Why branding is your most important investment
How brand strategy and design can ignite engagement and drive profit for your small business
Is your business lost in a sea of competitors? Or perhaps you’re getting enquires about your services, but it’s all the wrong kinds of people. Crafting a brand for your business isn't just a checkbox on the to-do list; it's the foundations for your success and growth.
Let’s dive into what brand strategy is, and why it's essential for your small business or start-up.
What even is ‘Brand Strategy’?
Branding is much more than slapping a logo on a business card and calling it a day; it’s your values, your mission, the way you connect with people, and most importantly your ESSENCE.
How do you find that all out?
It requires a strategic research about you and your driving factors (or, your ‘why’), your competitors, and your ideal audience and what makes them tick. Your strategy shapes how your brand will be perceived and remembered. It's about resonating authentically with your target audience, and showing how your service or product will transform their lives.
Your audience is what drives your brand
At the heart of brand strategy lies a deep understanding of your target audience. Who are they? What keeps them up at night? How can your product or service be the answer to their problems? This knowledge is the foundation on which your strategy is built.
Once you grasp their needs, fears, and desires, you can craft messaging that is relatable, that they connect to, and is most importantly, authentic to you and your service or product. 88 percent of consumers say that authenticity is a key factor when deciding what brands they like and support, so keep in mind that honesty really is the best policy when talking to your audience (Stackla, 2021).
Why invest time and money in brand strategy?
I get it - there are so many costs that go into running a business. Let alone that, finding the time to dig around and discover all of these insights takes valuable time too. Here’s the scoop on why investing your time and resources into crafting a brand strategy is worth your while.
Helps you stand out
In today's crowded marketplace, it's essential to differentiate your company from your competitors. Using your unique positioning in your market to craft relatable content and marketing helps you to stand out and build a memorable brand. By defining your brand's values, messaging, and personality, you can create a brand that truly connects with your target audience, setting you apart and driving growth and sales.
Builds trust and credibility
A well-defined brand strategy helps you to build trust and connection with your customers. When your brand has clear opinions and messages, and you use that consistently, your audience will know that you are authentic and honest because you stick to your guns and whole-heartedly believe in what you’re saying. Customers that know and trust your brand will likely become repeat customers, and research by Bain & Company has shown that a 5% increase in customer retention can become a 25% increase in profit for your business.
Increases brand awareness
A high-quality strategy helps to increase brand awareness and encourages your loyal brand enthusiasts to shout about you from the rooftops. This makes it more likely that they will refer your unique business to others, increasing your reach and awareness. Building a brand and growing your audience also means that with each marketing campaign or product launch, you have to spend less time and money trying to convince new customers to buy your products or service, increasing your profit. Head to this Forbes article for a deeper look.
That’s all very well, but how do I create my brand strategy?
It starts with understanding your target audience. You need to deep dive into who they are (or who you imagine they will be), what their needs are, and how you can solve their problem. If you have existing customers that you can reach out to, even better. If not, just think of your dream customer, or perhaps base it off someone you know in real life.
Next you look into competitors - what makes you different to them? Is it the way you interact with your customers, your specific offering? What do they do well? Are there areas that you can do better than them? By looking at the competition it can help identify your unique selling point (USP).
Time to turn inward. Take a critical look at your business - what are your weaknesses and challenges, and how can you transform these into your opportunities and goals?
How do you want customers to feel after interacting with your business? Warm and fuzzy? Informed and educated? Getting as specific as this will help you define your brand personality and hone your brand messaging style.
From here you can develop insights that will form the design style for your brand. For example, I want customers to feel energised after interacting with my business, therefore I will use a bright, modern colour palette for the brand. Or, I want my clients to feel relaxed and rejuvenated when I talk to them, therefore I will use down-to-earth language and a minimalist design style.
If in doubt, get in touch with a brand designer who can help you figure all of this out (that’s my shameless plug).
The takeaway:
Brand strategy involves a deep understanding of your values, your 'why,' competitors, and your target audience.
Brand strategy helps you stand out, build trust, credibility, and increase brand awareness.
Resonating and connecting authentically with your audience is key, as 88% of consumers value authenticity in brands.
Customer loyalty is incredibly valuable for building your brand and growing profit.
Focus on sticking to your values, essence, and how you can transform your customers’ lives.
If you have the budget, use a professional brand designer to help you define your strategy and build your brand.
Meet Ruth - your freelance designer
Discover my services or get in touch to see how I can help you smash your goals and grow your business.