Why Strong Branding Matters
A strong company needs a strong brand. Your brand is what defines you as a company. It’s what makes you more than just the product (or service) you’re selling – it helps you share your story and paint a bigger picture for your target audience.
Here are the reasons why it’s important to make sure your company has strong branding.
Strong Branding Increases Company Value
A strong brand is what makes your company valuable. Without a strong brand, you’re little more than simply the product you’re selling.
“Brands convey a uniform quality, credibility, and experience. Brands are valuable. Many companies put the value of their brand on their balance sheet.” – Forbes
The brand is what makes a company valuable. Think of whenever a company buys another company for millions – maybe billions – of dollars. They’re not spending all that money for the product, they’re spending it on the brand, and the loyal customers that come with it.
Strong Branding Improves Recognition
The stronger the brand, the more recognizable your company is. A customer is more likely to choose the brand that they recognized over the brand that they don’t for the exact same product.
“Brand recognition has one of the largest effects on whether a customer will choose you over someone else.” – COO Alliance
Strong branding allows your company to be recognized without the need for words. Think of those “guess the brand names” where all they show you is a logo (or even just a part of the logo). Most people can guess which company it is right away. Of course, those are some of the most iconic brands in the world, but it lends to the point that strong branding improves recognition.
Strong Branding Builds Trust
A customer trusts a brand they recognize. A brand that’s consistent and recognizable looks a lot more reputable to the customer and is, therefore, a brand that they will trust a lot more.
“If consumers trust a brand they also exhibit behaviors that demonstrate loyalty. Some 8 in 10 US consumers (82%) and three-quarters (75%) of global respondents say they will continue to buy a brand they trust, even if another brand suddenly becomes hot and trendy.” – Marketing Charts
A trusted brand with a trusted product creates loyal customers.
Strong Branding Creates Loyalty
Chances are your offering is not unique, but your brand needs to be. There are likely countless other versions of the product or services you are offering – so you need to use your branding to set yourself apart and create loyalty from your customers and clients. Your customer isn’t necessarily choosing your company for the product itself, they are choosing your company because of the branding and messaging attached to it.
“Creating this loyal following of customers can ensure continued success and help drive sales of your company’s products and services forward.” – Forbes
Your brand is what outlives the product you’re selling. Your brand is what keeps your company strong in an ever-changing market. Your brand is the thing that makes you known and what keeps you known.
If you have questions or would like more information, I’d be happy to help. Please leave a comment below and my team will get in touch with you.
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Cameron Herold grew up in a small town in Northern Canada. When his father, an entrepreneur, figured out that Cameron wasn’t going to fit into what they were teaching in school—because of his severe ADD—he taught him to hate working traditional ‘jobs’ and to love creating companies that employed others.
By 18, Cameron already had 14 different little businesses and he knew he loved money, entrepreneuring and business. And by 20 years old, he owned a franchise business painting houses and had twelve employees. He spent his twenties and early 30’s heading up 3 large businesses and coaching over 120 entrepreneurs. He was also the COO of 1-800-GOT-JUNK?, and during his 6.5 years he took the company from 2 million to 106 million.
Knowing that every CEO needs a strong COO then led Cameron to start the COO Alliance in 2016. He noticed that there were no peer groups for one of the most crucial roles in the company—the Chief Operating Officer/2nd in command.