Branding is an important factor that influences social marketing, online ads and business visibility. The benefits of business branding for the future are endless. With the rise of online marketing in Singapore, you need to engage in branding to effectively compete with other Singapore businesses. Branding helps to reduce your company costs while increasing the revenues. More so, branding helps to enhance your advertising and marketing efforts. You will get the most out of your business investments through branding. This article goes through branding benefits that your Singapore business need to know.
Stand Out in A Copycat Marketplace
It is difficult for your business to stand out in some Singapore industries. This is where you are doing more or less the same operations, and you share a vast customer base. Many of the business faced with this situation tend to think that service standards make them stand out from the rest. However, every business value their customer experience and they always try to raise their services standards in the same way. Branding helps you stand out in that copycat marketplace where many businesses remain stuck. People will recognize you as a brand, not for that what you sell. Singaporeans will buy from you as a brand that they trust and appreciate.
Gain A Foothold in Singapore Competitive Marketplace
It is difficult for small or new businesses to compete with large companies that have already established their ground in the marketplace. How will you outdo these big businesses who already have a strong and loyal customer base? Branding comes in to help you establish your business as the best alternative to these big businesses. It will promote your business towards building a niche audience that makes your business look superior in some way. You want to make your business eco-friendly by addressing the interests, unique values, goals and challenges of those you consider as potential customers. You can grow your foothold in Singapore competitive marketplace from there.
Majority of online consumers have trust issues with business brands that they don’t know. For instance, will you take your car to its dealership or an independent garage that you don’t know about for repair? You are most likely to go to the dealership you know as you trust them more. Similarly, online users will opt not to buy or purchase a small quantity to test the trust of unknown brands. Both of these have a negative impact on your business. Building your business brand will earn Singaporeans trust and make them confident in making online purchases.
Speeding Up the Buyer’s Journey
The buyer’s journey otherwise referred to as the sales cycle has four stages including awareness, consideration, decision making and purchasing. Branding helps to speed the journey at each stage and makes it more valuable. At the awareness stage, branding enables quick and easier visibility of your business by potential customers. Your business will rank higher in search engine result page through search engine advertising. Online users are more likely to check out your business advertisements on the internet as they consider your brand in choosing you. In making a decision, they are likely to make no hesitation in choosing your brand over others. Research reveals that about sixty-five percent of people buying a certain brand have strong feelings towards it. More so, about ninety percent of these emotions are positive. With these close relationships, the potential customers cannot wait to buy from your business.
One of the significant impacts of branding is promoting your business to stay on top of people’s mind. Your customers will subscribe to your email lists and online accounts and are eager to know your next new product release and promotions. They can’t wait to make a purchase again as they have a strong connection to your business brand. Harvard review research showed that fully connected business customers are fifty-two percent more worth than a business that has no potential customers to purchase again. Company with no branding has a negative eighteen percent value for its customers. They get to spend higher amounts on acquiring customers than the revenues gained. This is because people buy but never come back rendering the business unsustainable.
Getting People to Spend More Effortlessly
A known and trusted business brand makes it easier to up sell products and services. Customers already have higher expectations of being happy with the services of the brand making them feel comfortable when purchasing more from them. They don’t have first to test and see your products. Branding will increase the order size consistently.
Charge a Brand Premium
One of the keynote advantages of branding is that brands tend to introduce a higher charge beyond the fair standard market value for an item. They create a perception that they have more valuable products and services than other businesses offering similar stuff. This is basic for most people that are willing to pay more for higher quality. More so, people will tend to pay more to own a brand. This may be a brand of watch, a handbag, smartphone or car. The same people feel that the brand makes the product superior over the others or they feel proud using a highly admired brand. Why should you spend more on bottled water while you can spend less on tap water? This is mostly because of branding. It gives a mentality that promotes the willingness of people to pay more on a brand premium.
During the early stages of marketing your business, you spend more time trying to get new customers than doing actual business. Business branding provides long-term benefits by making your business brand more magnetic as it gets larger. More people are attracted to your brand as it continues to get popular. They get to hear and see it from their friends and are drawn to engage and purchase it. About eighty percent of online users reveal that brand recognition makes them click on it on the search engine results page. No matter how much you invest in search engine optimisation, people will not get website clicks if your brand is not well known.
Reduce Hiring Costs
Business employees act as the lifeblood that decides the success or failure of your business. You need to get the perfect employees in the right business positions for you to make profits and deliver customers expected results. Branding makes it easier for you to hire the top talent experts who have great values and work ethics. Research conducted by LinkedIn found that branding reduces the training and hiring cost by more than fifty percent. People want to work for you and be a part of your brand.
Retain Your Top Employees
Losing a top employee contributes to a considerable loss regarding productivity, recruitment and training cost. This could average to about fifteen thousand dollars. Your business needs to have loyal customers for increased productivity. Business branding promotes your employee’s loyalty which in turn leads to approximately three hundred percent more productivity than a business with employees who do not share the same interests and goals. This way, you will increase your revenues and save money directed toward the department of human resource.
Get More Repeat Business
After you establish your business brand, customers will consistently and efficiently come back. Branding makes people see no alternative and considers your business as the only option. A tunnel vision created by branding makes it hard for your business competitors to steal customers from you. You will get more repeat business through branding.
Build Customer Loyalty
Research conducted by loyal customers revealed four descriptions of why they are loyal to a particular business. These include quality, experience, cost, and consistency. These are the crucial components for a successful digital branding strategy. Branding Singapore involves offering quality and consistent experience at a cost that they are freely willing to pay. This creates loyal customers who will stand with your brand in good and bad situations.
Develop Promoter Activity
Your business brand loyal customers go a long way in promoting your brand. They take the crucial role of writing compelling brand reviews and sharing your brand details with others. They want to take part in making your brand known by wanting others to use your brand. Loyal customers feel well while others join in using and appreciating your brands through their recommendation efforts.
Generate A Consistent Image
A business brand provides the center ground in which you make other business decisions. Your customer base views your brand as a super powerful image where they get quality and consistent experience. You should always consider the impact of any marketing move to your brand. As you think of starting google ads campaign or introducing a new product line, think about the effect on the brand. You should generate a consistent image of your brand to maintain your customer’s trust.
Attract customers who will most appreciate you
Bad reviews contribute to the erosion of customers trust in your brand. They are meant to show that a particular customer did not get the satisfaction of his expectations, or the products and services were not good enough. Branding eliminates bad reviews by making it clearer of what the customers expect from your business before they make a purchase. Social media marketing is effective in attracting more customers to your brand by building quality content in showcasing your brand. This way, you will attract customers who will most appreciate you.
Work More Within Your Strengths
Singapore branding gets you a more specific target audience that provokes you to put more effort in marketing your brand. You will thus work on the narrowed specific business area that you have passion on making you do your best. A business brand that works more within its strength makes the employees more productive.
Get More Amazing Reviews
Branding benefits continue to multiply by working more within your strengths. You will attract more online users and people to your business and in return get more great reviews. These reviews will get you more people who will want to have the same experiences.
Develop Unpaid Media Buzz
Known business brands are more likely to get free media advertising. Reporters often mention a known business brand and may even ask for an interview. Your industry opinions are highly valued especially about the current trends. However, businesses without a brand will often not get positive media attention and mention.
Attract Influential Customers
Influential customers such as celebrities, industry experts and business people have the power to influence the opinions of people. When the influential customers share some of the brands that they use, many potential customers want to try it out. If you have a brand, it can be an opportunity for influential customers to associate with your brands.
Increase Advertising Response Rates
Branding is not only about the business name but also the colors, visual styles, font and communication style. People should recognize your business brands from any of the features above. This way, there is a higher chance of clicking on your advertisements and making a purchase. Branding increases the advertising click-through rates by about three times.
Decrease Advertising Cost
Social media branding helps you to access your customers without paying for ads. According to a conducted research, about fifty percent of people on social media follow one brand, and twenty-nine percent follow more than nine brands. Reach more people by creating valuable content that they want to share. More people will come to you directly to make a purchase.
Increase in Revenues
As earlier stated, branding will increase your revenues. Your revenues will increase by about twenty-five percent through a consistent brand. These revenues will keep rising in the long run as you maintain and grow your brand.
Return on Investment Optimisation
Branding increases revenues and cuts the expenditure costs. This maximizes your return on investment in advertising and marketing efforts. Branding will earn you more as you spend less.
Give Your Leadership A Clearer Way Forward
Branding gives you easy decision-making strategy on the future of your business including the target audience, markets to enter, ways of handling customer service concerns and relocation of resources. You get to weigh each decision in line with maintaining a consistent brand.
A business brand acts as a strong foundation on which you build your business. A popular brand has reduced risks such as bad publicity, leadership loss, casualty loss or new competitors. The impacts tend to be lesser due to your strong brand. Customers will also stand with you to overcome the setbacks.
Develop A Foundation for Long-Term Success
Long-term success is the leader of the benefits of branding. Once you have established your business identity, it is hard for other business competitors to knock you out of the market or acquire your customer base. Branding is a future investment that provides a foundation for long-term success.
Business branding has many benefits. You can enjoy all these benefits by trying out this branding process within your own business. You can use well-aligned branding strategies to build a consistent and compelling brand. A well-branded business will give you an edge in the highly competitive Singapore business. There are many Singapore based digital branding agencies to help you achieve your branding needs. Visit a branding agency today and start your journey of business branding.