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5 Benefits of a Strong Brand

Posted March 29, 2024 by EnerBank USA

Build a strong brand

When you think of the word brand, what comes to your mind? Some people may think of the name of a business, a distinct logo, a memorable tagline, or even a unique social media presence. However, a brand is so much more than just a singular factor — it’s the face of your company, the reputation of your business, and how you distinguish yourself from the competition. There are several benefits to having a strong brand for your home improvement business. Here are 5 reasons why you should prioritize strengthening your brand:

Establish Trust & Credibility

80% of consumers indicated that trust was a deciding factor in their buying decisions. You can put all the time and money in the world into your marketing, but nothing can replace good old-fashioned word-of-mouth advertising. Most homeowners ask friends and family for recommendations before starting a home improvement project. This means, if you haven’t built a strong brand, you may be out of the running before you even get a chance to make an impression.

Decrease Price Sensitivity

The price of a service factors heavily into the customer’s decision-making process. However, having a strong brand allows you to charge more than the competition and still close jobs. When customers know they can trust you, they’re more willing to pay premium prices. In fact, it’s been estimated that a business with a strong brand can charge 6% more than a medium brand and 13% more than a weak brand.

Increased Employee Retention

You may think that branding only matters to an external audience, but it can also affect your internal team. 86% of employees reported they wouldn’t apply for or continue to work for an organization with a poor public reputation or following. Plus, standing out from other organizations in your field can help you attract the best talent, making your business stronger by being able to serve your customers above and beyond their expectations.

Position Yourself as a Leader

Having solid brand recognition already in place builds a great foundation, giving you a leg up on the competition By positioning yourself as a leader within your industry, homeowners know they can come to you for the latest and greatest. Having a strong brand in place can also help with your overall advertising. Since you already know who you are as a company, many of the elements you need are already in place, allowing you to allocate essential resources elsewhere.

Second Chances

Unfortunately, no matter how well you plan, mistakes can happen in any home improvement project. When customers have a strong relationship with a brand, they’re more likely to both forgive the mistake and continue their loyalty when you have a solid brand.

The Next Steps

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