Most entrepreneurs start a business with an idea. They usually slap on a logo and think branding is sorted. Your brand is the face of your business. In my post What is branding, we’ve talked about the complexity of a brand and how it incorporates both identity and strategy. Today I want to talk a bit more about why branding matters. Why it is important and how it affects your business.
Why branding matters and how it impacts your business
Since I love coffee (could you have guessed?), let’s take a look at the following picture.
Two cups that seemingly does exactly the same thing. They both hold coffee. But why would you be willing to pay more for the second cup than for the first cup?
Okay, so you say it’s Starbucks. But isn’t that just a logo on a mug?
Technically, yes. But when you see it, you associate it with a specific “persona”. It is outgoing, youthful, and friendly. It is the promise of freshness, warmth, and comfort.
Now let’s look at the following picture. Also two cups of coffee.
But I’ll be willing to pay way more for the Nespresso cup than the Starbucks cup. Why is that? It still is a cup of coffee.
The cup of Nespresso holds the image of a high-end product. It is for coffee connoisseurs. Something that only the elite will drink. It is unique and elegant with the promise of a luxurious experience.
So I do believe that it does taste better, but that could just be me…
These are all emotional associations with different brands. We call them brand attributes.
Brand attributes
Brand attributes are functional and emotional associations that people assign to a brand. When developing your brand they are very important aspects to take into consideration as they will affect your brand placement in the market.
The following elements form part of the brand attributes
- Name
- Visual Aspects (logo, colors, textures, and elements)
- Personalitly (youthful / fun / mature / up-class etc.)
- Pricing (generic price vs a premium price)
All these elements, when strategically planned, will ensure that you attract a specific customer to buy from you. These attributes will help to form an emotional connection with you. As we’ve talked about in the past, people’s decision to buy from a specific brand is driven by an emotional connection.
Your brand should create an emotional connection
This emotional connection doesn’t develop overnight but is the sum total of numerous interactions with your brand. Each element of the brand plays a part to reinforce this connection by making the customer feel something. Making them feel a specific way is what ultimately drives them to choose you above a competitor.
If I want to feel young and part of the “in” crowd, I’ll rather buy from Starbucks than a regular cup from the corner shop. Having a Starbucks cup in my hand makes me feel youthful, energetic, and “in”. So it’s the subconscious feeling that it brings that drives me to walk that extra block or two to buy from the specific brand. Even if they hold exactly the same coffee, your mind will convince you that it is better coffee, thus driving you on an emotional level.
Your brand provides value
Just as your name and face become the way people recognize you. So does your brand’s name and image (or logo) becomes recognizable amongst the sea of competitors?
Due to the emotional connection customers forms around your brand, they become loyal to you. I always drink Nespresso. In the event that I’m not at home and have to drink another brand, I’ll do so. But drinking the other brand subconsciously reinforces my decision to buy Nespresso. The coffee “just doesn’t taste as good”.
The higher your customer loyalty becomes the less need for marketing and promotion you have. Investing in creating strong emotional connections with your customers from the get-go, will thus pay for itself in the long run.
Consider this for a minute. Think about how many people have the same business as you do? How many coaches or bloggers or VA’s are there. Why would someone choose you? Make sure your brand stands out, creates an emotional connection, and ensures brand loyalty in the long run. Discover how to create and manage a brand that helps your business become known, loved, and preferred through this handy guide.
