David Ogilvy, one of the most important figures in modern advertising, defined a brand as, “the intangible sum of a product’s attributes: its name, packaging, and price, its history, its reputation, and the way it’s advertised.”
Add all of those elements together and a brand seems incredibly important. And while the “Father of Advertising” defined a brand as intangible, we have five real-world reasons why defining your brand is important for any business.
Make a Difference
Branding helps a company differentiate from its competitors. Many consumers and buyers find it difficult to compare the relative value of similar products. This is a big problem in the world of commodities—to most people, an orange is an orange is an orange—and the issue extends to other fields as well.
A recent Forbes study showed that in the world of Business to Business (B2B) sales only 31% of customers feel that a brand offers personal value. Meanwhile, 68% of B2B buyers will pay a higher price if they perceive personal value in a comparable product. A clear brand identity is the path to creating this perception of personal value and driving sales.
Storytelling is a powerful tool that increases customer trust. Your brand is basically one long ongoing story. Your business’ actions, assets, products, packaging and more tell the story of what you offer, how, and why.
When listeners are effectively immersed in a story, they are less likely to find false points in a claim. This means that story is a trust vehicle, and in a world where people increasingly distrust advertisers and other public entities, that trust can translate to profit as your brand is elevated above competitors.
The Imitation Game
You can subtly create associations between your brand and other industry leaders with smart branding. Nodding to an aspirational brand, either directly in your field or adjacent, can be an especially powerful tool for startups who are building an identity from scratch.
Clearly defining your brand at the very beginning of your business journey can save you massive amounts of time down the road.
Running a business requires an owner or manager to sift through an avalanche of decisions every day. Spending the necessary time to define the voice and character of your business and documenting that work for your employees is a valuable move towards efficiency. When it comes time to make important decisions about product design or customer communication, the process is expedited exponentially when all team members have a clear idea of the company’s voice and brand identity.
Let’s Go Team!
An essential aspect of solidifying your brand identity is understanding the “why” behind your business. Employee retention can often be tied to an organization’s ability to motivate, and knowing your business’ “why” can prove inspirational for employees.
The “why” is the deepest level of describing your business, since every business already knows their “what” and most can describe their “how.” Investigate the reasons behind your company’s existence and communicate them to inspire both employees and customers.
David Ogilvy may have considered brand to be intangible, but the marketing experts at Informatics are skilled at transforming ideas into action and collateral. Contact us today to learn how we can create logos, packaging, videos, content, websites and more that communicate the essence of what makes your company special.