Is Your Business Suffering From A Branding Absence?
As an ever-popular business buzzword, it’s easy to dismiss the importance of branding. When you're juggling the daily diary and running a full-time business, finding the time to focus on something so seemingly vague can often be easily neglected. However, a new survey from the promotional products retailer 4imprint has revealed just how important branding is for UK shoppers, and if your business wants to take advantage of consumer preferences, then branding might be more essential than you thought. It’s crucial, as a business owner, that you don’t fall into the all-too-common trap of believing that the British public isn’t brand snobs. It turns out that branding might be very important indeed.
The point of strong branding is to establish yourself as a presence in your sector. If you sell a product, it’s worth knowing from the start that there are some products that UK shoppers will avoid unless they come from a recognisable brand. The top five are:
If your business is in these markets, then it might be time to take a closer look at your marketing campaigns and the strength of your branding: the better your branding, the more likely that you will make the necessary sales to keep you profitable.
Generating the Maximum Profit
If you thought that Brits would be more interested in price than branding, then you might be in for a shock. More than half of the people who took part in the survey by www.4imprint.co.uk confessed that they would be happy to pay more for a branded product that they have heard of. When consumers are happy to spend up to 12% more for a branded item than a non-branded one, then having a focus on brand awareness becomes even more important, especially when you consider that this is not just for special occasions. Most branded purchases occur during weekly shopping trips, where half of those surveyed said that they would make a point of buying branded goods over the supermarket own brands.
Fine-tuning your Branding
Some high-profile businesses have perfected the art of branding. Apple, Coca-Cola and Cadburys are the most consistent presence on the survey results, although brands like Adidas and Costa are also well represented. Brand snobbery is alive and well, and being able to show off your branded products is increasingly important. 52% of those surveyed said that they like to have their Costa or Starbucks logo clearly visible when they’re on the train, and while a third of people said that they feel pride when displaying the right logo, over half said that they preferred it when the logo was clearly visible on the purchases they have made.
Improving Brand Strength
Your logo is the most important part of your branding to get right. This is because people like to show it off, and the more recognisable it is, the better. The most famous logo among the people surveyed was Apple’s distinctive and minimalist offering, although the ‘swoosh’ of Nike was a close second. You can improve the strength of your brand with a better-designed logo, and ensure that it complements the rest of your marketing strategy. The results of the survey were clear:
“The study shows that consumers clearly identify and buy particular products and services from businesses with strong brand recognition.”
If your business has been ignoring the need for strong branding, then it might be time to have a rethink. Brand snobbery is alive and well in the UK, and your business will become much stronger if you take the lessons from this study and incorporate them into your branding and growth strategies.