April 30, 2020 |
How Effective Branding Can Lead to Revenue Growth
What is the single most important thing that keeps businesses thriving? It’s actually not your revenue stream! We understand how this can be contrary to popular thought, but the real secret to helping any business flourish is cohesive and professional branding. If a business has a strong corporate brand identity, their revenue streams will undoubtedly increase. And we’re not just saying that – these ideas are heavily supported by market research. The remainder of this article will highlight what we found.
Before we dive into the best practices, it is important to really understand why branding is crucial to the success of any business. Are you a business owner who feels like you have hit a brick wall on the growth of your business? Are you just starting out and in the process of developing your business plan? Or do you just want to see how much your business can grow? If so, this article will serve you in accomplishing your goals.
Let’s start with some facts about the benefits of developing a brand strategy:
- A strong brand identity is something 82% of investorslook for in companies prior to investing. This makes a lot of sense when you take a step back: investors want to know they are choosing a well thought out and complete business plan to support. A strong brand identity can be just as important as the service or product provided.
- Consistent brand identity through all channels and mediums increases business revenue by over 23%. Consistency through all mediums includes more than just your social content. It means making sure your company culture is one that will reflect your brand identity. It’s also important that your employees are aware and supportive of your brand promise; they are your brand ambassadors representing your company at every level.
- An authentic and consistent brand identity is important to 91% of consumers. Consumers buy more than just materials, they buy the story, the packaging, and all the company represents. Your customers and clients will feel more invested in your company’s success if they feel an authentic connection to your brand identity.
Remember: your brand is more than just a logo. Every single brand touchpoint is absolutely critical, whether it’s the stationery and letterhead you use to send formal documents or the collateral and marketing you’re using to promote your product or service. Branding extends and resonates through your entire company, including the physical space where you conduct your business. The right brand strategy will ensure that all of these things articulate the right message to your audience.
What is all of this really saying to a business owner? If you want to experience growth in revenue, serve more clients and customers, or just give consumers the experience they are looking for, it all comes down to your brand identity and the consumer’s brand experience.
What are some quick tips we would give to any business owner looking to exponentially grow their business? First, find a professional branding agency that you feel really understands your company’s mission and purpose. Next, ask your agency how they can help you develop your brand strategy to make the maximum impact in your market. And finally, make sure all of your branding materials are consistent. The branding materials are everything from your logo design, to visual identity, your voice, color palette, and every customer touchpoint.
Additionally, ask about specific deliverables. For any entrepreneur or business owner, handing your brand over to a professional agency can feel like turning your child over to a babysitter for the first time. Asking the agency how they intend on helping your business grow is incredibly important. A Brand Assessment is the perfect opportunity to explain your business to the potential branding agency. The right branding agency will take the time to learn about your business goals and aspirations, and reflect those values and principles in your branding. At Buchanan Brand + Design we take it one step further with competitive analysis in your marketplace. A thorough understanding of your business is essential in effective brand development.
But there’s more to it than just throwing together visual assets and calling that a brand. A truly great brand has a strategy. Everything from your logo to your advertising should be cohesive, because your brand encompasses everything your business is and does. We are calculated and give you the brand tools you need to excel and thrive in your industry.
If some of this feels overwhelming or even if you just need some help putting the right pieces together, get in touch with us here. At Buchanan Brand + Design we have the experience to help you to take your business to the level it deserves.
Beyond The Brand.