Business and marketing publications will often throw around the term branding with the basic instruction to do more of it. Yet, they often gloss over exactly what your business will get out of the deal with branding.
Despite that glossing over, the advantages of branding are real and numerous. The catch is that you must live with the fact that branding doesn’t yield well to traditional metrics. It’s primarily about the emotional relationship customers have with your business, rather than something measurable.
Curious what advantages branding can provide you? Keep reading for some of the bigger benefits you can enjoy.
- Repeat Business
One of the big benefits of branding is that once someone decides they like your brand, it dramatically increases the odds that they’ll buy from you again.
Let’s say that you sell spaghetti sauce. There are many spaghetti sauce brands on the market competing for shelf space.
If someone decides that they like your brand, they’ll likely reach for your sauce instead of dealing with the analysis paralysis of choosing something new.
A good branding campaign can go a long way toward positioning your company or product in the right way. For example, let’s say you sell luxury products. Your branding can focus on the luxury aspect, rather than cost.
The advantages of brand positioning include better lead generation, better conversion, and typically better profit margins.
- Secondary Sales
Another of the advantages of branding to sellers is the opportunity for secondary sales. Take a company that sells small-batch liquor products. These kinds of brands often develop a cult-like following among their customers.
You can leverage that brand loyalty a bit into secondary sales through a company swag store platform. You could sell branded shirts, hats, and shot glasses for example.
- Low or No-Cost Marketing
A strong brand can often leverage that brand into no-cost or low-cost marketing. For example, you can encourage your customers to post pictures of themselves on social media using your product and tag you in their posts. This exposes all of their followers and friends to your brand for free.
You can also host the best user-generated videos involving your products on your website. You pay for the bandwidth, but it’s probably less than producing your own videos.
It’s a smaller benefit, but a strong brand can make your recruiting easier. People like working for recognizable brands because they can talk about it. It means you’ll likely see more high-quality applicants.
The Advantages of Branding and Your Business
Your business can enjoy the advantage of branding, but it’s not an overnight process. Branding takes time, and it’s difficult to measure.
Once you establish that branding, though, it can increase direct and secondary sales. It encourages repeated buying.
You typically see better leads. Your customers will often help you promote your brand online with user-generated content.
It may even help you recruit better qualified candidates for your business.
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