When you embark on the journey of creating a business, whether it is a small retail shop or a company aiming to secure a placed in the Fortune 500 list, the single most valuable asset any business can have is the brand identity it has. It is the brand identity that makes people buy an iPhone for $1500 when it costs just a couple of hundred dollars to make. Making a proper brand identity does take a lot of time and consistent efforts but once you have one you’ll see that it has incredible potential for making your business a successful one.
What is a brand identity?
Brand identity is the name a business makes for itself in the market. It is the very thing that makes people believe in you, trust you, and invest in you. It is not a concrete, tangible asset. It is something abstract that makes people think about what you want them to think about you and in the long run, it earns you a lot of sales, revenue, and profit.
Brand identity linearly translates into the level of trust people have in you. It is for some reason that when you hear about the brand Apple you think of reliability, executive quality, and elegance.
How to make Brand Identity?
Making a brand identity is not an overnight process. It takes years, sometimes decades, to build one but the journey starts with branding. Branding is the process where the brand is born; it is given a name, a logo, a color scheme, and all other things a brand is supposed to have.
Why Brand Identity is considered the key to success?
The market has become immensely competitive over the last few years. If you want to achieve something extraordinary or want to go somewhere new, you need to build your brand identity. Having a proper brand identity has the following benefits:
- People trust you and are happy to invest in you.
- You can easily get ahead of your competitors by doing smart work instead of hard work.
- You have a greater chance of getting investments if you have a known brand identity.
- Your growth rate is exponential when you have made a brand around yourself.
An important aspect of making a brand identity is setting a procedure to follow in the event of something out of the ordinary happening. The brands that had a plan to survive catastrophic events performed well and survived in a better way following the recent COVID-19 situation. You need to be clear with your identity about what you believe as a brand, and how would you react if something that shouldn’t happen happens.
The brand identity of any business is the most valuable asset of any business. If you want to progress fast as a business, you need to have a clearly defined brand identity that makes people believe in you and makes them trust you. It will take some time to build brand identity but once established it will pay you back many times over.