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A strong brand goes way beyond a fancy, memorable logo. A strong brand increases the value of your company, provides employees with feelings of pride, purpose, direction and motivation. It also makes acquiring new customers much easier. So, if you're thinking of building your brand in 2024, then read on...
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Your brand represents the sum of people’s perception of your customer service, your reputation, your advertising and your brand identity. And when all of these parts of the business are working well together, your overall brand should be strong & healthy.
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1. Branding improves recognition
One of the major components of your brand is your logo because, as the “face” of your business, it’s what people instantly recognise. A professional logo design is simple enough to be memorable, but powerful enough to give the desired impression of your company. Does it represent your business? Is it modern or traditional? Does it articulate and reflect your services? And is it powerful enough to make the right impression with customers.
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2. Branding creates trust
People are more likely to purchase from a business that they feel comfortable and familiar with. A brand that appears polished and legitimate and can easily be identified, builds trust and credibility within an industry. And ultimately, people buy from those they trust.
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3. Branding builds financial value
Businesses who trade on the stock exchange are valued at many times the actual hard assets of the company. And the strength of the branding contributes to much of this value. The greater a company’s devotion to building its brand value, the better the financial return from its efforts. A unified, consistent brand means you will be well-positioned for any future expansion you may want to consider.
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4. Branding inspires employees
Many employees need something to work towards - a purpose. When your employees understand and buy into the mission of your business and its reason for being, they’re more likely to feel that same pride and all pull in the same direction to achieve the goals you’ve set.
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A brand can also inspire pride and generate kudos. Who wouldn’t like to have Apple on their CV?
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5. Branding generates new customers
Branding can also help you achieve more and better quality recommendations and referrals. If you’re not memorable, then you won’t be remembered! And by working on your brand, you’re building trust with future customers - those who don’t need your services right now, but will do in the future.
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Successful companies, whatever their size, have the same thing in common. They’ve established themselves as leaders and experts in their particular industry, and they’ve achieved this by building a strong brand and reputation.
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Ultimately your brand is how you make people feel when they think of you and this single thought encapsulates the value of your brand more than anything. When loyal fans help see you through the bad times, because of all the hard work you’ve undertaken to build a strong brand. That’s priceless.