Any business operating out there will have sort of branding or logo to identify it from the others. While this might seem like the only reason why companies choose different colours and logos, this statement is quite far from the truth. In fact, branding plays a pivotal role in various business activities and aspects, including:
• Creating an Identity – Customers and other entities alike will see a company’ branding and logo as a way to identify it from the multitude of similar business out there. It is a way to let the world know about the existence of your business itself. In fact, a lot of people will instantly recognise popular logos from the dozens of billboards and advertising signs in busy city streets and towns, which should tell you a lot about a logo’s importance.
• Creating Trust – Stamping your company logo on your products means that customers know what they are purchasing and the quality they can expect from it. How many times have you gone shopping and looked for a specific brand whenever purchasing a cake or some cookies? Why does that happen? A company endorsed product will attract people due to it providing a way to certify that the product is genuine and well-polished.
• Increasing Survivability – Companies that are well-known to their customers are likely to endure difficult periods much better, due to the almost constant customer base that will always be looking to purchase their products. This guarantees that your business won’t fail or go bankrupt even during a severe economic recession.
• Increasing Company Value – A reason why an advertising agency spends so much time emphasising company branding in advertisement campaigns is because they are actually worth quite a lot of money, often reaching about one-third of the total value of the company itself. A company’s logo and branding can be considered as the greatest of the intangible assets that a company has.
• Attracting New Customers – Sometimes, you may notice that companies hire a brand consultant in Singapore, who in turn decides to make some alterations or changes to the original logo. The purpose for this is to give the whole company a small refresh, thus helping in attracting new customers, even though the company structure or the products themselves haven’t actually undergone major changes.
• Helps Develop Strategic Plans – Company branding and logos often include or at least allude to some of the goals and objectives that a business may have. Thus, it is possible to formulate effective plans and strategies on the go, since your objectives can be easily summarised just by looking at your company branding. It also helps in motivating your employees, as they will have a better idea about what kind of work is expected of them to reach the end goals.