When you start working with a digital marketing agency for the first time, one of the first topics of discussion you will have will be about your brand. The marketing experts will do a survey of your brand to see how strong it is and then determine what needs to be done to enhance the power and influence of your brand. But why is your brand so important? Why does it matter so much if your brand is strong?
There is a direct relationship between your marketing return on investment (ROI) and the influence of your brand. The ability for your target audience to identify your company logo or recognize your corporate color scheme will add legitimacy to your marketing that you cannot get any other way. When you have a strong brand, there is anticipation for your marketing that will significantly increase your marketing effect and bring you much more powerful marketing results.
When your brand is recognizable in your industry, the most common default reaction to news about your company is positive. In other words, if there is negative news about your company, your organization is given the benefit of the doubt and that first impression is not necessarily bad. The strength of your brand can cause people to disregard bad reviews or even a minor controversy and allow your company to maintain is strong public image.
A company with a strong brand is the kind of company that has consumers lining up at retail outlets to buy their products at midnight on the product release date. A strong brand backed up by a reputation for quality products can continue to push revenue growth to areas that you had never expected.
Vendors want to do business with companies that have strong brands. Where other businesses might have to purchase in cash with a new vendor, your strong brand might allow you to set up a credit account, which is much better for your business. Vendors want to have their names associated with strong brands, which is why so many vendors offer strong brands marketing funds to be used for a variety of reasons.
That strong foundation of customer loyalty you build with a strong brand can be seen in action when you call on your customer base to help your business grow. When customers create their own communities around your products and want to work directly with you on product development, then you have achieved a level of brand strength that most companies would love to have. Referrals from your satisfied customers can build your business much faster than Internet banner ads, and that is why brand recognition is so valuable.
If you do a search on the Internet, you will find websites that put financial values on company brands. The ability to quantify a brand financially shows just how important a strong brand is to the success of a company. While you are working on innovative products and great business partnerships, you should continue to invest in building your brand to gain all of the benefits a strong brand has to offer.