Branding is an investment, not an expense
(2 Minute read)
If you want to build a business that extends beyond the simple products/services you sell you need a strong brand. And, part of communicating that brand to the outside world is your visual business branding.
And, whilst it’s common practice to try and do it yourself, if you are not a professional designer we’re fairly certain you’ll have to do it all over again further down the line.
Yes, branding costs money. But it’s an investment, not a business expense.
In much the same way as you would create a business plan and seek professional advice to help grow and improve your business, professional branding will serve to strengthen trust from your audience and grow your market share.
Branding should be planned. It should be part of your business strategy. And it should never be done on the cheap.
Why is professional branding so important?
You can’t market your way out of poor branding.
It doesn’t matter how much money you throw into marketing further down the line, every penny of it will be wasted if your logo, website and overall brand identity are inconsistent and notably unprofessional.
Before you start promoting your business and spending money on marketing, you need to have considered, consistent and compelling branding that instantly tells potential customers who you are and what you’re about.
‘Saving money’ on professional branding will actually cost you money. It’s true. It may sound backward, but it’s true. Amateur branding can have an adverse effect on your business. Sure, it saves you money in the short term, but you’ll soon start to see the true cost
Poor branding efforts always lead to lower conversion rates, lack of engagement and poor market positioning
The immediate impression made by the appearance of your business can be just as or more important to your customers than the products or service you’re selling. So, you have to get it right
How do I know for sure that branding provides a return-on-investment?
OK, so if you’ve ever bought a coffee or even bottled water from a premium supplier like Starbucks, then you’ll be (somewhat painfully) aware of just how powerful branding can be, and the effect it can have on pricing.
But frustratingly, not all ROI is tangible, and this is where branding often gets tossed into the ‘expenses’ pile rather than the investment pile. But the benefits of branding are there, even if they’re not visible on your analytics dashboard.
What are they?
Client loyalty - Professional, relevant branding encourages brand loyalty and repeat business
Client trust - Professional design conveys a message of quality and consideration, meaning customers will trust your brand as one that operates to a high standard at all times
Differentiation - Well-considered branding differentiates your business from the millions of others and makes it easily recognisable
Positioning - Proper branding makes it possible to position your brand for the correct target market and strike a chord with your audience
Clarity - Professional branding provides clarity of message and help explain your offering
Flexibility – Having a strong, powerful brand makes entering new markets, launching new products and changing direction completely all much less risky
All of the above translates into a healthier bottom line, you simply need the vision. Remember, absolutely no amount of marketing spend can make up for a lacklustre brand.
Want the good news?
Paying for professional branding isn’t the money mountain you’re imagining. Cheap branding is a bad idea, but the good stuff is actually affordable.