Can branding really make a difference to income?
As a director of a company dedicated to helping businesses improve their brand identity, of course I’d say yes. But here’s why: branding is built around your unique promise to your customers (hint: make sure it’s a promise that you can fulfil every time – and that it’s one which really matters to your customers). Without proper thought or planning to your brand, you’re generic. You’re destined to compete on price alone. You may well turn a profit, but you won’t have built any loyalty, and are unlikely to have won any strong ambassadors in your customers – because those who buy on price alone are fickle and will be easily swayed by the next cheapest offering. And when you’re competing on price, they’ll always be someone who comes along and undercuts you. When you look at it in these stark terms, building a successful brand is essential to engage and win new clients.
Consumers need direction.
With a choice of two companies in front of them, both of which have a similar price positioning and identical product or service, I can guarantee they’ll choose the one that the recognise (think of Apple versus an unknown technology brand – Apple will always win the sale!). It’s just human nature. Successful branding builds familiarity. Strong branding identifies the needs of a given market, and is built upon a promise which really matters to their customers. In turn, this builds trust as consumers feel as though their chosen company really ‘gets’ their problems. Trust inevitably equates to a purchase. So I urge you to think about what it is that you promise to your clients – make sure it’s something that really matters, and ensure you communicate it consistently.