Importance of Brand Identity for your Business in 2024

Last Updated on December 1, 2023 by DesignerPeople

What is a brand identity?

Brand identity is more than just a business logo. You are applying brand values to the visual elements that can be used to promote your business across different platforms. Brand identity consists of a variety of marketing materials like business card, stationery, print materials, signage, product packing, apparel, and website.

Research and know your marketplace

First, you need to conduct a competitive analysis to understand what your competitors are doing, and the issues they are struggling with, You also should know the perception of the customer about your business when compared to the competitor. You should even know their brand strategies too. Researching the market will help in building a brand persona and gives you a clear picture of what your brand is like who is your target audience and branding of competitors. Research is the only way to asses where you stand in the market.

Brand Identity that is bigger than you

Independent professionals that offer to coach and consulting services focus on creating the brand around themselves rather than a business. If you have a company is a separate entity that looks for future growth and sale should develop a brand for the company. A unique brand will be a great asset that plays a vital role during the sale or acquisition.

Price premium

Brand identity brings a premium price for your products. How ?? Just think, why someone pays thousands of pounds to buy Lexus than for a Toyota? Both are virtually the same products except some accessories and additional functionalities. Here is where your brand identity plays a vital role.

The same argument applies to Apple products as well. Though many of the competitor’s products are technically as good as theirs, their iconic brand makes the difference, and it is enough to attract customers.

Even if you are a small business, a strong brand identity has the potential to position you in the brains of the customers as a quality product provider that is worth paying for. If you want to grab the observation of the customers that spend more money, your brand identity gets you through the door, primed, ready to splash the cash.

Perception of quality

Does the brand identity concept follow that age-old axiom “you get what you pay for” why does Lexus costs more than a comparable product? Is it the right price because the product offers higher quality? Not necessarily.

There are plenty of low price products that offer high quality, but people pay a high price for the products that are perceived to be a better or more top quality brand.

The same principle applies to smaller business as well. Though you are offering the same quality products as of competitor, proper brand identity in the brains of the customer will position you as a business that provides quality products.

Recognition and loyalty

Having brand identity for business will help the customers to remember you more, and a brand logo will keep your business in the minds of the customers. If you are offering quality products, and the customers are happy with that, solid brand identity will help your customers build loyalty across the business. Many customers are likely to stay associated with the brand, and they refer your company to others if they feel good about your product.

Experience and reliability

A strong brand identity creates an image for the business that has been around since a while and makes the activity accessible. Customers perceive reputed brand products as experienced, trustworthy than unbranded business. Professionally developed brand identity places your company to work with larger organizations.

Differentiation

People are on continuous focus create a unique brand identity for their competitors to themselves stand out of the crowd. Perceived quality of your brand can be used to charge a premium price on the products with a strong brand. Investing in brand identity can help you to leapfrog the other competitors and start winning more for the business.

Tips to take the Authority of your brand identity

• You should create a visual identity that aligns the business vision and projects your business to the target audience in the right way.
• You should monitor your reputation in the market to avoid any bad experiences. You can ask your customers to provide reviews on the website that caters market niche.
• You should match the expectation of the customer in every transaction they have through the site like chats, e-mails, customer service, phone conversation. Treat your customers wearing their shoes.
• Expand your business visibility in the community and social networks. Building relationships is essential for brand building, and the best way to do is to help the people in the ways that set you apart.

Author: Anush Malik

Being a strategist’s head and a long term visionary personality aims to achieve excellence in branding, packaging and digital marketing field. My 15 years of design experience and masters degree ais my strength which keeps me motivated and keep me going positively. I have participated in extensive branding design conquests in India, USA, Australia and New Zealand with winning zeal. My objective is to encourage start-ups and hence involves actively in the articles which will act as a productive intake of knowledge for them. Do connect me personally via my LinkedIn and I love to share my expertise with you.