What is a brand? Brand vs. Business
Your business or company is the physical/virtual entity that sells your products or services to your customer or clients. On the other hand, your brand is how both your current and potential customers or clients perceive your business. Your brand includes your company’s name, logo, motto, mission statement, and also the culture of your business; your values, your efforts, and what you stand for. Every business should have a brand identity because it comes with recognition that positively impacts your company.
#1: You stand out from the competition
Your business is likely not completely unique— there are other businesses (and maybe even larger companies) out there that are selling the same thing or something very similar, like your business. Having a strong brand identity differentiates your business from the competition.
For example, say that you sell coffee. There are countless other businesses that sell coffee and even huge corporations that are well-known for their coffee. What makes you stand out from other coffee vendors? Maybe you have a theme and sell different coffee flavors based on this theme. This theme should be an apparent part of your brand identity so that your audience will know that you’re offering something that other coffee vendors may not offer.
#2: You’ll have more loyal customers and clients
Serving customers or clients to the best of your ability should be a part of every business’s brand identity. When customers resonate with your company and show that you truly care about their satisfaction, they will be more likely to continue purchasing from you rather than another company that offers similar products or services. As a result of this satisfaction, they will also be more willing to refer your products or services to their family, friends, and even strangers in passing by.
#3: You’ll be more successful in advertising
Because you have a strong brand, you’ve developed customer loyalty, and they’re doing some of your advertising for you because you have loyal customers. This doesn’t mean that you should stop advertising efforts altogether. Instead, you can take the time to try out different types of advertising and digital marketing strategies to reach a wider audience. You’ve already gained some brand awareness, so any marketing efforts from here will just continue to reach more people who may have briefly seen or heard of your company.
#4: Customers/clients will be less sensitive to prices
Again, your brand identity should increase customer loyalty, and loyal (and satisfied) customers will continue buying from you, even if the competition offers lower prices. Of course, your prices should still be reasonable because a huge price difference will drive your customers to a competitor with significantly lower prices. But if your prices are only slightly higher than the competition, your loyal customers will keep coming back to you because of their overall satisfaction with your services, your products, and the nature of your brand as a whole.
#5: You’re able to attract employees with your brand identity
Serious job seekers are looking to work at an establishment that resonates with their own personal identity, and that’s where employment branding comes in. It’s similar to using your brand identity to attract customers or clients, but now you’re marketing in such a way to attract candidates for employment. This is beneficial to you too, as a business owner, because this type of recruitment practice allows you to find the best talent for your job openings rather than finding someone to fill a position. NAS helps with employment branding in order to attract potential employees who are the most likely to be a great fit for your company.
Building a successful brand takes time, so it won’t happen overnight. The main thing to remember is to be authentic and consistent, and you’ll see your brand identity grow stronger over time.
Latest posts by George Meszaros (see all)
- 23 Tips to Succeed When Your Business Grows Too Fast - May 26, 2023
- How to Become a Business Idea Machine - May 25, 2023
- Get Clarity on Your Utility Bills: Business Gas and Electricity Bills Explained - May 25, 2023
