By: Francois Reynier, Acacia UK
Your brand is your greatest business asset, regardless of what you sell, how big you are or where you want to take your business. A strong brand is vital for growth. Here are seven reasons why.
💎 1. A strong brand is a future-proof business asset
Having a solid brand is like having a secret sauce or a hidden superpower that makes you irresistible to others. Everyone, and especially your competitors, will see how your brand gives your business a remarkable point of difference. However, your competitors will struggle to determine why it works so well, what ingredients it’s made of and how they are combined so successfully.
A well-built brand is hard to copy. It is the unique combination of all the things people love about a business: your values, your vision, your personality and your unique way of “doing things”. Your competitors may achieve some success by copying your products or services and undercutting you on price. But they’ll never be able to replicate a strong brand successfully.
In fact, if they attempt to copy your brand it only serve to advertise your business further! So, by investing in building a solid brand, you’re giving your business a unique and lasting competitive edge.
🙌 2. A strong brand builds trust with prospects before you even know their name.
Everyone knows the importance of building trust in business, and your brand plays a significant role in establishing this with your audience. Online, you have less than 7 seconds to make a positive and striking impression on a potential client. A strong brand acts like a magnet. By building trust with potential clients as soon as they encounter your business, you are instantly setting yourself apart.
Did you know that 70% of purchase decisions are made before the first email or phone call? This is why having a strong brand is so important. Your brand is how you pitch your business to the world. Think about it: when potential clients trust your brand more than your competitors, who are they more likely to choose?
📈 3. A strong brand drives repeat business.
In a competitive marketplace, customer loyalty is invaluable. On average, it costs 8 times more to win a new customer than getting repeat business from an existing customer. This is why generating repeat business from existing clients is vital.
But don’t forget that it’s easy to fall off the radar and that your clients are constantly approached by competitors eager to win their business. You must regularly remind existing customers repeatedly that they’ve made the right choice by choosing you. And your brand is the driving force to stay top of mind with existing clients. By reminding your existing clients how you deliver and exceed customer expectations, you cultivate loyalty.
But that’s not all: Your most loyal customers are your best brand advocates. They will recommend your business to others without you even asking for it. Business referrals from existing clients are the cheapest way to win new business.
🥇 4. A strong brand commands a premium
Perception matters. You can’t be the best at what you do. Still, if you don’t compellingly communicate your premium value, potential clients will wonder why they should pay it. On the other hand, when customers recognise, trust and value your brand, they’ll understand why it’s worth paying a premium for what you offer.
Think about the Apple or Rolex brands, for example. Everything they do is about conveying premium value. But you don’t need to be a luxury brand to charge above the market rate. A 10-year study of over 50,000 businesses in the US has shown that the businesses with the strongest brands grew 3 to 5 times faster than their competitors.
How others perceive and value your brand directly impacts how much you can charge for what you sell. And the way to shape and manage how others perceive your business is through your brand.
📢 5. A strong brand cuts through the noise
Have you ever wondered why many businesses struggle to cut through the noise?
Today, everyone is fighting for attention. Your brand might be able to make a great first impression, but that isn’t enough. On average, it takes 5 to 7 impressions for someone to remember your brand.
One of the main reasons businesses struggle to cut through the noise is that their brand needs to be more cohesive and consistent, and has led to disjointed and inconsistent marketing. The truth is, your marketing is only as good as your brand so investing in a professionally designed and consistent brand is vital.
Brand consistency directly benefits the bottom line. Data shows that a consistent use of colour across all marketing activities increases brand recognition by 80%. This directly influences sales and profit margins.
🤝 6. A strong brand makes converting prospects into clients much easier
Consistency and reliability are crucial to building trust. Your brand serves as a guiding compass for your business operations and customer interactions. By maintaining consistent brand elements, messaging, and experiences across all touchpoints, you establish a sense of reliability. You are building trust with potential clients before they even start working with you.
Customers appreciate the predictability and familiarity of a strong brand, as this reduces their uncertainty and increases their confidence in choosing your business. This both instils loyalty and strengthens the perception of your brand as a dependable and trustworthy partner.
🛡️7. A strong brand makes for a more resilient business
Market dynamics are ever-changing, and businesses face inevitable ups and downs. However, a strong brand acts as a resilient anchor in turbulent times. Brands with a solid reputation and loyal customer base are better equipped to weather economic downturns and market fluctuations.
It’s worth noting that brand loyalty, defined as repeat purchases of a particular brand based on the perception of higher quality and better service than any competitor, is not dependent on price. Loyal customers will keep buying from you even when competitors are slashing their prices.
Unlike customer loyalty, which is solely based on price-based value (lower prices and discounts), brand loyalty creates a much deeper connection based on trust. Data shows that companies with stronger brands than their competitors constantly outperform them in the long term.
Your brand is a long-term strategic asset that can withstand market fluctuations and economic downturns, providing stability and resilience. By building a solid brand, you invest in long-term stability and resilience.
Conclusion
Too many business owners hold their business back by refusing to acknowledge that their brand is their greatest business asset. It’s what sets you apart from competitors and cannot be replicated. Your brand builds trust, fosters loyalty, and drives repeat business. A strong brand enhances the perceived value of your offerings and enables recognition among your target audience. It instils confidence, reduces uncertainty, and establishes reliability. Investing in a strong brand is crucial for business success and differentiation.
Are you ready to build an irresistible brand?
Enrol for FREE to Acacia’s brand strategy course here.
Connect with Francois on LinkedIn.
*We strive to do our best when supporting small business and their growth. Our business databases can give you information and data that can help you with advertising, market research, company information, and industry factsheets. If you have already taken the plunge, we would love for you to join us at a seminar, our workshops cover digital marketing, business model canvas and planning, demystifying taxes and intellectual property to name a few. Visit our events page or website for more information.
Small Business Research and Enterprise 