Branding. It’s a very old term that many still remember the origin of. Ranchers used to brand their cattle with a hot iron so that even if part of their herd mingled in with someone else’s, it was still easy to claim ownership. Hot. Ownership. Claim. Powerful terms in today’s consumer driven industry. Retail locations, as well as financial institutions, rise and fall based on the failure or success of the brand development process.
If you do not have a marketing plan to design the overall branding, marketing material, web presence, and the actual retail, as well as in-store experience, you risk losing customers to your large or small competitors. In fact, 89% of business-to-business (B2B) manufacturing marketers cite increased brand awareness as a goal for their current content marketing. That’s how important it is. What are you doing to brand yourself? Whether you are a financial institute, a health services office, or a retail space, the brand development process can help bring customers to your door.
In order to begin the process you must develop a brand development strategy. For example:
- You must have a clear vision of your company’s mission.
- You must understand the benefits and features of the products and services you offer.
- You must know what customers and prospects currently think of your company.
- You must determine what you want customers to associate with your company.
Did you realize, for example, that S76% of U.S. consumers interact with brands or products even before they arrive at the store or institution? The banking industry is a prime example of the importance of branding. An effective financial brand development process capitalizes on the fact that an estimated 69 million Americans bank online. The marketing department realizes that building loyalty with 5% more customers can lead to an increased average profit per customer somewhere between 25% and 100%. In fact, repeat customer spends 67% more than a new client.
Whether you are a new health services clinic, or an established local bank, it is imperative to work with an ad agency that understands, and implements, a strong branding process. They need to consider the development of your brand when designing and implementing your logo, a consistent voice in your text, and in pushing your tagline.
What decisions has your company made in the marketing of your new location or your expanded line of services? Have you contracted with an agency that has a proven track record for successfully branding a company so that your product does not get lost in the crowded consumer “herds” of today’s market?