While there is potential for branding methods of any kind to impact the success of a business, the behaviors of the modern consumer highlight the need for digital branding. As Patrick Wentland has seen through years of experience in the industry, digital branding offers more diversity for establishing and maintaining your company’s identity online.
The Purpose of Digital Branding
As a marketing practice, traditional branding efforts combine with digital platforms to manage your company’s brand or online identity. It could involve brand awareness and development through websites, social media platforms, apps, or other internet-based technology.
It’s not the same as digital marketing since marketing aims to promote specific services or products—branding attempts to create a favorable perception of a business and its products or services. Digital branding incorporates some digital marketing elements with branding techniques but all through online mediums.
The Influence of Brand Identity
Digital branding utilizes a number of processes or strategies to build a brand identity. A brand’s identity is the visible aspects of a brand that stand out in a consumer’s mind and distinguish one company from another. You see this with brand logos or color schemes. Visually identifying a company and developing a perception of the company as a whole help to establish and develop the brand’s image.
The brand image goes beyond the visual cues established by the advertising team. It develops into how consumers think and feel about the products of the business or how strong of an emotional connection the consumer has to the company. Identity and image combine to be valuable business assets. Consumer trust and loyalty in the brand increase the potential for growth and long-term success.
The Role of Digital Branding
Companies use digital branding to improve their reach and brand awareness in the market. Because of the record numbers of online transactions and the trends in online research and shopping behaviors, a company can’t afford to let its online presence fall by the wayside.
Consumers go online to learn about your products or services or interact with representatives of your brand. They look through platforms like Instagram, Twitter, or Facebook to read consumer reviews about your brand. Actively cultivating online content that positions your brand as a leader in the industry and engaging in consumer connections is all a part of building your company’s brand.
The Growth Potential With Digital Branding
When done right, positively branding your company online drives business growth. Here’s how digital branding influences your company’s success.
Increases Buyer Willingness to Pay
Establishing your business as a credible industry leader lends value to your products or services. While you and a competitor may offer similar services or products, the company with a perception of higher value attracts consumers willing to pay more for the service. The strength of a brand directly influences a buyer’s willingness to pay.
Develops Consistency With Sales Cycles
As Patrick Wentland knows, brands with well-guarded reputations are more likely to earn repeat business and have increased sales from referral marketing. Prospects who already trust your brand due to prior interactions, research, or a referral, are more likely to move more quickly and consistently through the buyer’s journey. This means closing more sales while using fewer resources.
Brings Cheaper Costs to Market
Well-known brands don’t have to spend as much on advertising and marketing efforts. Any savings in this area will add to your revenue or give you a chance to increase your budget for developing new products or services. Innovation and quality products help your company keep its corner market share, especially if your reputation already holds your ranking firm.
Taking Your Business to the Next Level
Using a digital branding strategy can change the trajectory of your business. Developing and managing your online reputation can promote business growth and encourage long-term success. To learn more, contact Patrick and his dedicated Business Reputation Specialists today.