How many of us understand the value of branding?
Branding is the process of developing a differentiated presence in the mind of consumers that attracts and retains customers.
According to research, the average revenue increase attributed to presenting the brand consistently is 23%.
Having an understanding of your business vision and knowing your ideal audience can help you authentically connect and maximize your efficiency.
Authenticity is Key
91% of consumers say they are more likely to buy from an authentic brand.
Branding is a method to showcase your business, founders, and value through mass means. Instead of communicating one to one with every prospect, branding allows people to understand who you are, what you offer, and how to relates to them.
However, branding needs to rely on authenticity to be effective. Developing a message that's not based in fact is the surest way to lose customer trust and loyalty.
Branding Drives Customer Loyalty --> Revenue
Customer loyalty can be worth 10x as much as a single purchase.
Increasing customer retention is a valuable part of branding, especially with the amount it's worth to the bottom line. By creating a place in the mind of the consumer, they both remember to purchase from you next time and continue to associate you with their positive experience.
Loyal customers can become brand advocates, individuals who share their enthusiasm for a product or company with others. Strong fan bases are typically seen in sports, but are prevalent in the way certain customers refer to brands (like "I only buy Nike" or "I'm a Nike girl/guy").
Branding Engages Current and Potential Customers
Customers who are fully engaged represent a 23% share of revenue compared to average customers.
Branding gives companies the opportunity to gain the attention and value of an engaged customer. These are people who are fully engaged in a brand, ready to share new information or be involved with upcoming information. These are the individuals that open emails, reply to social posts, and more.
Engaging customers through branding means showing up as yourself on multiple platforms (email, social, web, etc.). Without showing up to engage, it's hard to have a conversation with customers or potential customers.