Five Myths About Branding
Every business has a branding identity, whether it’s beautifully curated or unintentionally neglected. Branding is the personality of a business that helps them stand out from the rest. It involves the creation of a name, logo, tagline, and other elements that help to distinguish them from their competitors and communicate their creative vision, purpose, and client experience.
Businesses investing in their brand identity is a critical component of their continual success- here are five myths about branding to always keep in mind:
1. A brand is only a company’s name and logo.
While deciding on a name and logo are recognizable and important elements when we think about branding, they are just the start. Branding relays a discernible feel of a company and is important for building a foundation for brand recognition. For example, a company like Flamingo Estate does an amazing job at marketing their everyday products and produce as an opulent lifestyle through their specially curated language and imagery.
2. Branding is only for big companies with products.
While some people understandably equate branding with sales, it’s important to know that all businesses have grown with the help of their branding because it's the way they’re able to differentiate themselves from competitors in their field . Investing in branding can help firms grow by showcasing their particular style, approach to design, and sharing their expertise. The Reschio Hotel is a perfect example of this- they are a refined hotel with a limited amount of rooms that book at a higher price point because their clientele respect the rarity of the experience.
3. Branding is driven by sales.
One of the best outcomes of having strong branding when marketing your business is that you create brand loyalty. If you want your clients to keep coming back to you, investing in branding will result in intangible outcomes such as increased trust and higher perceived quality from devoted supporters. This can help establish credence with potential clients and position the firm as a leader in the industry. For designers, this can additionally lead to new opportunities for collaborations, speaking engagements, and overall career growth.
4. Branding has no ROI.
Besides having a stronger sense of who your business is, having a complete brand style and messaging guide will give your target clients trust that you are in fact the all encompassing business they want to work with. A well-defined brand can help build credibility with clients, who are more likely to work with a company with a strong reputation and clear brand identity. With more client confidence comes a higher ROI.
5. Branding is expensive.
Branding is only expensive if there's no ROI; and it's an investment that has tax benefits. It’s important to be mindful of how your brand is experienced at every touchpoint. Branding heavily influences your target client’s first impressions of your business and improves client retention so it’s vital to spend your marketing budget intentionally. While it may seem like a generic brand would be less expensive to create, the long-term costs can be detrimental and a weak brand may struggle to stand out in a crowded market. A company like De Gournay will never have trouble getting their supporters excited about their hand-painted and embroidered wallcoverings as they’ve done a beautiful job marketing their divine craftsmanship.
In conclusion, investing in a strong brand identity is essential. It can help them establish their notoriety, differentiate from competitors, attract new clientele, and help their firms thrive. If you are ready to begin your branding journey, head to our Services page to learn more.
