It may as well be the riddle of the Sphinx. What is that which cannot be held in our hands or transacted through our bank balances, and yet, is an integral part of business growth, vital for its subsistence? Branding, of course! The remarkable aspect about branding is that though its value is intangible, it can make a measurable difference in propelling your business in strategic ways.
You can do magic, you can have anything that you desire — as the song goes. Purposeful branding goes beyond just a logo, shaping a unique brand system from your core essence, which we then integrate across all touchpoints. The term ‘brand’ has its origins in branding cattle in ancient times, which was about ownership and protecting the cattle from being adopted into another herd. A brand must hang on fiercely to its identity. This fiery protective spirit behind branding is seen in the ‘flash of light’ we introduced in the VIP logotype, creating a forward-looking brand while building on its legacy and existing clientele.
Think Purpose First
Articulating the true purpose of the business established the foundation of a well-established brand. Brands who have great clarity about what they want to achieve are also highly committed. In this VUCA world, purpose sets the direction right for brands. As per Kantar Consulting‘s new Purpose 2020 report, such brands have experienced an increase in brand valuation by 175% over the past 12 years compared to the median growth rate of 86%.1
Targeted communications which are transparent in nature also yield long lasting consumer relationships, as consumers connect with brands which align with their values. A clear communication strategy and agile branding systems can create exponential growth.
The subconscious mind
How consumers think by Gerald Zaltman,2 delves into the subconscious minds of consumers. Humans are not the most practical beings as we like to imagine. In reality, emotions drive our decisions. According to Zaltman, 90% of buying decisions are made subconsciously,3 which makes it extremely important to put people at the centre of the strategy. Branding should be therefore patterned on true human behaviour, needs and desires to thrive in the market and attain long-term relevance.
Systems thinking
Consistent implementation of a company’s branding can drive up to 23% increase in revenue according to a study by Forbes.4 A systems approach can work wonders and make it effortless to implement branding consistently across various touchpoints. Agile systems support sustenance by keeping guidelines in place with the ability to adapt to changes as the brand grows.
Branding, when done with a clear and purposeful strategy, increases brand recall and loyalty and heightens the perceived value of the product. People are prepared to pay more to possess a brand because of this enhanced brand image. Hence, right branding and these intangible assets directly impact the revenue.5
About Lopez Design:
We build brands from ground up by harnessing their untapped potential to create exponential growth. We work with established brands to create agile systems designed for sustenance. We believe - everything is connected, everything is by design and everything is about people.
Find out how we make it happen. Contact A.mukherjee at nb@lopezdesign.com.
Resources:
1. Purpose led growth Kantar consulting
2. Gerald Zaltman
3. How consumers think
4. Branding Statistics To Help You Prioritize Business Growth Initiatives by Forbes
5. Brand equity
Written by Sukanya Panda
Illustrations: Saumya Mittal
Edited by Sujatha Shankar Kumar
Further reads:
Behavior change for life not life-style