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Why a strong brand identity is a valuable asset to your business

Regardless of whether your business is three, 30 or 300 people strong, having a comprehensive brand identity allows you to properly communicate who you are and what you’re offering to the world. You may currently have a logo or a website and feel that you’re doing quite well with what you have, but it’s worth recognising that having a cohesive identity behind your business can provide an intangible edge that separates you from your competition.

The process of creating a brand identity distills your business’ strengths and goals against the market it operates in to build a toolkit of creative outcomes that let you communicate effectively with anyone who comes in contact with your business. And while some may feel that brands are simply defined by a logo, it’s key to understand that they’re one part of a much wider exercise that delves in to what makes your company unique and why it’s worth your consumers or clients’ time.

Here at Plato, we work with businesses in all shapes and forms. From startups that need a brand for packaging and websites before they launch, to multi-national companies that require a refresh to remain relevant in their competitive markets, what they all have in common is a goal to effectively communicate what they offer to the world.

So, what goes into a brand then?

By understanding what your business excels in and where it wants to see results, our process aligns your goals with wider values that set you apart from the competition and appeal to the audiences that you want to resonate with. It can be broken down into two distinct sections, however, the level of depth can change depending on the complexity of your product or the scale of your business:

 Strategy: First, we uncover everything we can about your business, its current performance and where it can improve. And it’s important to start here because what we discover here will inform the direction of the brand. Questions we ask are things like “what does your business care about or stand for?”, “what makes your offering unique?” and “where do you see yourselves in five years?”

 Creative Direction: Next, we combine what we’ve learnt with a set of goals that have been identified to create the brand elements that will communicate your identity to your target audience. It is sometimes where a number of businesses think the process starts and finishes, but at this stage, we craft the messaging that defines your brand’s position and the visual assets that bring it to life.

These assets can include logos, stationery, collateral or packaging as well as examples of how your brand can be extended across digital channels. And combined with the messaging that communicates your brand’s value, we’re able to show how they seamlessly work together and provide your target audience reason to connect with your business.

But how does this create value? 

With a comprehensive brand that encompasses all of the above, your business has everything it needs to map its future and effectively communicate with the people it needs to. By portraying what your business values in a way that resonates with your audience, you can create an emotional connection that people can identify with, and the potential returns of this inherent value have actually been proven in studies such as this one undertaken in Helsinki.

 Setting out to understand whether a brand story could influence the perceived monetary value of a product, researchers asked a group of participants how much they would expect it to cost. But while everyone was told about what it does and what it’s made from, only half were told about the history behind the business, what it stands for and why they make their products.

 In effect, the researchers communicated the brand behind the product. 

 The results were clear, and the participants that were privy to the brand story concluded it was worth 60% more. On top of that, after being told how much the product actually costs only half of the group that were only told about the product said they would pay for it. The group that were exposed to the brand as well? 100% said they would buy it, just because of the value they added themselves by connecting with something more than just the product. 

 

To find out more about how we make it happen, take a look at how we create smarter business outcomes or contact us today

 

Published: 18 Jun 2019