Why Branding Is Worth the Investment
How many times have you asked yourself the question, 'Is branding worth the investment?' What comes to mind when you think of branding? Is it a logo? A tagline? Maybe a thoughtfully designed website with well-written copy or a carefully curated customer experience? The truth is branding is all of that – and much, much more, and we'd like to shed some light on why branding is worth the investment. Branding determines how your company is perceived both internally and externally, and the importance of its impact cannot be overstated. While impressive branding drives sales and excites and intrigues customers, incomplete or forgettable branding may repel customers and drive them straight to your competitors. And although it’s imperative that your branding is cohesive, consistent, and clear, it’s also essential for it to have that intangible something special that’s hard to put your finger on – but you know it when you see it. As a result, it’s easy to see why a business must invest in branding, right? Sure, the initial cost may be higher than it would be if you tried it your way... but can you afford to miss out on the je ne sais quoi that a professional agency can provide? Let’s explore what makes branding a worthy investment and why you will likely regret going the DIY route.
IMPECCABLE BRANDING LEADS TO INTERNAL ALIGNMENTThe only thing more critical than customer buy-in is employee buy-in – after all, your most important audience is your own people. They are your brand ambassadors, and in some cases, the sales process begins with them. If your employees are well-equipped to understand, reflect, and promote your brand, chances are, they will more easily engage with and win over external audiences. In addition, the more connected your employees are to your products and services, the better they can persuasively communicate their worth. The best way to ensure internal alignment with your company’s unique values? Invest in branding that encompasses and communicates those values in an unmistakable way. This is why branding is only partially about a logo or a website – instead, the meat of branding is communicating a key message that your employees can embody and showcase to the outside world.
“Brands have two roles… Persuading outsiders to buy and insiders to believe.” – McKinsey & Company, Business Branding: Bringing Strategy to Life
CLEAR-CUT BRANDING SERVES AS A GUIDING LIGHTInvesting in exceptional branding that clearly represents your company’s values, mission, and objectives can help you stay focused and on track – even during the most stressful of circumstances. Think of your branding as a guide to follow that allows for growth while also keeping you aligned in the present moment. It can serve as a beacon of clarity amid confusion and bring you back to what’s most important: Your vision as an organization and the goals you have set forth to achieve. Your potential customers look to your brand to light the way for them, too, and your branding tells them what to expect from your company. Remember, your success isn’t only reliant on what you can provide; instead, your success also hinges on how your brand is perceived. A wishy-washy brand without a clear identity isn’t nearly as appealing as a brand with an undeniable message and mission that speaks directly to its target audience.
WHY BRANDING IS WORTH THE INVESTMENT: BRANDING DRIVES PROFITABILITY AND PERFORMANCEThere’s no denying the strong correlation between brand strength and financial performance. In fact, according to McKinsey & Company, companies with a strong brand can outperform their competitors by as much as 20 percent. That’s because branding helps people make choices – and in a sea of bland, generic brands, the ones that are distinctive and stand out from the crowd will garner attention (and, ideally, an emotional response) and win. Furthermore, customers are often willing to pay more for brands they feel a meaningful connection to and trust. It’s also important to consider how a well-articulated brand can enhance the effectiveness of your marketing efforts. A bold brand helps tell the story you’re working to communicate through your marketing initiatives, and when combined, the two can make your offerings irresistible. With that in mind, it’s easy to see that investing in your brand can quite literally pay off.
“Strong brands typically drive the bottom line, and above-average financial performance strengthens the brand in turn – a virtuous cycle.” – McKinsey & Company, Business Branding: Bringing Strategy to Life