What is the value of branding?
I’m not asking how much your business is worth, at least not exactly. Branding does often play into overall worth, but there’s a less tangible side to this conversation that we overlook in favor of monetary value.
So that’s not what I’m talking about here.
I’m asking a less-tangible but equally important question, more along the lines of:
“What can proper branding do to elevate your business?”
It’s not the same question, but it’s still branding. In fact, I think it’s a conversation that will make you much more excited about net worth because you’ll start to see that grow.
But let’s not get ahead of ourselves. Let’s start with the basics.
What is a Brand?
Think of names like Coke, Kleenex, Q-Tips, or even Band-Aid. What do all of those have in common?
None of them are the actual product.
If you were to call them by their proper names, they’re cola, tissues, cotton swabs, and bandages. We don’t call them that though!
That’s what a brand is. It’s a proper name that’s attempting to provide so much value that it can permeate consumer’s minds to the point of becoming a noun or a verb. You don’t look things up on search engines; you Google it.
If you need further clarification on brands (or just want to further solidify this idea), check out some of the World’s Most Valuable Brands compiled by Forbes.
A B2B Shortcut
Elevating your brand as a business begins to see real value when it starts making sales easier. One of the ways it does that is by acting as a shortcut – a way for your potential clients to remove some of the risks and doubt that usually plagues their decision making. Why go with an unknown when you can buy a trusted brand?
A strong brand greases the wheels of the customer journey. It allows your potential buyer to do much of the sales work on their own, essentially buying your name before they ever see a proposal on their desk. If they have access to vast amounts of thought leadership, case studies, reviews, and other content, your brand is working for you.
An Emotional Drive
There’s also an emotional side to brands that shouldn’t be undervalued. We’re all influenced by our less rational halves, so why ignore that as a marketer establishing a brand? If you can attach an emotional benefit, you will win and retain clients.
It’s like your first car. Even if you hated it, chances are when you went to buy a second car you at least looked at the same car manufacturer when you were making that decision. I know I did!
Your customers are looking for a benefit, whether personal, professional, social, or emotional. Your brand can grab onto that powerfully.
Regarding dollars and cents, calculating the actual value of a business’s brand is a tricky, cross-discipline endeavor that’s easy to leave undone. Most companies only opt to look for this metric when a merger or acquisition is happening, because it’s seen as a convenient bargaining chip.
But, if it’s seen as valuable when significant movement is on the line, wouldn’t it also be valuable to know what your brand is worth as a way to motivate and inspire day to day proceedings?
Look at your brand as a way to assign and share value beyond dollar signs. Those will come with strong branding.
Invest in your brand
Modern marketers are perpetually preaching the value of healthy branding, and we’re no different here at Spynr. The more you invest in your branding, the more you’ll start to see improvement in other areas of your business.
If you think your brand might be underperforming, let me recommend a place to start: Our Ultimate Marketing Guide. It’s an easy to use roadmap that will improve and solidify and brand. Download it for free now!