If you run a business, you’ve probably heard the term “branding.” But you may not know exactly what this buzzword is or why it matters to your company. Branding can be a key to taking your company to the next level, from recruiting to employee retention to building customer loyalty. Here’s what you need to know.
What Is Branding?
Employer branding can be loosely defined as a set of perceived benefits associated with your company. It includes such factors as your company’s values, culture, and personality, as well as the soft skills your employees learn and their day to day experiences. Think about some of today’s biggest corporate brands such as Facebook, Coca-Cola, or Apple. Thanks to branding, you know exactly what to expect from them as a consumer and as a potential employee.
So what can branding do for your company?
Retain and Recruit Strong Employees
Job seekers want to find the right “fit.” They want to work for a company that supports their values and provides a company culture that will make them proud. Before applying for a job, prospects tend to check both the company’s website and its social media channels to see if they sense a match. Current employees are more likely to stay, even through troubled times, if they genuinely believe in the brand.
It’s true that you will need to spend some money upfront to build your brand. But once it’s established, you can lower your costs for everything from recruiting to marketing to employee retention. You can’t rest on your laurels altogether, but you can put the majority of your funds into developing your products or services, and running targeted campaigns, rather than throwing spaghetti at the wall in an effort to find both employees and customers.
With a strong brand in place, your existing employees will actually become your brand ambassadors. From encouraging friends and family to try your products or services to referring potential new hires, the more your employees talk you up, the more success you will achieve.
Want to have lines of people out the door for your next product launch? Build your brand. A solid brand, rooted in strong values and a lot of public trust, can help create a customer base that follows your every move.