CREATING THE BEST BRAND FOR YOUR STAKEHOLDERS
Your brand is the keystone of your business. Branding affects how people perceive your products and services, how much customers are willing to spend on your products, and how likely potential clients and investors are to get involved with your business. But how, exactly, does your brand impact all these different groups?
Let’s break it down by your stakeholders. Stakeholders are individuals who are impacted by your business. Internal stakeholders are your managers, investors, team members, and other individuals who already subscribe to your business. External stakeholders are customers, potential clients, suppliers, the media, etc. The right branding will positively impact both groups, so let’s delve into how they’re each affected by your brand.
Internal stakeholders already believe in your business – that’s why they’re involved! Internal stakeholders recognize the value of your product or service, and they might even identify with your brand. However, that doesn’t mean these stakeholders are followers for life, so your branding must continue to inspire their allegiance to your business.
Brands that hold onto their internal stakeholders often foster stronger businesses, because their employees believe in the products they sell, and their investors are more likely to stick with the business if it undergoes challenges or setbacks. All of this generates happier stakeholders and greater revenue. So how do you brand internally? The best way is to create an emotional connection between your employees and your brand by making them key players in your brand vision. Involving your employees and investors in the history, tradition, or social impact of your business makes them more likely to commit for the long run, and bringing your brand alive can sell the brand inside.
External stakeholders, by contrast, still need convincing. Most marketing efforts are directed towards these individuals, which include customers and investors who aren’t quite sold on your company. These individuals needs to believe that your product or service is superior to the competition’s.
This is where branding comes into play. Consumers are more attracted to brands that 1) appeal to their demographic, 2) demonstrate a clear benefit to their lives and wellbeings, and 3) tell an interesting story.
So how do you tell a story with your brand? And how do you target the right audience? CAST Design is here to help. We’re experts in branding and visual storytelling, and we know how to create brands that draw customers in and keep employees happy. Our branding services take businesses to the next level, and we want to help yours too. Contact us at Cast Design Team for a free assessment and we’ll get you started on the next step to branding your business.