What comes to mind when you think about investing in your business?
Perhaps it's your faithful laptop, your top-of-the-range camera, or other electronic devices. It might just be a large office space and an expensive coffee machine. The question is, have you ever considered developing your brand as an investment? Perhaps you were thinking, "Why invest in branding?!"
It's hard work building a business, and chances are, it's not at the top of your to-do list to worry about your brand strategy. But, frankly, this is definitely the most important investment we've ever made in our business.
Here are four reasons why we feel your list should be shifted to branding.
1) First Impressions Count
We all know that first impressions are important, particularly for a business. We don't like to think we're judging a book by its cover or a person from their choice of clothes, but the truth is we all do it.
Branding is all about the image or the way people see and experience a business. First impressions and lasting perceptions are key to building rapport with customers, to keep them coming back and attracting new customers.
2) Credibility
Secondly, a powerful brand generates value both for its employees as well as its products and services. Not only does a well-developed brand portray you as a professional and well-established business, but it also gives you the leverage to charge premium prices for your product or services.
3) Time & Money
Investing in branding now, saves you time and money by thinking about your position in the market and future resilience.
Branding is an investment for the long term. The sole purpose of investing in branding is to acquire a lifetime customer that is loyal to your brand.
For companies and organisations, branding matters because it drives growth and profits. The correlation between brand strength and financial performance is demonstrated by multiple studies. Those with a strong brand will outperform others by up to 20%.
4) Your competitors are investing in their brand
Companies that understand the real value of investing in branding recognise that they're going to get a return.
If your competitor business is investing, no doubt they are going to have a massive advantage over you. However, if they’re yet to invest, this is the idyllic opportunity to get ahead of the competition!
Why not get the ‘first-mover advantage’? The first-mover advantage (FMA) is the strategic advantage obtained by the first-moving occupant of a business segment in marketing strategy.
First-mover advantage allows a company or firm to develop strong brand awareness, customer loyalty and early acquisition of capital before other rivals join the market segment.
The benefits are evident when you see branding as an investment rather than a cost. Over the life of your business, a great brand identity pays off, allowing you to gain better customers, with greater authority, while attaining higher prices for your products or services.
Why not take that first step today? Have you been inspired or would you like a more detailed and personalised approach to your branding strategy to move forward in 2023?
Click here to contact one of our branding specialists today.