Your brand is everything. Unless your business is overwhelmingly niche, chances are you’ve got a bit of competition. What separates your business from your competitors?
The answer, of course, is your brand.
But what is your brand?
It’s more than a logo or a catchy phrase. It’s more than a color scheme, an advertising gimmick, and even what you sell.
Your brand is your market identity. It’s your unique way of doing things. It’s who you are, what you do, why you do it, how you do it, and who you do it for. It’s your opportunity to make meaningful connections with your customers.
With all that said, here are five reasons your brand is more important than your product.
It Decides Your Company’s Culture.
Among the most important parts of your brand identity is your brand’s culture. How do you look to your customers? To potential employees? Do you operate a business for whom you would want to work?
If you focus on integrity with regard to your culture, your reputation will follow accordingly. Plus, doing things the right way typically means you’re doing them with high standards for quality.
Quality Brand = Quality Product.
What makes a customer loyal to one brand over another? The answer, more times than not, is quality. If you can garner a reputation for quality, it doesn’t matter what product you sell: you’ll always have customers.
Sure, every brand claims to be the best, but branding is an opportunity to market why your brand is the best. Focus on the details: what you do differently, why you do it differently, and why that makes you better than your competitors.
It Plans For the Future.
Because it’s ingrained in who you are as a business, your brand is ever-present. With that said, the more you put into your branding vision and strategy, the better off you are for the future. If you set goals with high standards and expectations, you have a more tangible course of action to follow.
Your Business is More than Your Product.
If you had to pivot your business tomorrow, would you be able to survive? Think of it this way: your business is so much more than the product you sell. It’s your employees, your history, your office or retail space, your website, and so much more.
That’s also why your brand matters so much. With more brand loyalty, you can start to delve into expanding your business into new areas and territories. It all starts with establishing a reliable, reputable, in-demand brand.
It’s Not About the Best Product, It’s About the Best-Known Product.
Companies A and B both sell product X. On the surface, the two companies are identical. The only difference between the two is a digital presence. Company A eschews a digital presence while company B has focused on it.
Which company is more likely to capture a larger market share?
The answer, of course, is Company B.
Word of mouth can be a valuable marketing tool, but it pales in comparison to the arsenal of tools at your disposal nowadays. But you can’t simply advertise your product. You advertise your brand.
If you can build up brand loyalty, customers will go through leaps and bounds to choose you over your competitors. They’ll tell their friends and family to choose to buy from you when possible, and those people will tell their friends and family, and so on. But you have to connect with them first.