In business, branding can often get overlooked, and unfairly dismissed as "the fluffy stuff."
But having a strong brand helps your business in pretty much every way possible. From sales revenue to profit margins, from customer loyalty to word of mouth...
Read on to understand more about how brand can seriously turbocharge your marketing:
1. SALES
A strong brand will be distinctive. memorable, and instantly recognisable, which directly translates to higher sales. In fact, studies have shown that a brand can increase the value of a product by up to 20%.
2. PROFITS
Businesses with a strong brand can command MUCH higher margins compared to non-branded or less familiar brands.
(Think about the last time you paid a premium for Nike or Apple, huh?)
3. CPAs
This stands for Cost Per Acquisition, essentially the price to acquire new customers through advertising. (This is the same concept as CAC in investment terms = Customer Acquisition Cost). It will cost you less to acquire new customers because brand awareness literally drives down the price of conversions.
4. CUSTOMER LOYALTY
Branding creates an emotional connection between customers and your business. The more they feel they "know" you, the harder it becomes for them to switch to a competitor. This is because people like to buy from brands they know, trust, and feel positive about.
In fact, 71% of customers say they're more likely to recommend a branded product or service. Customers are immeasurably more loyal to brands they know, trust, and love - leading to client retention rates to go through the roof!
5. WORD OF MOUTH
Customer loyalty nicely leads into word of mouth or referral marketing - the holy grail of marketing, where your CPA is literally £0 (meaning it costs nothing to acquire this new customer as your army of existing ones already did it for you!)
A study by Nielson showed that 92% of consumers believe suggestions from friends and family over all forms of advertising. And referrals convert 30% better than any other marketing channel.
It's not hard to see why - we trust the people we know, and we're more likely to try something new if it comes recommended.
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BOMBA is the creative studio behind some of the most exciting brands; from healthtech scale-up GripAble to UK Top 5 Startup, Tempo; from UIPath-acquired re:infer to YC-backed Cosine, we combine world-class creativity and startup experience to deliver explosive brands that translate to real business success.