How branding can increase the profit margin of your business
In today's world the public is met with hundreds of options for their buying needs; they are bombarded with advertising everywhere they look. They have so many choices and so little time, and everyone wants it now and wants it fast.
A lot of products are very similar and the only thing that makes people choose a different option is the brand. A brand can alter a person's buying decision, as they will choose one they know and trust. They form a gut feeling about a product and believe it will give them the best experience.
If the public does not know who you are then how are they going to know about what you have to offer them? Why should they use you when there are other companies offering similar products? You need to create brand awareness in order to grow your brand, with a consistent message reaching out to your audience. The public needs to create their own opinion of your brand and then they need to decide whether they trust it enough to spend their hard earned money.
The only way to build trust is by branding your product intelligently and with a strategy. One of the most successful companies in the world is Apple, led by Steve Jobs who put branding at the forefront when running the company, and created maybe the worlds most charismatic brand.
A Charismatic brand is any product, service, or organisation for which people believe there's no substitute.
Branding should not be an afterthought, but ingrained from the creation of the company in order to develop and become a leader in your field. The CEO of the company needs to be driving the creation, working with their team to understand what the brand is and how they can get that message across to their potential customers. There needs to be a clear understanding of the brand, driven from the top down the chain of command, so that everyone is on the same wavelength.
Established brands develop a monetary value where the company is able to charge a higher premium because of the quality that is perceived by the public. The public trust the brand, and the service that they are about to receive, so much so that they will pay a higher price for their product rather than choosing the cheaper option. The stronger a company's brand is, then the higher the price they can charge and, in turn, the bigger profit they make. You can measure a brand's value on the difference in price premium to their nearest competitor — this then becomes the brand's value.
If you want to charge a higher premium on your products then you have to build trust with the consumer. According to research, people are likely to spend 71% higher on a product where they trust the brand.
The basic goal of branding is to get more people to buy more things for more years at a higher price
Trust matters whatever the business you are in, or whatever the size of the company. It can take a lot of time to build trust and can be lost a great deal quicker. You can achieve this by being consistent in your messaging and voice, with visual elements that are easily recognisable. All the touch points that a person sees in relation to your company need to have the same look and feel and be aesthetically pleasing. This visual identity goes from your website, social media, advertising, to even your powerpoint presentation slides and stationary. Keeping a consistent branded look is imperative to growing your brand.
In order to add value to your brand you need to develop a consistent strategy and link it with creative design. Design is a powerful way of inputting value to your business's brand; you need strategic minds working with creative minds in order to build a charismatic brand. Aesthetically pleasing brands are known to command the highest price premiums in the marketplace.
At Vivi Creative we work with businesses to help them become charismatic brands. We design strategies to help companies understand who they are and why they exist. We help them to develop their brand so that it is different from the competition and can establish a unique market position. We then look at how we will dominate that market with memorable and unique design, making it easier for the public to recognise the brand and filter it out from the competition.
Get in touch today and let us help you align your design. Any brand can become charismatic and in turn command a higher price premium in the marketplace.
Thanks for reading.