There are countless brands available worldwide, with new ones popping up every day. It’s a mystery how some become household brands while others fall behind. In fact, the market is so saturated that even established brands have trouble keeping up with today’s modern consumer.
One of the key challenges companies face today is that their branding doesn’t reflect their mission, vision and values. This disconnect naturally has a knock-on effect with consumers.
In a busy environment, it’s more important than ever for brands to stand out and win loyalty. Trends change faster than ever. What was ‘hot’ last year may now be tired and old. If you want to say relevant to your customers, you should think about refreshing your brand.
But that’s not all. Simply looking the part isn’t enough in 2022. Consumers want to buy from brands they care about. So, ask yourself: do you have a meaningful brand that stands for something important?
If you’re new to the market or need to refresh your brand image, there should be one thing on your mind. Branding. It is the key enabler that that will help you build a sustainable and credible business.
Here is why branding is more important now than ever.
It’s a battle for consumers attention
With so much choice at their fingertips, consumers can easily switch from one brand to another in a heartbeat. Without a compelling reason, what will stop them?
Recent data shows consumers wouldn’t care if 75% of brands vanished. In a nutshell, this means people pay attention to companies that are relevant and meaningful and they ignore everything else.
The main challenge for brands
Today’s customers are spoilt for choice and often don’t know all their options. With countless businesses competing for attention, it’s no surprise many brands get overlooked.
Building a strong brand isn’t easy; it’s a complex process that goes beyond a slick logo and well-designed website. With 66% of consumers seeking more meaningful experiences, creating an impactful brand is non-negotiable.
Brands need to build trust
Memorable brands have built their empire around impact and trust. They strike an emotional chord with their customer and have created an authentic brand experience.
They’ve done this by crystallising the following 4 areas:
The importance of branding
Among many reasons, branding helps you define who you are as a company, your unique personality and your image. It’s the memory that comes to mind when a customer interacts with your product, service or company name. A well-rounded brand should reflect your:
Branding is your logo, signage, content, customer experience and so much more… Think of it as the message you put into the world. It’s what you use to connect with your customers and be relatable. It helps you build trust, credibility, and positions you in front of the right audience.
Take Qantas for example. Although the travel industry plummeted during the pandemic, Qantas’s brand perception and equity helped them pull through. They conducted themselves authentically and were consistent with their brand vision and values.
Qantas’s response campaign, ‘I Still Call Australia Home’, reflected this. It championed ‘the spirit of Australia’ and promoted their genuine, optimistic, experienced and collaborative approach. Now everything is back up and running, their brand loyalty has ensured their longevity.
Consumer trust starts with the brand compass
Shared values between your business and your customer are key to making your brand relatable. If a consumer sees themselves in your brand, they’re more likely to connect and shop with you. Showing your human side is a great way to achieve this and make your target audience feel they are being true to their belief system.
You can do this by establishing a well aligned brand compass which defines your:
- Purpose – the reason your company exists
- Vision – the desired focus of end journey of your business
- Mission – the roadmap to your success
- Values – what you stand for
- Objectives – your tangible short term goals
These elements help align your brand and your business. In turn, this helps your company run smoothly. We’ve already created a template to help you with this.
Win customers attention with branding
Customer perception and trust are necessary for businesses to thrive today. When done correctly, branding can help you stand out, and:
- Make you instantly recognizable – In today’s digital world, competition is heating up. Your branding defines who you are and what you do. If it relates to your audience, you will be remembered.
- Build trust with your customer – Consumer behaviour has changed over the years. Customers now choose familiar, trustworthy brands. If your branding communicates authentically, your audience will remain loyal.
- Spark an emotional connection – Many purchases are based on feelings. A great brand personality relates to customers on a deeper level. Without a strong identity, it’s impossible to create an emotional connection or foster advocacy with your brand.
- Create personality and distinct style in your market – Brands who show individuality are more likely to attract buyers. Your branding creates a unique personality and tells the world what you stand for. It’s what makes you different and it should have a strong “why” behind it.
- Drive conversion and sales – Customers who’ve made two purchases with you are 54% more likely to make a third. As brand experience is linked to customer retention. Building a trustworthy brand will help with your sales targets in the long-term.
Consistency is key
On average, consumers need 20 encounters with your brand before they are willing to take action.
A consistent brand is a recognisable brand. Customers are more likely to return if they feel a sense of familiarity and the same experience across all touchpoints. For example:
- Your social media channels
- On your website
- Your packaging
- The experience they receive via email, telephone and chat
Don’t underestimate the power of branding
Brands don’t just stand out through their product or service alone. Instead, people buy from meaningful brands that they have a personal connection with.
Don’t let complacency or a busy marketplace stop you from making your mark. There are easy ways to make in-roads with your branding using practical tools. To build consumer loyalty and stand out, you need to work on your foundations first. Creating a rock-solid brand compass is the great starting point and will help set your brand up for future success.