There are business names. And then there are brands.
In an ideal world, you want your business name to become a brand – a brand that means something to your target audiences and elicits the right feelings and emotions.
Having a strong brand is good for your business because it:
- Increases customer recognition (people know who you are);
- Creates positive perceptions (people have a good view of your business);
- Heightens popularity (people trust your products and services and choose them over your competitors, even if they cost a bit more);
- Improves customer loyalty (people become your brand ambassadors, spreading the good word to friends and family);
- Attracts high calibre staff and keeps the ones you’ve got (staff – and potential staff – feel good about what your brand is all about and want to be part of it);
- Increases the value of your business (businesses with a stronger brand tend to be more desirable among potential buyers, who then tend to pay more).
That’s all wonderful. But creating a brand isn’t just about taking your business name and giving it a fancy design.
Your brand is more than your logo – or your business name. It’s more than the products or services you sell. It’s more than how you to talk to your markets, through advertising, your website, your social media, whatever.
Your brand is about your values. What you stand for.
All that other stuff is about building your brand, and can change over time. Your brand value, however, should remain constant.
It’s this value, after all, that resonates with your target audiences. That builds trust and increases engagement, so that when they’re after whatever it is that you offer, they’ll choose you over your competitors.
Your brand is what bonds you to your markets. And keeps them bonded.
A brand value, according to Rani Cohen, Chief Marketing Officer at Australian Family Lawyers, is the “perceived value, and how often people will choose one brand over alternatives. When people perceive that a brand is distinct and aligns with their personal values, it’s a really powerful competitive advantage.”
Business valuation company Everedge Global says a brand is one of those intangible assets that accounts for over 85% of enterprise value for companies in the S&P 500 (some other intangibles include patents, networks and relationships, systems and processes and content).
Brand value is really important, because it makes your brand, well… valuable.
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Let’s talk about how we can help you add value to your business by transforming your business name into a valuable brand.