Why Branding is Crucial When Scaling Your New Company
Regardless of whether you run a boutique store in the retail sector or have started a more high-volume company: if you want to scale then adjusting your branding strategy is key to your startup’s success. As your business grows, so too should your branding tactics to help you reach a wider audience and capitalize on returns.
Here Toronto’s top branding agency, Ravyn Design, has collected some of the reasons why scaling your brand accordingly is crucial to long-term growth.
Treat Your Brand Like its Alive
In many ways, a brand can be a living entity, changing and adjusting as your business does. So, it doesn’t hurt to treat it like one. The best brands will contain their own identities, and be designed to be engaging and interactive and grow with your business as you attract more customers. It matures, just like your business and audience.
This means from the brand name to the media you share about your business your brand should always promote your business’s core values and boast a persona that can be changed and tweaked as consumers’ tastes change.
Branding Helps You Establish the Proper Pricing Structure
It might not seem like it at first glance, but branding plays a large role in the amount of money you can ask for your products/services. This is because the better the branding, the easier it is to reach consumers that may have higher expectations about products and that are willing to pay a little more for ones that are unique, or that share their same core values.
In fact, studies have shown that approximately 95% of purchasing decisions are made subconsciously if you can believe it. This means that many consumers are making purchases simply based on how they “feel” about a particular brand or product/service. For those with a solid brand image, at the end of the day, they’re more likely to be chosen above competitors, startup or not.
Honest Advertising
Many brands have a bad history of confabulating stories about themselves or conflating things that aren’t entirely true to place themselves a step ahead of the competition. Unfortunately for them, modern consumers are often smart enough to see through these efforts, which in turn winds up having the opposite effect on those brands and gives them a negative audience perception.
That’s why when it comes to business, honesty is always the best policy. To strengthen trust among current and potential customers, as well as in your chosen industry itself, being honest about your goods and services will help make your brand stand out. Tell consumers how your brand can help solve particular pain points they might be experiencing, or if you screw up on something, be honest about it and offer customers a chance to express their concerns. Then, address such concerns accordingly.
Established Brands Have Better Chances of Reviving Themselves
As mentioned above, consumers’ tastes can be picky and not every startup will survive in its chosen marketplace, even with the most resources at its disposal. However, those with stronger and more established branding images tend to fare better than most. Even something as small as the right brand name can resonate with consumers and have lasting effects that can help during a downturn or big changes in your industry or retail sector.
Online Branding
These days, not only will you have to worry about creating a strong physical brand if you own brick-and-mortar retail stores but maintaining the right branding for any eCommerce outlets is also essential. Your branding tactics should be clear and concise and similar across all of your retail channels in order to have the most success. Nowadays more than ever consumers are beginning, and often ending, their search for products at home from smartphones or behind the computer, so your branding strategy needs to be in place across the board.
Contact Toronto’s top branding agency today
When it comes to luxury branding for startups, our branding experts can help you find your niche and then create a branding plan designed for long-term success. When developing brands for startups, we learn everything about the company and the competitive environment they’ll be working in. Then we create a strategic framework for success.
Our team of experts is equipped to help at every step of the design process including brainstorming the best brand name, identity design, narrative/messaging, and marketing plan. Learn more about how we can help you stand out from the rest of the pack by contacting us online today and scheduling a 15-minute discovery call or emailing hello@ravyn.io.