Of course, anyone would want to have both of them, fast business profits as well as a lasting brand name. However, if we have only one choice, it is always wiser to have a lasting brand name.
Here are the reasons why.
1. Branding Transcends Over Time
A brand can outlive the entrepreneur’s lives for many decades if the reputation of the company and its product remains prominent and keeps up with modern technological advancement. Even if the business founder has already passed on for many years, his or her brand still stay on and growing.
2. Branding Makes Selling Easier
People would most likely prefer to buy, using their hard earned money, from a brand. This is because it is perceived from customers point of view, that a strong brand gives them relatively higher boost of confidence in buying the brand; people just feel comfortable buying from an established company than a company that they do not know.
One fine example, is H&M, the renowned fashion boutique brand in the world. Just days before the brand first opened its flagship store in Singapore, there is already a crowd of shoppers staying overnight lining outside the store, getting themselves prepared for the grand opening day. Brand reputation itself is like a customers’ magnet, that naturally makes your customers feel the confidence and credibility they have for your brand.
3. Branding Makes You Different
When selling gets easier, business profits will of course increase gradually. However till today, we still can see most business owners who did not put, building their brand as their long term business goal. Many of them will still go for the short term profits. Hence, many companies have not yet break through from being unique; many are still similar than one another.
Companies who go for building their brand names into their niche market will be different; in terms of business volume and reputation, they will definitely stand out from their competition.
4. Branding Increases Your Company Value
If you do it right, your brand can be worth millions of dollar in value. This is what we call when we learn Accounting at school, your intangible asset; something that is created out of nothing but through your efforts in bringing up your reputation & your market positioning in your industry.
Hence, no matter if you are currently a “one-man show business” or already medium large enterprise, continue to focus on building your brand day by day around your unique niche market; in time to come, you would definitely see a tremendous increase in your business profits and goodwill.