Hot Take: Your Brand: is it vital to success?
In this article our Creative Director, Andrew Wolffe explores why continual investment in your brand is a foundation for growth.
I’ve spent my career persuading companies to invest in their brand, I believe firmly that investing in a well-articulated and well-designed brand is a vital part of a company’s success strategy.
Every now and again though, a company pops up on my radar with a brand identity that looks (to put it politely) naïve, I dig a little and discover the offensive logo belongs to a highly profitable company with a turnover north of £35m. I scratch my head and wonder; how can a company that looks so bad be so successful?
The answer is complex but largely comes down to a mix of quality of product or services, understanding your market and your competitors, and articulating to your customers in the face of your competitors. Most important, however, is a well-developed business plan that you buy into and implement. A clear business plan supports customer articulation which in turn helps your brand build a connection between your values and theirs’. This is where your brands ‘voice’ resonates and propels you beyond others.
That your brand alone is essential for success is a myth. However, sitting alongside an active business strategy it can supercharge positive results.
Your brand is more than a snappy a logo or name; it represents and presents your reputation and values and aspires to build an emotional connection that consumers have with your company and your product. Seen in this context your brand is incredibly important and requires continual investment.
Here are some reasons why continual investment in your brand is crucial:
MAINTAIN RELEVANCE: Markets, consumer preferences, and technology are constantly evolving. To remain relevant and resonate with your target audience, you must invest in your brand to adapt to these changes. Regular reviews, updates and adjustments ensure your brand remains in tune with the times.
BUILD TRUST: Trust is a fundamental element of a strong brand. Investing in your brand’s reputation through consistent messaging and high-quality products or services helps build and maintain trust among your customers.
COMPETITIVE ADVANTAGE: A well-developed and recognised brand can deliver significant competitive advantage. It can differentiate your company from competitors, even in highly saturated markets. Continual review and investment in branding can help solidify this advantage.
CUSTOMER LOYALTY: Brands that consistently deliver value and maintain a strong brand image tend to enjoy higher levels of customer loyalty. Loyal customers are more likely to stick with your brand over time and even advocate for it, bringing in new customers through word-of-mouth.
PERCEIVED VALUE: A strong brand often commands higher prices and can justify premium pricing. Customers are often willing to pay more for products or services from a brand they trust and perceive as high-quality.
EXPANSION AND DIVERSIFICATION: If your company plans to expand into new markets or diversify its product or service offerings, a well-established brand can make this transition smoother. Your brand’s reputation can serve as a foundation for new ventures.
CRISIS MANAGEMENT: In times of crisis or negative publicity, the strength of your brand can serve as a buffer. An established positive brand image allied to a confident brand tone of voice can help mitigate damage and reassure customers and stakeholders.
EMPLOYEE MORALE AND RECRUITMENT: A strong brand can also benefit your internal team we call this your ‘employer brand’. Employees are often more motivated and engaged when they work for a company with a positive brand image. Additionally, a strong brand has a better chance of attracting top talent when you are recruiting.
MEASURABLE ROI: While branding efforts may not always yield immediate and direct financial returns, they can be measured in terms of increased brand awareness, customer perception, and market share. These metrics can eventually translate into improved financial performance.
LONG-TERM SUSTAINABILITY: A brand that is continually nurtured can have a lasting impact on your company’s sustainability. It can help you weather economic downturns and adapt to ever-changing business conditions.
To continually invest in your brand, consider strategies such as regular market research to understand customer needs and perceptions, consistent and coherent brand messaging, ongoing product or service quality improvements, and adapting your branding efforts to emerging marketing channels and trends.
Remember that building and maintaining a strong brand is an ongoing process that requires dedication and a long-term perspective. Is your brand fit for the future?