So, what is branding? And why is it important?
Your company’s brand can be your most valuable asset. It is the way your company is represented as a whole and how you connect with your clients. Much more than a single logo or tagline, branding is comprised of elements that define the look and feel of your business — including a logo, color palette, tagline, concept and stylistic voice — as well as your brand image, or how your company is perceived by the public.
As your company grows, so should your marketing and branding strategy. A good rule of thumb is to invest 15% of your annual gross revenue in marketing, but this is just a starting point and can be tweaked to fit your company’s needs. For example, startups are recommended to invest a higher percentage — up to 35% — to build brand awareness and establish a brand identity, while a lower percentage between 5 – 7% is typically recommended for small businesses. No matter the size of your company, investing in marketing and branding efforts helps your company grow. Who doesn’t love a win-win?
Now that we’ve covered the branding basics, let’s look at how investing in your brand sets your company up for success:
Being True to Yourself
Deep dive into your current brand to assess strengths, weaknesses and opportunities for growth. A brand audit provides an opportunity for you to align your brand with your company’s mission, review competitors and establish your own voice. Authenticity goes a long way to building trust and connecting with your ideal customers. But more on that in a moment.
Finding Your People
Identifying your target market is Marketing 101, but continued brand research ups your game. The better you understand your ideal customer, the better you can connect with them. Brands resonate on an emotional level, so it’s important to make sure you’re reaching the right audience with relevant, high-value content.
Telling a Cohesive Story
An iconic brand is instantly recognizable. It is consistent and focused, with strong elements that complement one another. Developing a clear, consistent brand helps your company build its recognition through top-of-mind awareness, save time with an established visual identity and develop stronger content.
Playing Up Your Strengths
What sets your company apart? Let your target market know. Strong branding allows you to stand out from competitors, highlight your differentiators and reposition your company in an evolving market.
Elevating Your Company
Building your brand drives brand equity. Influenced by your brand image, brand equity is the overall value of your company. Investing in marketing to boost your brand image directly impacts your brand equity.
Marketing is a marathon that requires a multi-faceted approach. As trends and best practices change over time, investing in branding allows your company to evolve with the market so you connect with the right customers, create a cohesive image and gain a competitive edge over the competition.
Ready to boost your brand? The Design At Work team is here to help. Learn more about how we can help position your company the way you want customers to view you — as the best.