New entrants in the business world have started questioning the importance of branding. Some claim it’s “overrated” and that having great products and services will outweigh crafting a likable and relatable brand.
Is there truth to this? Should we start focusing less on branding and more on our products/services?
Truthfully, you should always focus on delivering a great product or service for customers. Having said that, branding is absolutely NOT overrated. The ability to craft a brand people trust and feel connected to will be overwhelmingly beneficial for your organization.
Yes, products/services are essential – but branding gives you the edge to beat your competitors and enjoy sustained success. We aren’t making things up or providing opinions here; there are stone-cold facts proving branding is anything but overrated.
Over 80% Of Consumers Must Trust A Brand Before Buying
A whopping 81% of consumers need to trust a brand before they consider purchasing something from it. This highlights the importance of branding from a B2C customer acquisition perspective. You’re missing out on 4/5ths of your potential customer base if you haven’t built a trustworthy brand.
In essence, your products and customer service mean nothing to the vast majority of shoppers. Work with a branding agency to build trust so you stand out like a shining beacon to consumers. Make people trust you and there’s a higher chance of generating and converting leads.
84% Of Consumers Are More Likely To Buy From Brands With Shared Values
This shows the value of creating a brand image that people can relate to. 84% of people will buy things from you when they connect with your core values. Focus on making these as clear as possible – and be sure they align with your target market.
When you and your audience are on the same page, the possibility of success rises very high. Consumers trust your brand, they connect to it, and this encourages them to spend money rather than go elsewhere.
Consumers Are Twice As Likely To Remain Loyal To Brands They Trust
When you build trust with consumers, they are twice as likely to stay loyal and continue spending money on your brand. This highlights the significance of branding from a customer retention perspective! You’ve seen how it helps to draw in new customers, but good branding keeps people around for longer.
The cornerstone of every successful business is its ability to both gain new customers and hold onto existing ones. This is how you grow a customer base and generate more sales each month. Branding is at the heart of it; without a good brand strategy, the trust goes, and so do your customers.
So, no, branding is not overrated. Anyone who thinks so is living in their own special world! You must focus on building a brand people trust and connect with. Work on this while also delivering great products and services. The two must work together for you to succeed – amazing branding can’t help you if your products are terrible and amazing products are useless if nobody trusts your brand!
