Branding is the face of your business. It creates credibility, notoriety and prestige within the market. Your brand is what consumers recognize and build emotional relationships with, and it is what sets you apart from the competition. The relevance of branding has often been questioned, especially among small businesses that don’t see it as an essential factor for a company of their size. Many organizations assume that branding is exclusive to large corporations and global businesses, but brand development is critical no matter your size.
In 2021, many marketplaces have become saturated with competition, especially in the eCommerce space. Some business owners are questioning whether branding is still relevant in an online world and in today’s current climate. We’re looking into whether branding should still be a priority for your business or if it has fallen by the wayside in 2021.
A massive 86% of consumers have said that authenticity is a key factor for deciding which businesses to support. Branding is crucial for showcasing the personality and values of your organization and demonstrating to customers that you are authentic. With so much competition and so many brands to choose from, customers crave honesty and realness, which can only really be achieved through a strong brand message. This is even more true for younger consumers, as Gen Z and Millennials are demanding that businesses stand for something more than just profits.
If your business doesn’t have a brand, then it isn’t going to come across as a company that consumers can trust. 81% of customers have said they will only buy from brands they feel they can trust. When you use your branding strategy to build trust in your products and services, consumers will reward your efforts. Your business can build lasting customer relationships through a trustworthy brand, and we all know that loyal customers bring more profits than new ones.
As humans, we are all guilty of being led by our emotions. How we feel about a product or business will impact our likelihood to buy from them. Creating a brand that connects to your consumers emotionally can improve loyalty and boost sales. Using signature colors within your branding strategy can improve your brand recognition by up to 80%. Choosing colors that evoke emotions can enhance your brand image and visual representation. Consumers won’t even need to see your logo or brand name on a product if your brand is so easily recognizable through colors alone.
Having a brand in 2021 isn’t enough to reap all these benefits. You need to have a brand that is consistent. This means your brand image, values, and voice are in line across all channels and in all communications. Brand consistency can increase revenue by 33% because it makes it easier for consumers to remember you and associate your brand with your products and services. You can quickly build a consistent customer experience, so consumers will know exactly what to expect and feel, whenever they see your brand.
Ultimately, branding is still incredibly important for businesses in 2021. However, it is essential that your brand develops over time. Customer priorities and values are adapting, and your brand needs to be able to keep up. Consumers put a lot of value in brands that have the same principles as them and are more likely to be invested in their products and services. Branding in 2021 is so much more than your colour scheme and logo; it is what you stand for and your voice as a business, and it is more important than ever before.
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