Every company needs to consider branding at some stage.
At start-up, the founders may embody the brand with their values and way of doing business. But as the company matures, it becomes important to capture the qualities that have made it successful so far, project them systematically and ensure all staff understand and share them.
A brand, when built on the right foundations, can be the beacon your business is built under and around. Something to build trust and earn respect.
The value of a strong brand
A strong brand is a tremendous asset to any enterprise.
Research has shown strong brands grow faster and companies that manage their brands well are more likely to increase profits, revenue and share price.
There’s also greater productivity and less staff turnover.
A strong brand is especially valuable when much of your communication happens online. You can build better relationships with everyone who interacts online with your organisation.
- Be more visible in the market, stand comparison with peers and competitors.
- Win business and build belief by bringing to life what you have to offer.
- Communicate with customers, staff, partners and the media more effectively.
- Build morale by giving staff a purpose and getting them working together towards a common goal.
- Attract the best talent.
Top 3 Brand Recognition Statistics
1. Choosing the right colour can improve brand recognition by up to 80%.
(Source: Scotch & Ramen)
2. 5–7 brand impressions are necessary for a consumer to remember a brand.
(Source: Pam Moore)
3. It takes about 50 milliseconds (ms) (that’s 0.05 seconds) for users to form an opinion about your website.
6 Design Statistics: The Logo
1. Startups spend $50–$50,000 on their logo.
2. Brands have spent over $200 million on logo design.
(Source: Business Insider)
3. Twitter’s logo cost $15, and Nike’s cost $35.
(Source: Business Insider)
How much did this logo cost❓ Answer at the bottom:
4. Of the top 100 brands, 95 use just one or two colours in their logo.
The impact branding and design have on the world of business is sometimes best displayed through simplicity; 95% of the top brands in the world have decided to keep things simple and use just one or two colours in their logo.
Additional data shows that 33% of these brands use the colour blue in their logo, while 29% use red.
5. 67 of the top 100 brands use horizontal logos.
6. The average logo lasts for 10 years. (How old is yours?)
(Source: Logo Design Guru)
More than just a pretty face
Branding is of course about much more than just your logo. All successful brands are founded on a framework of ideas that give the enterprise meaning.
Trying to define these things has significant business value in itself. The process aids focus.
You emerge with a clearer picture of your strengths and opportunities, where you are heading and what you need to do to succeed.
To build this framework, you need to define exactly what your business is about, what your offer is, the key things you need to say and how to say them, what you stand for and the personality you should project in your market. All this is essential to building a brand on solid foundations.
What does your brand say about you?
Whether your business is a start-up or an established brand – ask yourself, and others (for independent opinion!).… Is your branding right for today? Is there scope for an evolution or just a revolution. It doesn’t have to be a major leap from what you have today, small modifications can go a long way to changing perspective and feeling.
Even the big boys make tweaks…
If an independent brand review would help you understand how your brand is perceived – talk to the team of experts here at Challenge Marketing about our BRAND REVIEW service offering and let the independent experts give you some insight.
Ps. Symantec Cost: $1,280,000,000