Benefits of Branding
Small business branding isn’t always your first thought when you’re starting up something new and small. There are so many other operations to nail down and branding sometimes goes by the wayside. However, branding can really help you achieve all of your business goals. Investing in your brand helps you clearly communicate who you are and what you’re about. Using your brand to share your brand story is an incredible way to benefit your business in the long run, especially for small businesses.
Small Business Branding Benefit #1: Reputation
When you’re a small business, especially if you’re just starting out, your reputation is super important. Great branding kickstarts your reputation and gets you off on the right foot. It is necessary for every business, big or small, to build trust and establish themselves as a reputable company.
Before word of mouth starts to spread about how great you are, the only way to convince customers to take your company seriously is through your branding. A creative and well-designed brand will help legitimize your name.
Branding also makes your brand memorable so that when word of mouth does kick in, your brand will stick. Customers who have a positive opinion of you that remember and recognize you will be repeat customers and spread your name.
Branding also impacts your internal reputation. Your brand should reflect the personality of your company, which should be a huge draw for talented employees who want to work for you. Recently, a LinkedIn study showed that businesses with strong brands receive 2.5x more applicants per job post on their site. Well-branded businesses also have a 28% lower turnover rate than companies with weaker branding.
Small Business Branding Benefit #2: Financial Value
Many new companies take a quick stab at their small business branding by paying a design website to generate them a quick, rudimentary logo. Their plan is to circle back and rebrand once they get their business off the ground.
As a small business branding agency, we say “yikes.” If this is your plan, keep in mind that a rebrand will cost you significantly more money than the initial designs would have at the beginning. This is because you won’t just be making a new replacement logo. Instead, you’ll be re-doing everything, from your website to your printed materials (like your in-store signate, menus, handout cards, business cards, rack cards and ads).
If you re-do it, you’ll have to pay for it all twice, and you’ll miss out on the expertise of a branding agency asking all of the important questions from the get-go, like “who do you want to be? What are your values? What is your purpose?”
Even after the initial investment, we know that companies who invest in their branding can see significant ROI as a result.
This article shows the Just Salad rebrand from 2017. Since then, they have seen significant growth in increased and sustained sales. In the third quarter of 2018, they reported their third consecutive quarter making double-digit sales growth, an increase of 21.3 percent in YTD same-store sales.
Small Business Branding Benefit #3: Focus on Your Brand Story
Small business branding puts all of the focus on your brand story. Your brand story is your purpose, your differentiators that set you apart. It’s the reason you’re in business. All the reasons you’re unique. Branding makes sure everyone who comes in contact with your brand understands your big picture.
Your logo is the foundation for telling your story and conveying your core values. A cohesive brand allows you to leave your mark on every customer touchpoint. It makes your business operations and interactions come alive with your unique personality and purpose.
From a strategic standpoint, branding shapes your customers’ perception of your business. A small business branding agency can put your business in the best possible position.
Are you interested in small business branding? Let our team of designers and strategists at Nice Branding Agency build your brand.