Small Business Branding: How Branding Affects Your Bottom Line in the Real World
Branding occupies a strange space in the minds of entrepreneurs. Most small and medium-sized business (SMB) owners love to look at logo designs and talk about the current or future identities of their companies. But after that creative and conceptual work is done, there isn’t much day-to-day thought given to the growing brand itself.
Why is that? After many years of experience, we suspect that a couple of things are happening. First, the brand development process itself is lots of fun. Who doesn’t like looking at brand-new designs and style sheets while dreaming about a future filled with billboards and other promotions? Second, those same SMB business owners don’t understand how good branding can help them increase revenue in the real world.
That’s a problem we can help with. In today’s post, we want to look at some ways small business branding affects your bottom line each and every day.
Branding Directly Affects Sales
The stronger your brand is, the more of a distinct impression you make on customers. When people notice and like your branding, they are already predisposed to buy from you.
This concept is easier to understand in the inverse: when buyers think badly of your branding, they are unlikely to make a purchase or open an account. Your logo and identity create a strong first impression. Are you making the most of them?
Branding Can Create Secondary Revenue
This is such an obvious point that it’s actually easy to miss. When you have a strong and recognizable brand, it can become a source of revenue apart from your normal products and services.
If you doubt this, take a look around your closet. How many shoes, sweaters, or other items do you own that are tied to a particular business entity or visual? How devoted are you to your favorite brands – including universities, sports teams, etc.? Even on a smaller scale, for establishing your small business brand as a known entity can help you boost sales – especially when it comes to local branding.
Branding Boosts Marketing Response Rates
The ultimate goal of your branding, over time, is to make your small or medium-sized business more well-known to buyers and colleagues. That sense of familiarity could be worth more than you think.
We all like to work with businesses and people who make us feel comfortable. When your brand is established, it increases the response rates from all your marketing activities, online or off. It’s not hard to understand. When buyers know what your business is all about, it’s easier for them to make sense of your offers and decide to act upon them.
Branding Helps With Recruiting
Let’s not forget that people are integral to your business. With a strong brand you can attract more of the best.
The stronger your brand, the easier it is for jobseekers to understand what your company’s identity is like. Then, they can decide whether or not they fit it. Over time this creates a positive feedback loop where you get employees who share your values. That leads to better productivity and service, lower turnover, and higher satisfaction for your team and your customers.
Need Help With Your Brand and Logo?
Hopefully you understand why branding for your SMB requires an ongoing effort. Of course, that’s a lot easier if you get off to the perfect start. Contact us today to talk about logo design, messaging, and other brand design projects. Together, we can create a platform you can use to grow your business for years to come!