Posted on 03, July, 2023
Last Modified on 12, July, 2023
Sometimes overlooked in the business plan or left to the wayside in favor of market analysis and financial projections, branding has proven to be of utmost importance to small business owners. Small businesses need branding to help them stand out in a competitive industry, build recognition and trust, develop customer loyalty, promote partnerships, and attract talent. To create a powerful brand identity, there are quite a few aspects to consider, including: logo, brand voice, tagline, color palette, style guide/typography, and your mission statement. These elements need to be kept consistent across all marketing efforts including websites, social media, stores, products, services, and all other customer-facing touchpoints. While most people associate branding with something only Fortune 500 companies need to invest in, a strong brand identity can determine whether your operation is successful and able to scale its reach, even at a local level. Why is it so important to go from bland to brand? Read on to learn about the 5 major benefits of crafting a memorable brand for your small business!
What are the 5 Benefits to Create a Strong Brand Identity?
Running the day to day operations of a small business can be a lot of work to begin with, so you might find yourself not worrying about developing a strong brand right away. However, this could put you at a serious disadvantage. Branding is a major part of running a small business. Need some convincing? Here are five significant benefits of creating a buzzworthy brand identity.
Differentiation: Creating a Memorable Brand
Small businesses will have to work extra hard to bring customers in the door. Creating a memorable brand helps your business stand out from the competitors. It allows you to establish a unique identity by highlighting exclusive qualities and value propositions. By identifying and demonstrating distinctive features, benefits, and relevance, a well-crafted brand can help cement your business in the minds of potential customers. It could also lead to people suggesting your business to friends who express an interest in buying what you are selling.
Trust and Credibility: How to Build a Credible Business
Trust is built when customers have assurance in a brand’s identity, integrity, reliability, and availability to deliver on its promises. You have to prioritize building trust with customers so people will invest their time and money into your product or service. Developing a clear and established brand is a great way to start earning trust right away. Consistent, professional branding gives the instant appearance that you are an expert in your area. If they believe that you are a subject-matter-expert that knows what you are talking about and if your brand appears professional, they will be more inclined to engage with your business. Credibility, on the other hand, will take some time, it is incorporated by creating a track record of consistent quality, great customer experiences, and a reputation. However, having a memorable brand that is discoverable on review sites like Google Business will accelerate the accumulation of customer feedback that spreads your credibility. Trust and credibility are gained by honest communication, exceptional products or services, constantly meeting customer expectations, and having good business practices.
Customer Retention: Building a Loyal Customer Base
Small businesses thrive when they have repeat customers. Not only is it cheaper to retain an existing customer than acquire a new one, but they are likely to promote and advocate for your business to others as well. Loyal customers will choose a brand repeatedly and even remain committed when facing competitive alternatives that might be easier to obtain and less expensive. When you have a brand with values that resonate with people, they tend to develop an emotional attachment to your business. Building customer loyalty requires consistently delivering what your brand promises, addressing needs, and providing personalized interactions. Loyalty can also be invested in, not only by building strong relationships, but by offering a reward program, and actively asking for feedback and reviews.
Recognition: Standing Out from the Crowd
One great way to develop your own brand is to determine what makes your business unique. Recognition measures the ability of customers to identify your brand based on distinctive elements. It could be your mission statement, the values you hold, a product offering, your logo, or tagline. For instance, maybe your mission statement states that a certain percentage of all sales go towards a local charity. Or, you emphasize that you value protecting the environment, and your business practices go toward that. Finally, perhaps you offer a product that is significantly different from what other businesses are offering. Whatever it is that makes you different, emphasize it in your marketing, and it will help draw customers to you that have a propensity to be loyal and become repeat customers. These similar values and familarities will create a competitive advantage as customers will likely choose brands they recognize and feel comfortable with.
Attracting Talent: Happy Employees
A big part of what makes a business successful is the people running the business. This includes the boss at the top and the workers who are regularly interacting with the customers. When you have a clear mission with clear values and a positive reputation, you are likely to attract workers that also agree with the business's values. They are more likely to be motivated, productive, and committed to your business’s success. When you have happy employees that enjoy being at their job, this comes across to customers in a positive way and helps to elevate the business in the eyes of the customer. A brand that is well regarded in the industry is attractive to skilled professionals along with offering a great work environment, growth opportunities, and a supportive culture.
A Pathway to Success
There are many moving parts to running a small business. Take the time to truly think about what you're offering and what values you want your business to have. You can then develop a brand to represent your business in all aspects of your business.
There are many benefits to having a consistent, strong brand identity. Creating a memorable brand, trust, recognition, and attracting talent can go a long way to developing a successful business. At Displays2go, we are here to help you showcase your brand with custom-printed displays. This includes items like banners, flags, signage, and many others. With consistent branding for your small business, you will watch your business grow and succeed.