Since the COVID-19 pandemic started its rapid spread in early March, the United States has been dealing with one event after another. Nevertheless, high-performing business organizations have continued to brand themselves throughout these crises, and continue to reap significant benefits as a result.
For example, Apple has continued to brand itself with a steady stream of new content, from "Shot on iPhone" short films to funny videos about working from home. Not surprisingly, this consistent branding strategy has boosted Apple's bottom line, and helped to solidify its status as an industry leader.
What about your business? How important is branding to its overall success? Let's discuss 5 reasons why branding is so important in the corporate world.
When your company invests in the development and deployment of consistent ad campaigns, it will help your brand to stay top-of-mind with your customers. Research indicates that it takes about 5-7 impressions for consumers to remember a brand. That number may be even higher if the company's marketing campaign is scattershot in tone or messaging. On the other hand, well-designed branding campaigns will not only help people to remember you, but will make it the first brand they think of when making a purchase decision.
A simple example of an effective branding campaign would be a set of commercials from a luxury auto manufacturer. The commercials may not be very "salesy," but are primarily designed to keep the organization front and center in the public consciousness. By focusing on the branding process alone, the company's marketers can maintain forward momentum without sacrificing the brand established "image."
It only makes sense that the more ads you publish across different marketing channels, the more people you'll reach. This is especially true if you deliver your messaging on a consistent schedule. Further, if you reach more people with a strong branding message, then you will be miles ahead of your competition in establishing a connection with consumers.
As an additional benefit, branding campaigns will not only expand your overall reach; they will also encourage existing clients to refer your business to others. For instance, satisfied GEICO customers that see one of the brand's ads may mention their positive experience to a colleague at the office, a friend, or a family member.
When your consumers take part in this type of "referral marketing," it can result in a huge boost for your revenue stream, since 90% of people trust suggestions from family and friends, and would be more likely to buy from your company based on their words of approval.
Consistent branding results in a unique brand identity. In other words, consumers are able to easily pick out your business among competitors. This is a huge win for your company.
Some key factors that feed into brand recognition include consistency in your logo, color scheme, tone, and messaging. For example, think about Allstate's "You're in good hands" tagline. Distinctive slogans like that can enhance your chance of being noticed, which in turn can set you apart from industry peers.
Branding is also an important factor in building and maintaining trust with your customers. In these times of rapid and unforeseen changes, people want to deal with stable companies that exude confidence and credibility. Consistent branding can help your target audience to perceive your organization as a trustworthy source, not only of products or services, but (in many cases) also of information. This enhanced credibility will bring great value to your company, since many consumers only want to do business with a trusted brand.
Finally, this is an excellent way to deepen your company's connection with both current and potential customers. When a branding campaign truly resonates with its target audience, then the advertiser inevitably benefits.
For example, in 2012 GoPro and Red Bull collaborated on the "Stratos" project. In this project, Felix Baumgartner jumped from a space pod over 24 miles above Earth's surface with a GoPro strapped to his person, and broke several world records in the process. This co-branded event connected with the two companies' target demographic, and led to increased brand awareness (and ultimately sales) for both organizations. In a similar way, well-developed branding campaigns that demonstrate your company's core values can facilitate deeper and more enduring connections with your customers than any other form of advertising.
Despite the social and economic uncertainties we see around us, well-planned and consistent branding initiatives remain the bedrock of effective marketing. If you continue to brand your business on a consistent basis, you'll enjoy several benefits, such as:
Whether you decide to go it alone, or seek out the expertise of an experienced media partner, continue to invest in this important form of marketing. You won't regret doing so.