Now, it might seem obvious that investing in better brand recognition and awareness would provide long-term objective advantages for a company operating inside a competitive industry. Still, given the prior experiences with market uncertainty and volatility, more businesses are hesitant in letting go of their defensive and risk-averse strategies. As a result, we are seeing fewer and fewer startups chase after immediate target goals and prefer the slower build-up instead of launching with a sprint.
However, while this more conservative approach to business management and planning for resiliency isn’t necessarily disadvantageous given the market circumstances, failure to capitalize on emerging opportunities lags them behind their more direct counterparts.
Furthermore, if there’s one business aspect that must never go unnoticed no matter the situation, businesses should never limit the resources allocated for brand awareness because it could very well be their ticket straight into the mainstream.
Functional Brand Strategies Create Intrinsic Value
On paper, the term “brand awareness” rolls off the tongue like some kind of buzzword that marketers and advertising professionals love to throw around. But, despite sounding like a gimmick used to persuade decision-makers and key stakeholders to increase funding, a better brand image creates goodwill and intangible value that you can’t put a price on. Specifically, functional branding strategies are more than capable of adding to your company’s unique selling proposition.
Tap Into A Greater Market Share Of The Industry: Market share and the size of your audience are two identifiable metrics you can use to gauge the success rate and future potential growth of your business. However, given the influx of startups and the presence of already prominent brand names, it’s not easy to break into an existing market. Lucky for you, branding strategies bridge the gap by improving lead generation, funneling potential customers with just your brand message.
Collect Valuable Consumer Data Reports: While sales performance and business expansion are equally important in sustainability and growth, consumer data is even more valuable because understanding the customer profile has superior utility. Sadly, with data so vast as an industry can cover, it’s not that simple to maintain a sufficient channel for consumer information. But, with the right branding strategies, you can gain immediate insights on customers and create more personalized recommendations.
Sparks Customer Loyalty And Retention: Lastly, given the shaky and uncertain market situation that many industries face due to the impact of the global pandemic, access to loyal customers is becoming increasingly important. Unfortunately, with everyone so hard-hit by the consequences of health restrictions and inflation, customer retention rates are meeting an all-time low. However, you can continue to spark customer loyalty even during unpleasant market circumstances with value-adding brand strategies, referral programs, and message campaigns.
Plus, It’s Not Impossible To Start Small
Even though most investments require significant capital down payments upfront or demand immediate pivots from your cash flows, investments toward brand awareness and recognition are virtually affordable when starting. And, as long as you’re willing to put in the effort of building the branding mechanisms and working through communication channels yourself, even a newbie can establish a strong foundation for future branding strategies.
Organic Social Media Presence Is Free: Firstly, everyone acknowledges the sheer impact and weight social media platforms carry in today’s modern world of marketing and branding, making it the best place to launch your brand image. You see, creating a page and linking it to official websites and instant messaging channels can quickly be done with a few clicks. And if Johnson & Johnson can turn to TikTok to connect with younger demographics, it’s about time you get a share of that pie too.
Connecting With Online Influencers/Personalities: Besides building an organic social media presence to increase customer interaction, we also recommend connecting with up-and-coming online personalities that fit your brand message. Influencers give you access to a loyal audience, and sponsoring their projects can steer the public image in your favor. Plus, people love it when there’s a more active role model they can associate your brand with long term.
Establish Long-Term Local Partnerships: Apart from looking outward on the digital landscape, locally-centered businesses that prefer starting small should also look into establishing long-term local partnerships. Giving back to the community creates credibility, and a bit of social responsibility also goes a long way. And, who knows, those local partners might also become big shots and industry leaders with you around.
Improve Your Brand Image And Perception
Overall, if you’re planning to grow your business and come out of the pandemic struggle much stronger than before, then improving your brand image and investing in better perception is the smart way to move forward. And, once the numbers and orders begin to follow through, you’ll have more on your plate, like enhancing brand value with globalized processes, protecting brand image with reputable service of process for patent claims, and other future endeavors.