You, however, do not need to wait until you become a big brand before you start paying attention to your brand image. Irrespective of your market size, there are a whole lot of benefits that come with having a strong brand identity and they include;
The average consumer wants to buy from a company they know, like, and have come to trust. In the midst of many options, they will select yours because it has your logo, even if it is a new product. A strong brand, therefore, gives you a competitive edge in the market that you can always leverage on. This means that if you put in the work in building a strong brand identity, you can increase the profit margins of your products and customers will gladly pay for it.
Brand identity is what determines a price-premium. It is the element that will make a consumer be willing to pay a thousand times more for an Apple product when there are other products just as technologically good, with the exception of certain additional features. The symbolism of the Apple brand backed up by its premium price is enough to attract and retain customers for life.
For small and medium scale businesses, strong brand identity will make you become appealing to customers that can pay more for products on offer. It’ll simply position you with a clear message of providing premium value for money.
A smart company is always on the lookout to ensure its brand identity is different from its competitors. Strong brand identity will give you a unique advantage and set you apart in a crowded marketplace and from the many others in the same business. If your business is new or still small, you should invest in building a brand identity to help you get ahead of other competitors and carve a niche in your industry. This, in turn, will communicate perceived quality and can also allow you to charge a price premium for your products.
It does not matter if you’re the best in your field as long as your brand identity says otherwise. A clearly defined brand identity conveys to its audience, a feeling of sustainability. Your consumers will get the impression that your brand is here to stay and can, therefore, trust you. Do away with concerns about your solidity by letting your brand identity communicate in clear and concise messages, the strength of your brand.
The power of familiarity is not one to be underestimated. A customer is likely to pick out and buy a well-known brand when shopping, thanks to the obvious colors and images that define it. A great branding may be subtle or wild, but it’ll always click “see me” in the mind of customers and tug at their hearts to go for it. Existing customers will always remember your business while potential customers will have you in mind when the need for your product or service arises.