It's a question that I've been asked a few times in the past. I normally understand where people are coming from. Often for companies that are low on time and money, it can seem like a waste of resource or something that isn't worth the investment. It can also seem fluffy and not very tangible (and it is hard to measure your brand value). That said Apple, Amazon and Google's brand alone is valued at over $300bn. So is it something that only the giants like Apple and Google can afford to invest in?
First off, what is a brand. Ask a room full of people, even so-called 'brand experts' and they will all have a different answer. Personally, and simply, I think a brand is how people perceive and feel about your company. It is what someone feels and thinks when they here your brand name. Your brand is built through pretty much everything that you do, from how you look, what you say, the user experience of your product, and of course what other people are saying about your brand (online and offline).
Here are the top 5 reasons for why you should invest in building your brand:
1. Stand out from your competitors
A strong brand helps to distinguish your company from your competitors, helping people understand who you really are and why you are different (and better!).
2. Increase the value in your product and service
There is a reason why a white shirt with a Nike logo costs 10x more than a normal white t-shirt. Branding helps to increase the value of your product and service, and people will be willing to pay a higher price.
3. Build trusts
A solid strategic approach to your brand strategy and brand identity will make your brand more credible, and will help people feel like they can trust your brand.
It sounds obvious, but investing in a strong brand identity and a smart messaging strategy, will help people remember your brand.
It's important to understand that you can't build a brand overnight, it does take time and investment. However, what you invest in the short term, will more than pay off in the long term.