This is a collaborative post by Ellie Jo with tips on using your brand to make more money.
Do you understand the importance of good branding and the benefits it can have on your business? You don’t have to look far to see evidence of how important brands are, take companies like Apple, Microsoft, Facebook, and Coca-Cola as an example. These are some of the most influential global brands, brands that have been invested in a considerable amount and are now a very valuable asset.
Why Good Branding is Important When It Comes to Making Money
According to Forbes’ 100 most valuable brands list, Apple is first with a value of $182 billion and KFC is at the bottom ranking 100, but it’s still valued at $7.4 billion.
Having a strong brand generates interest in your company and will attract new customers. Hence, building and knowing how to protect your brand is imperative in business and are very crucial factors that could make a massive difference in how much money your business will make.
According to The Economist, brands with strong reputations offer 31% higher shareholder return, and companies with strong brands also have more engaged employees who help their company grow profits three times faster than their competitors.
The reason that brands help companies make money is that they are what the audience and your customers or potential customers see first and resonate with. Branding helps companies reach and then connect with their consumers, and while logos, fonts and colors are hugely important to a brand, storytelling and consistent messaging is also vital.
To be successful, brands must also stand the test of time and be able to survive through everything from market changes and shifting consumer attitudes.
So, how can you create a brand which can make you more money?
First of all, your brand needs to represent the mission and values that serve as your company’s foundation; it needs to be able to tell a story of who you are as a company. You need to show people the culture of your company, tell them why you exist and what you are doing. You need to know this, be sure of it. Don’t send out mixed messages. Be sure of your values, your culture, your mission and your message and make sure your employees are fully aware too.
As mentioned, a successful brand is more than logos, fonts, and colors. However, they are a massive part of it, and they deserve care and attention when creating them. It would help if you also had other collateral such as innovative infographics and ready-to-use templates for everything from letters to PowerPoint presentations and make them easy to access, understand, and download for your employees.
You should also invest some time and money (if you can) on developing innovative illustrations and inspiring photography. Don’t rely on stock photography, too many people use it, and it is easily recognized, but if your budget is limited, develop an innovative way to use stock with graphics you own.
Finally, getting your message out requires the right platforms and the appropriate media. This all depends on your business, but if Facebook is where your audience and potential customers are, then make the most of it, it’s free and can get you in front of millions of people. Alternatively, if you need to get into the Guardian newspaper, then focus on that. Don’t waste time putting your company in places where your customers are not.