Why Your Brand Is Your Most Valuable Asset
One of the most valuable things you’ll own in business will never be sold. It won’t be attached to any government certificate, and you won’t find it at any bank. It’s your brand. But what makes it so valuable? Today’s post will answer that question.
History wise, branding and advertising has been around for centuries. From the days of caveman to modern day, people have used simple methods such as painting their faces to look more ferocious and using symbols in order to communicate values.
Much later, as civilization advanced and more complex methods of communication were developed such as written language, brands also started to develop. In ancient Egypt for example, hieroglyphs were used on wine jars to communicate who made it and where.
What has ancient history got to do with your brand?
Well, if you think about it – everything. A lot of what we consider as brands today were first started as identities which communicated a lot about the brand owner.
Which then brings us to why a brand is your most valuable asset.
Why Is Your Brand Important?
Your Brand is Your Identity
The true value of a brand is that it represents the values and goals of its owners, and most importantly, it represents the trust that people have in you.
If your brand is not seen as valuable or trustworthy then no matter how good you are at what you do, your brand will continue to suffer.
Likewise if someone else’s brand is seen as valuable and trustworthy then they can do no wrong. However, one thing we must remember is that in order for this to happen, the values that your brand represents must be true and authentic.
If you are not authentically living up to the values that people associate with your brand, then the moment they realize this, you will lose their trust and the benefits of having a strong brand in the first place.
An Opportunity to Stand Out From the Pack
In an age where there is so much “noise” and “clutter” out there, a brand can make all the difference.
The whole point of branding is to be different and stand out from your competitors. If you are not different, then why would anyone want to buy from you?
Which is where your brand comes in. The power of a strong and unique brand is that it can help you stand out and communicate your values, mission and vision to the world.
This then allows others to easily identify with you and want to be a part of your cause. This would translate to more people wanting to buy from you and more success as a result.
Your Brand Gives Your Customers a Sense of Purpose
A strong brand will also give your customers and clients a sense of purpose. It allows them to feel as if they are part of something bigger and better, which is why it’s important to be authentic.
As a business owner your goal should be to create a brand that your customers will love.
Apple was one of those brands who stood out from others by believing in a “Think Different” philosophy. Without their brand, they wouldn’t be the company that is known today.
Remember that your customers are people and people want to be a part of something special which is why brands are so powerful. Ultimately this leads to customer loyalty and mass followings – something which is so important when it comes to marketing your business.
Influences Value of Your Business
Finally, a strong brand will have an influence on the value of your business.
People are influenced by the perception of others and this is why a strong brand can influence your business’s value.
If you have a weak or nonexistent brand, then there is very little respect to your name so to speak. This will influence your ability to sell your business or attract investors in the future should you ever wish to do so.
However if you are seen as a respected brand with high value, then your business will be seen as a more attractive investment and you may attract clients who are willing to pay a higher price for your product or service.
For example, luxury brands such as Porsche or Rolex can demand a higher price for their products because they have built up such a strong sense of value and prestige.
Effect on Your Bottom Line
Whether you like it or not, your brand does have an effect on your bottom line.
A strong and powerful brand will help you stand out from the competition, attract more customers to your business and make it easier to sell your product or service.
Simply put, a strong brand is an investment which should not be seen as something that is meaningless. It’s vital to your success and worth every penny spent on it. Here’s an interesting blog post about 13 Ways to Increase Brand Reputation and Protect It
Build a Strong Brand Time To Act
If you want people to remember you, your business, your product or service, then you have to get them interested in what you are offering.
But how do you go about doing that?
If your brand is not doing what it is supposed to be, then it is time to start taking a look at what you can do about it. Here are some things you should consider.
Be Deliberate about Branding
One thing top brands always do is to be deliberate about their branding. They know what they want and work hard towards achieving it, because ultimately this will lead them to the results they want to achieve.
They are not random about their brand and do not just slap any image on the products or services that they offer. They work to build a brand that represents their values and mission, while also attracting new customers.
This is what you should be doing if you want to be the best that you can be. It’s important to take a step back and really think about what your brand represents, how it makes you feel and what you want it to accomplish.
If you need help with this, then make sure to seek out an expert who can guide along the way.
Your brand’s purpose is to attract more customers, but that will only happen when you are seen as a trustworthy company or individual.
People are drawn to brands that they feel represent their values and interests, and would gravitate away from those with negative or opposite values.
In that vein, any negative press or reviews can have a huge impact on how people perceive you and this will affect the success of your brand.
One way to keep your brand reputation in check is to be sure that you are maintaining a positive online presence by always responding and engaging with your customers.
Every little bit of positive feedback should be acknowledged and any negative comments or reviews should be responded to as soon as possible.
This gives your customers the impression that you really care about them and their concerns, which will make it easier for you to convert those negative customers into positive ones.
Also put out relevant and helpful content to your target market to show that you are active, engaged and always willing to help. This will not only build up customer trust but also set you up as an authority figure in your industry.