Nowadays, if you wish for your business to grow successfully, then you need to start branding.
One of the tangible starting points along your brand journey is making your company name familiar to others in the form of a logo – a unique mark or symbol.
A logo is a seemingly small, but important, part of building your brand image. In fact, when most people interact with your brand, they are almost always exposed to your logo.
So, as you think about crafting a brand image, from logo design to stationary, marketing materials and more, keep these branding benefits in mind:
Company branding can boost customer loyalty. When people have a good experience with a brilliant brand, they are much more likely to conduct business. It also raises the perceived switching costs – the negative perceived costs a customer incurs as a result of changing products or services.
Branding imposes a huge impact on the minds of potential customers – and the general public. It could be said that branding improves how people feel about your company. Psychologists coin this the mere-exposure effect – “a psychological phenomenon by which people tend to develop a preference for things merely because they are familiar with them.” As you promote brand you build familiarity and awareness which drives word of mouth and bottom-line results.
A brand can improve a company’s goodwill and reputation. At times, depending on the industry, it can be extremely difficult for customers to search out specific products and services. However a properly developed brand aids in recall and memorability. This includes the entire brand experience and a customers path to purchase. “Because what people feel when they ‘leave’ your brand is what they’ll remember and, more than likely, pass on to their friends. That will be their experience of your brand (Design Council).”
Branding provides multiple incentives as well as improve the customer recognition. For instance, a brand can be visually recognizable from its size, shape, logo, packaging and other special features. Additionally, it may also be recognizable by using a famous sound, or “personality.”
An effective brand positions itself in the market by communicating product attributes to customers with customer needs, competitive pressures, and message delivery in mind. When customers are connected with the benefits of a particular brand, the brand achieves great competitive advantages.
Support New Launches
When you launch a successful brand you can easily expand the brand through adding new products under the umbrella of the same family brand name. A good brand will help you launch new initiatives with less hassle, as you rely on a well-designed brand identity.
Build Brand Equity
Powerful brands reap financial benefits. The equity of your brand itself can grow to be extremely valuable. Such gains can be achieved during a sale, acquisition, merger or licensing agreements, to name a few. Simply put, developed brands can conduct transactions at a higher price tag.
Lower Marketing Expenses
At the starting stages you have to invest in your brand. Once it has been created, you can maintain it and reap the benefits. A recognizable and thoughtfully crafted brand can exert much less effort when marketing products and services.
This article has been edited and condensed.
Saleem Shafqat is a professional graphic designer and Creative Director at LogoTod Australia. Saleem, who studied at IDS Melbourne, has been working in the graphic design industry for last 5 years. Connect with @LogoTodAU on Twitter.