Branding is often mistaken as relevant only to large retailers targeting a broad consumer base. Many founders of early stage startups or owner/managers of SMEs consider it a luxury rather than a necessity.
Branding is often de-prioritised because its impact can be hard to measure with specific metrics. So much of it is intangible. And yet, done properly, it can have a fundamental impact on the success of a business. Well-executed branding not only attracts the right kind of customer but also the right kind of partners, employees, investors, suppliers and business opportunities.
Branding facilitates a deeper, more meaningful connection between your business and all those who interact with it. The better you as a business understand your higher purpose, your value system and your differentiators, the more significantly you create an emotional connection with others in the market and the better you attract and retain talent. Every word and act undertaken by a company stems from how it sees itself. Marketing is about communicating this understanding and perspective. The more clarity a company has over what it stands for and why it exists, the more relatable it becomes to people who share similar worldviews, and the more effective and impactful marketing activities will be. This is where the power of branding lies - it is an ongoing, living, breathing, evolving process that underpins all marketing efforts and pays for itself in the long term.