Brand Image – A Basic Understanding
Quite often, we come across hearing “brand image” and the need to create and improve the same. But then, what exactly is a brand image? In a simplified form, the impression of the customers regarding a specific product or service is defined as a brand image. The brand image of any brand is developed over time by the experiences and interactions offered to the clients. However, the experiences and interactions between the company and clients are not limited just to the procurement and usage of the product or service.
The efforts undertaken by the companies in creating and improving their brand are tremendous as they are more focused on the brand image’s positivity, uniqueness, and instancy. The driving factor for the focused effort among the companies is, they understand that the customers do not just buy the product but also the image of the company, which is correlated with the product or service. Apart from this, the companies are strengthening the brand with the brand communication mediums such as advertisements, packaging, word-of-mouth marketing, etc.
Brand Image’s Significance In Business Growth
Statistics reveal that about 87% of customers are willing to procure a product or service from the company only because of its brand values. Since the business growth is directly connected to the brand image, the organizations are putting in all their efforts in building a stronger image of the brand. And thus, it helps to fulfill the objectives and motives set by the company. For a better understanding, here is a list of benefits of a good brand image, which proves to be a successful strategy for business growth.
- A good brand image drives new customers and indirectly additional profits to the company.
- Magnifies the level of trust among the existing customers and their retention
- Simplifies the introduction of new products within the existing brand name
- Enhances the relationship among the customer and business
Useful Statistics Concerning Brand Image And Business Growth
There are a number of statistical references that affirm the connection that exists between business growth and brand image. Yet, many businesses aren’t convinced. Understanding the given situation, here are images to represent all the important statistics that one needs to be aware of. Have a look at the statistics that emphasize the importance of the company’s brand image in the business’s growth and success.
Here’s How One Can Create An Impeccable Brand Image For Business Growth
With the discussion we have had so far, we are aware of the impact that brand image has on business growth. Understanding the impact, many businessmen have taken various measures to practically strategize and experiment with them for the business’s success. However, the major difficulty is to figure out the right ways to create a business image that has a longer impression on the customers. Thus, here is a list of approaches that helps in creating the desired brand image.
Explore, Identify, And Connect With Your Target Audience
Each product serves the needs of a particular group of customers only. Unless you identify your target audience, all the efforts taken to market your product will go in vain. Ultimately, the ones to recognize your brands are those who are in need of your product as well as use it. The customers may include either your internal as well as external teams or even partners, etc.
Therefore, it is important to identify your target customers to have a better result in creating your brand image. Only then the possibilities of responses from the customers will be high. And when the customers start responding to your marketing efforts, connect with them in the best possible way. And this will become the first step or the stepping stone for the growth of the business.
Examine Your Existing Brand
Once you identify your target customers, do not immediately jump to formulating strategies for branding. It is always better to examine or audit what brand positioning we have already and where we stand. While examining, make sure you consider online as well as offline branding, including the company’s logo, tag line, chosen colours, etc.
At times, you may be surprised to discover that you already have a consistent brand experience. Preferably, creating an excel sheet to record all the findings will help you have a track of what needs updating. If the result of the auditing isn’t as favourable, then you can go ahead creating new strategies for the brand image.
Finalize Clear-Cut Business Goals
Unless you know where to go, it’s tricky to reach the destination. Similarly, emphasizing brand image without business goals will end up bearing no fruits despite all the efforts. Thus, when we know that brand image is vital for business growth, make sure you have clearly determined goals. This will direct your brand image on the right track with predetermined strategies that result in desirable outcomes.
Beware Of Your Competitor’s Brand Positioning
As much as you are focused on re-imagining your brand image for business growth, it is equally important to be aware of the competitor’s brand positioning as well. The awareness may help you with new ideas and opportunities that are available and are not tapped yet in reaching out to your target audience.
Embracing Technology Is No More A Choice
Gone are the days where the use of technology in companies was a choice. But not anymore. Technology, too, is a crucial aspect of a business’s growth as well as it plays a critical role in improving your brand image. Today, businesses embrace web-based payroll solutions, fintech solutions, advanced machinery, HR management solutions, etc., to enhance agility in their workspaces.
The very fact of the companies being technically equipped gives an added advantage for its growth and creates a better brand image among employees as well as outsiders.
Determine And Determine Your Business’s Brand Persona
Once the audience is identified, goals are set, competitors are analyzed, the next step is to determine how you want to create your brand persona. Make sure it is appealing to your target audience as well as unique, simple, and relevant compared to your competitors. Starting from your image to the wordings, make sure they are easily understood, relatable, and appealing.
Take every minute aspect into consideration, and come up with a final decision that makes your brand image more impressive as well as that which contributes to your business growth.
Maintain The Continuity
Once brand personas are defined and established, it is better to maintain the continuity of implementing your identity among the public. Identify the right mediums that you can use to pass on the messages according to your marketing strategy. Do not miss out on social media platforms.
They can help you benefit by reaching out to a larger audience easily. Refer to the below image for the same. Once you have determined the familiar channel, prioritize its usage, as the focus on channels that have a high impact is sure to help your business grow at a faster pace.
Let’s Wrap Up
The increasing competition among the companies has made the growth of every company a challenging venture. However, the opportunities have been many compared to the earlier days. In order to ensure the business’s success in the competitive atmosphere, it is mandatory that the strategies for growth and brand image go hand-in-hand.
Because it is important that your company is identified for uniqueness, which is a fruit of brand image. And thus, brand image indeed contributes to your business’s competitive edge for its success and growth.