Without question, your brand is one of the most prized possessions of your business. It’s the visual representation of your company that customers, staff, and others see. The secret to stimulating activity from your target market is to mold how your brand is seen. Ultimately, your company’s bottom line is supported by the reactions of customers to your brand.
As such, one of the soundest investments a business can make is branding, particularly if the organization isn’t growing to expectations, is trying to expand, or hoping to refresh its image.
Branding is more than just another expense on your promotional budget. Branding is an investment that can deliver substantial ROIs for the business’ entire lifetime. If you keep the advantages of a properly positioned brand in mind, you can see why rebranding is a solid investment to make.
Consider the 5 proven returns that can affect your bottom line in the long run:
1. Reaching and converting targeted customers
Brand research allows you to isolate specifically what kinds of customers are in sync with your business’ purpose and culture. Understanding these customers allows you to create messages which are purposefully targeted at an intended market.
These are the customers that are more inclined to buy from you, and more likely to be loyal to your company as they form a connection to your brand. Such loyalty becomes priceless as your customers turn into brand advocates, encouraging their family and friends to purchase from you, too.
2. Brand loyalty pays
Consumers are open to paying top dollar for premium brands. Branding allows you to position yourself as a leader in the industry with a credible list of value propositions that your competition doesn’t deliver.
Instead of competing on every product, show consumers why to buy products of all kinds from your brand. Brands that justify their value by distinguishing themselves in ways that mean something to consumers can and raise their rates for what they offer. Higher prices equal more income.
3. Easily close more sales
Properly defined brands are simpler to sell since their positioning is embedded into the brand narrative. The case for the superiority of your unique services or products has already been highlighted through your brand strategy.
With a recognizable, compelling and cohesive brand design, it is easy to convert a potential customer into a new one. Branding provides you the leverage it requires to close a deal simply and confidently.
4. Enhance the value of your business
Brand equity lets you raise the price point of what you’re selling. It also has a calculated impact on the overall value of your business. Just as a homeowner invests in renovations to perfect their house each year, a business owner should have the same approach to their brand.
Brand perception determines customer behavior, and therefore, how your brand does financially. In the long-run, the brand will appreciate over time as it becomes more recognizable, its messaging becomes more convincing, and it garners more loyalty.
Rebranding is also a great time to rethink your internal company culture and goals.
5. Lower marketing expenses
A well-written and cohesive brand enhances the impact and efficiency of every one of your promotional incentives. By getting to know your target market better via customer interviews, you can create campaigns with very relevant messages aimed at your most precious customer segments. No need to waste time on random messages.
Through brand cohesiveness, your promotional activities are seamlessly integrated, since all your initiatives reinforce one another. Your vibrant new identity will have campaigns that are radically unique from the get-go. The templates and guidelines that stem from the branding process keep you from putting time into wasted efforts when beginning a new marketing initiative.
Make the right investment
When thinking of rebranding as an investment instead of an expense, you can see the advantages that come with it. Rebranding pays dividends throughout the existence of your business, allowing you to lure more targeted customers, establish greater authority in your sector, and raise prices for what you sell. Also, market leadership, customer loyalty, and brand equity make for a strong ROI.
Branding is simply an investment you must make. The company that fails to rebrand is the one that is unlikely to flourish.
Questions about the process or curious how to begin? Download our free checklist below to learn more about how to start a rebranding process. And, of course, feel free to contact us to talk today about branding.
This post is part of our Branding 101 series, helping you understand the power of branding and the rebranding process from Hub & Spoke, a St. Louis creative agency that’s here to help you find focus for your brand.