they do market research, study organizational framework, analyze cash flow, do product development, and initiate proper resource allocation to name a few. It’s not rare for having at least one of these aspects of business get left behind. More often than not, consumers would be able to tell which aspects of a business certain organizations will favor at the expense of others. Some businesses will invest heavily in product development while they lag behind in customer support. Others devote most of their resources to doing market research without paying much attention to the organizational makeup of their company. And while all these things are vital cogs in the wheel of business, it’s imperative that companies cover themselves on all fronts.
It’s always tough whenever anyone tries to start a new business. There are just too many variables to keep track of and details that require thorough attention. Entrepreneurs are forced to wear many hats as they do market research, study organizational framework, analyze cash flow, do product development, and initiate proper resource allocation to name a few. It’s not rare for having at least one of these aspects of business get left behind. More often than not, consumers would be able to tell which aspects of a business certain organizations will favor at the expense of others. Some businesses will invest heavily in product development while they lag behind in customer support. Others devote most of their resources to doing market research without paying much attention to the organizational makeup of their company. And while all these things are vital cogs in the wheel of business, it’s imperative that companies cover themselves on all fronts.
Naturally, a company with limited resources, especially start-ups, will have to cut corners and compromise certain aspects of running their business. That’s only normal. This is why companies will tend to focus more on certain aspects of running a business depending on their specific needs. It’s a matter of prioritization and understanding the needs of a business in order for it to be competitive. And yet, current trends show that more companies are investing heavily in their brand development and strategy. Even start-ups that are running on financial fumes are keen on pooling limited resources for the purpose of branding.
To the uninitiated, branding might seem like it should place lower on the list of priorities in running a business. After all, isn’t branding practically just coming up with a logo and a slogan? Why would you need to allocate so much of your limited resources to these things? Well, it turns out that the case for branding is more compelling than you think. More than anything, branding is perception. It’s the way consumers perceive the brand itself and the company behind it. It doesn’t matter how skilled a company’s staff is or how ingenious their products are. Without proper branding, these things will not register in the minds and hearts of the consumer. Proper branding gives a sense of personality and character to the corporate structures on which they are built. Branding has always been a very important aspect of running a business. But in this age of digital transformation and mass media consumption, branding has become the main battlefield on which business wars are either lost or won.
Branding Develops Perception
Again, branding is all about perception.
You might feel safe and sound in the knowledge that you are an honest entrepreneur who has a solid set of products or services that any customer would love to pay good money for. But what you believe about yourself isn’t necessarily what is going to translate to customers. How you see your own business isn’t always the same as how customers will see you too. A lot of the time, there is a serious disconnect between how entrepreneurs and customers will perceive a company. This is why branding is so important. Branding allows a company to solidify certain communication and perception pillars that will help develop their own recognition among the masses. A solid brand strategy and communications plan will allow companies to be more methodical in its approach to conversing and interacting with its customers. All of these things serve as foundational elements to how customers perceive brands and the companies behind them.
Branding Benefits Internal Stakeholders
Having good branding isn’t just about building your perception for the outside world.
It also plays a vital role in the dynamics and development of your workplace as well. Proper branding can have your employees feeling like they work for a great company for a number of reasons. Branding can leave the impression that your company fosters a family environment or that it is geared towards social good and community development. These are all great motivators when it comes to securing and keeping quality talent. But more than that, having proper branding will have your employees feeling like they are a part of something that is more than just a job or a place for them to earn their salaries.
Branding Breeds Customer Loyalty
Next, branding has a lot to do with customer acquisition.
Sure, it’s all about getting people to visit your store or to browse your website. However, it’s also just as much about getting the RIGHT people to start paying attention to your brand. As a business owner or entrepreneur, you must have done your due diligence in researching your target market. With proper branding mechanisms in place, you can position your brand in such a way that directly influences your target consumer base.
For example, if you are a company that thrives on B2B transactions, then you need a brand strategy in place that helps you reach potential businesses that might be interested in your services or products. This means that you have to tailor your brand’s voice and messaging in a manner that directly caters to businesses and not individual consumers.
More than that, it all circles back to the point of how branding gives a corporate structure its personality. It’s this personality that customers are able to relate to and connect with. When you craft a perfect brand personality, you are further enticing your customer base to trust and rely on your brand.
Branding Builds Credibility and Trust
When it comes to building your brand’s credibility, there are two audiences you need to be mindful of: your internal stakeholders and your external stakeholders.
For your internal stakeholders such as employees, shareholders, and senior management officers, it’s important that everyone understands the ins and outs of your brand. This is crucial to fostering a culturally relevant and synchronized working environment. For your external stakeholders like your customers and potential investors, branding is key in whether or not they develop a sense of trust for your business. The more your customers trust you, then the more that it will translate to sales and acquisitions. The more investors trust you, the higher your business’s potential for growth and development.
It boils down to familiarity. Human beings are wired to be more receptive toward things that we are familiar with. Conversely, we are inherently inclined to hate or fear the things that we don’t understand. That’s why branding is crucial in establishing trust. Having a well-structured and well-communicated brand builds that crucial sense of familiarity between a company and its stakeholders. And it’s through having that familiarity wherein trust will begin to form and only grow stronger over time.
Conclusion
Whether you like it or not, brand strategy and development are very crucial aspects to finding success as an entrepreneur. Of course, you can always choose to work on these aspects of business on your own. However, more and more companies are seeking the professional expertise of specialists in the field of branding and communications. This can be manifested through in-house brand strategy teams or outsourced services from third parties. Whatever the case, your business has much to gain from adopting a solid and effective brand strategy. In contrast, you also put yourself at a disadvantage when your competitors beat you to the punch in their brand positioning efforts.
For your brand strategy and development needs, feel free to shoot us a message at hello@dualstory.com. We’re ready to talk and help you tell your brand’s story.
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