There are numerous benefits of branding. However, the establishment a strong brand is still challenging for many companies.
Though it’s no surprise, Rome wasn’t built in a day and all great things take time.
There are many aspects to consider from the logo design down to the core values of a brand.
In short, branding is akin to a complete overview of your business packaged into an engagement between audiences and the brand.
Many Malaysian companies struggle with establishing a stable brand identity. After all, companies must make the appropriate research and the right decisions to completely leverage their company to the best of their ability.
Some companies even get compelled to rebrand themselves due to ineffective branding strategies!
However, the benefits of branding is worth the trouble that any brand owner has to undergo.
A strong brand can guarantee a large increase in the value of a company. Owners of strong brands have the luxury of being chosen over their competitors without lifting a finger.
Strong brands are also guaranteed to acquire new customers with little to no effort due to an identity that is already strong with the public.
Do I Have A Strong Brand?
Before you can enjoy the benefits of branding, your brand has to possess various traits that indicate a strong brand.
Strong brands can be simplistically described as authentic, genuine and well-developed characters. The “well-developed” aspect would be facets such as services, products and a reputation that is exceptional to consumers.
Only a strong brand understands how to manage these areas to the best of their advantage.
4 Common Traits Of A Strong Brand Identity
1. Consumer Knowledge
Understanding your brand’s audience is a must for any successful brand. After all, a product or service is nothing without consumers.
Every brand should have sufficient knowledge of their target audience. To do so, in-depth research into your audience’s demographics is key.
In turn, the data collected can be used to improve the quality and structure of your product or service. It also bridges as an excellent method of communicating with your audience.
A successful brand is a brand that understands how to connect with their market and maintain that relationship.
To gain the favour of consumers and stand out, a brand should have a competitive drive against other brands.
Although the existence of more seasoned and veteran brands is intimidating to most, it shouldn’t deter anyone from making “friendly rivals”.
Having industry competitors can help you understand what your brand lacks. You can learn from experienced brands and understand their shortcomings that can be potentially taken advantage of.
It may seem tempting to create a company that is a “jack of all trades, master of none”, but it is discouraged in a competitive environment. Your brand should understand its’ strong suits and take full advantage of it as a niche.
3. Consistent Excellency
The sign of an excellent brand is consistently good services and products. Brands must be consistent in their efforts so that trust can be established.
Consistency is also important for a competitive brand because you don’t want to fall short compared to your competitors.
It creates familiarity to consumers and generates trust when brands succeed in delivering their services and products consistently.
4. Positive Exposure
Well-known brands such as Adidas and Nike have excellent strategies to reach their audiences positively and beneficially.
In fact, these brands utilize multiple marketing channels to communicate with their audiences, such as social media and videos.
Although your brand might not have a budget as generous as Nike or Adidas, the presence of the internet has made exposure easier than before.
Developing social media accounts such as Facebook and Instagram has made reaching out to global audiences from all walks of life easier.
The Benefits Of Successful Branding
Once any brand harnesses the traits of a successful brand, they are free to enjoy the benefits that come from a strong and positive brand identity.
There are many benefits of branding but, narrowing down to the top 7 reasons will show why you’ll enjoy a strong brand:
1. Customer Loyalty
“This is my favourite brand!”
A successful brand gets to enjoy well-deserved loyalty from a fanbase that looks forward to the brand’s products and services. Moreover, customer loyalty is important to ensure your market favours you over others.
The advantages of customer loyalty are immense in an industry where businesses heavily rely on their customers. However, it is something that requires effort and time to establish.
A tip, customers are mostly attracted to businesses with similar values to their own.
2. High Brand Recognition
“I’ve heard of that brand before!”
A strong brand that many locals and even international audiences can recognize is a testament that that brand is accomplished. It indicates how well received the brand is when the audience can immediately differentiate their products from others.
For example, many are surprised that Padini is a Malaysian-based brand despite its international outreach in many countries. Their iconic clean-cut logo is also easily recognizable as a garment store.
When your brand starts achieving success, even non-customers start being aware your brand exists. The best thing is that you don’t need to lift a finger!
However, your brand should still continue to work on improving itself despite the effortless recognition that it’s receiving.
3. Free Marketing from Word of Mouth
“This is my favourite brand, you should try it too!”
When a brand starts being a favourite among your consumers, that brand’s name might be the first thing that gets suggested to their friends and families.
Your consumers are your best brand ambassadors because they enjoy the benefits your brand entails, and they’ll gladly share it with their loved ones. After all, nothing is more trustworthy than personal reviews about a product or service.
In fact, it has been revealed that word of mouth alone can generate up to a 54% increase in successful marketing campaigns.
4. Employees That are Proud of Working at Your Business
“Hey, I work at that famous brand and I’m proud of it!”
Existing employees feel pride working at a well-renowned company. That’s because your brand has created a reputation many people would like to be associated with.
Successful companies also result in more motivated employees driven to upkeep the company’s success. After all, people look forward to being part of a successful business’s success.
However, you should still maintain a healthy working environment despite the satisfaction of your employees. A reputable company’s working environment should reflect the good image that they have generated.
5. Greater Advertising Influence on Customers
“I’m looking forward to try that new service from that brand!”
Fans of a brand will always look forward to any new products, services and even updates of a company they like. Even if the consumer is a potential customer, your readily established name and reputation encourages new customers out of curiosity.
A strong advertising influence will increase the chances that someone will buy your service or product.
MyBurgerLab is a famous local burger joint that has successfully amassed many fans since its opening. They’re known for their creative takes on burgers, and unique creations found nowhere else.
This burger joint also frequently releases new burgers or collaborations every month, resulting in success for every campaign due to a strong fanbase.
6. Decreased Price Sensitivity
“It sucks that this service is a little more expensive now, but the quality is high so it doesn’t matter.”
Price sensitivity can be described as the willingness of your audience to buy your product or service due to the cost. Ideally, a cost that weighs less on their decisions would be better in the eyes of the consumer.
However, a successful brand has greater agency in modifying their prices- as long as it’s within reasonability, of course.
Customers tend to have lower price sensitivity towards products, services or a brand that they adore. That is because they have full trust over the quality and service of the brand.
When your brand has cemented itself for excellent quality and service, you will have a stronger ability in increasing your prices.
7. A Well-Sought Workplace to Work at
“I want to work at this company in the future because they’re really successful!”
Successful companies are more easily sought after by applicants as ideal workplaces. After all, many applicants are wary of choosing their potential future workplaces because nobody wants to work in a corrupted working environment.
Therefore, the easiest gauge is a successful company with a good reputation.
Companies with good publicity and reputation are the easiest to gain new applicants. This also means you gain more options for vacant positions.
You might even find hidden talent within your applicant pool that is motivated to work for you!
Walk Production prides itself in providing strategies for rebranding, website development, SEO marketing and many more. We are a branding agency with a dedicated team to help your company in all aspects of branding
Walk Production has all the help you need in establishing a successful brand.