Statistics reveal that the value of a brand can contribute approximately 70% to a company’s market value. Isn’t surprising? Can you give a thought why brands are so powerful? Regarding this, neuroscientists worked in recent years in this area and answers have started to appear.
Evidence from brain imaging work (MRI) has revealed that in every part of the brain, brand identities are processed. The brands we like create activity in the area of the brain from where we got an idea of who we are and where we form self-esteem. The way we see ourselves, we understand brands too. The brands which reflect our nature, attitude, behavior, and beliefs are apparently very close to us. Strong brands usually trigger activity on the part of the brain associated with positive emotions. On the other hand, unknown brands activate that areas of the brain which is associated with conflicting emotions.
The value of a strong brand
There is a wrong myth that only big companies invest money on branding activities, and it has nothing to do with small players or enterprises. But the reality is that a lot can be gained by creating brand value. A company with a high brand value is capable of grabbing higher price for its services or products and ultimately receives high profit with more sales and significant market share.
The benefits are not seen only on the demand side but also on the supply side too. More trade brings more recognition and more loyalty results. This will lower the sales conversion costs.
How can branding agency create a difference?
The brand agency has strategic thinking and creativity loaded. The clients look for the following things before hiring a branding agency:
- Imagination with the ability to understand business goals with proper alignment, and creative strategy.
- Focus on the process to foster collaboration, building trust, and decision-making.
- Ability to convert a complex, meaningful idea visually appealing.
- Capability to create a new system or brand architecture with excellent ability to communicate.
- Ability to manage vast amounts of information and reduce it to a grand idea.
- Ability to keep an eye on the big picture and great sense of humor.
- Awareness of branding world and its practices and branding landscape.
- Boundless energy and the persistence to develop and refine critical messages, taglines, and branding guidelines.
- Useful in tracking and documentation at every phase, through presentations, emails, and at all other levels.
- The attention is on customers and their experience.
- Have the passion that fuels excellence and which motivates the brand engagement.