There is no topic in business and marketing bigger than the topic branding.
When you Google the term “why is branding important,” you’ll find an abundance of resources that stress the importance of understanding and investing in branding for your success. In the majority of these resources, there are also vague references to terms like brand value, brand equity, and consumers’ minds and hearts.
You’ll find the topic seems to somehow encompass everything from mission, vision, and values, to colors, fonts, and messaging. The topic somehow does everything, doesn’t it?
As you continue to investigate, you’ll discover that Investing in branding really matters. In today’s digital, post-covid marketplace, brand leaders all seem to know that harnessing the power of world-class branding is critical for success. But how?
Every day you can read stories about the missteps of recent brands like Twitter, who under the leadership of an unguided leader, unhinge years of brand equity, meaning, and value, completely missing the customers they exist to serve. Twitter’s brand was so engrained into culture that even the word “tweet” was added to the dictionary. We immediately know the missteps of bad branding when we see it, don’t we?
I’ve seen firsthand and can attest to branding’s power, personally and professionally, for both good and bad. Working as a Brand Scientist, I’ve had the opportunity to work with over 150 major brands in 65+ categories, putting 500+ SKUS into the marketplace, and collaborating with small startups from $30K to $30B bluechip companies. It’s one of the things I’m most passionate about, love discussing, and love sharing knowledge on.
While most marketers will tell you that branding is important, only a few know why.
For the customer, branding is a tool that helps them navigate choices in the category, create perceptions, and influence behavior.
As a company, there’s nothing more important than influencing behavior to drive sales, and branding does exactly that.
Branding ultimately makes it easier to sell, easier to buy, and easier to build brand equity in your category.
Yet, who is branding for, and when do you do it?
Branding is for Everyone
It doesn’t matter what age and stage your business is either. Whether you’re a—
- a founder with an idea, trying to get a proof-of-concept and raise capital
- a nascent and budding brand launching into the marketplace
- a pubescent growing brand launching new products and trying to get category growth
- a middle-aged, established brand constantly working to scale and become an authority or
- a declining legacy brand trying to stay relevant, redefine its mission, and stay in the game and need to pivot quickly,
There’s nothing more critical to the success of your business than strong branding that connects with your consumer, helps deliver the product/service experience, and creates a relationship.
Wow. This topic somehow does everything, doesn’t it?