With the introduction of the Metaverse, you might be thinking how much does brand really matter? We’ll run you through some of the key benefits of building your brand.
We know that building a brand is the long term play, not the instant sales spike that you get from a sales promotion, or a digital campaign. Combined with the fact that it can be much harder to measure, without those instant, tangible results, it can leave people wondering why they should bother with it?
Let’s talk about the benefits of building a strong brand.
Presenting a brand consistently across all platforms can increase revenue by up to 23% (Forbes)
Studies show that brand building can result in higher year on year sales. Maybe right now you run seasonal campaigns that show a consistent increase in sales when they are running. How can you increase the overall gain from these campaigns? Digitally, you might be stuck in a continuous bidding war, spending more to see those greater returns.
Playing the long term brand building card has been proven to increase the results of these short term marketing tactics. Quite literally creating more bang for your buck.
Build your reputation, and build your brand so that it powers your short term strategies.
89% of shoppers stay loyal to brands that share their values (Fundera)
If you can build a brand that resonates beyond the functional value, capture and fulfil your customer’s emotional needs and wants, you start to build customer loyalty.
Daily, you are making hundreds of tiny decisions, most of them unconsciously. Many of these decisions are a result of your unconscious bias towards certain brands, brands that are so built into your unconscious mind that their competitors aren’t even noticed, in fact, you aren’t registering the whole decision-making process as your mind does it.
That’s building loyalty with your customers and clients, being their ‘go-to’, and in turn, their loyalty creates value for you as they are on board, allowing you to cross-sell, up-sell and retain key customers.
92% of candidates would leave their current jobs for a role at a company with an excellent reputation
If you want to grow your company, you need great people. How can you attract the best people to your business? Branding isn’t just for the customer-facing aspects of your business – it’s also about your existing and future employees.
You’ve probably invested a lot of time, and money, into developing your company’s culture – make sure that you’re telling that story across all platforms. Why should they fight to work for you?
If you’re looking to cherry-pick the best talent, and build the future, you need to know what the next generation is looking for when they are choosing who to work for. People’s preferences are changing, and their views towards workplaces are changing. Make sure that your brand isn’t holding you back.
81% of consumers said that they need to be able to trust the brand to buy from them. (Edelman, 2019)
Brand equity is a combination of awareness and perceived value of your brand or business. Becoming a recognisable brand and building authority in your market builds value for your business. Not only does it make you the easy decision over other, more generic competitors, but customers are more inclined to pay premium prices for your products or services.
It gives you a competitive advantage throughout their decision-making process, and can also open up the opportunities to extend your brand into new markets or to introduce new products to an existing market.
89% of shoppers stay loyal to brands that share their values
We spoke about it above, building your brand and increasing your equity can increase your market share. Branding is the whole experience they have with your business – from your image to the interactions and the associations consumers develop as a result. Greater visibility can create a bandwagon effect that grows your market share.
If you’re wondering about how you can build your own brand, feel free to reach out to us for chat over a coffee.
Or just wondering how you build your own brand? Read our article about building your brand here