After all, why is branding important for a business?
Owning your own business can be exhilarating and empowering–but it’s important to acknowledge the trembling anxiety that can come with making big decisions. Especially, when these big decisions involve money. In the early days of Belle Creative, I tied myself in knots over making my first big investment: a business coach. Thoughts raced through my mind, ‘What if I cannot afford the monthly instalments?’ and ‘Am I making the most profitable decision for my business?’.
And while I now answer these questions with hindsight and ease, we cannot ignore the significant impact a global recession is having on businesses. Which is why we’re having the conversation: why is branding important for a business during a global recession?
Be steadfast in a sea of uncertainty
Everyday we are seeing more and more businesses shutting their doors, delaying launches, tightening advertising budgets and pausing investments. And while a recession may seem synonymous with slowing down production, your dream clients are still there. This creates a unique opportunity to unite your audience and continue to build recognition and trust, during a time where your competitors are fading into the background. Not only does this foster confidence that you are in it for the long haul, but it demonstrates your brand’s commitment to opening doors, unlocking opportunities and meeting the needs of your audience. Whatever the weather.
Meeting the changing needs of your dream client
For most people, a recession will prompt an evaluation of our spending habits. Segmenting the essentials from the expendables and carving out just enough for treats (without ignoring the postponables). It’s a careful balance and deciphering whether your dream clients are pained-but-patient consumers who are feeling the financial pressure, or the live-for-todayer’s who are largely unbothered and place a high value on experiences. Harvard Business Review delves into the psychographics of spending during a recession, but if financial jargon isn’t on today’s agenda, here’s our takeaway:
Harvard Business Review, 2023
Investing in branding for your business, even during a recession, increases your humaness. By speaking directly to your dream client, you are able to relate on a deeper level, connect emotionally, inject positivity and meet their needs from a place of understanding–rather than assuming. This is powerful.
Lay the foundations for growth
If sales have slowed or enquiries are only just trickling in, now is the time to work on your business. As entrepreneurs we tend to prioritise the everyday doing, rather than harnessing our ambition for growth and greater things. When the immediate needs of your business aren’t as time consuming, indulge in the possibility of more. Collaborate with a brand strategist, build out a robust marketing strategy, invest in a brand refresh and establish a stronger foundation.
Because steadfast foundations will withstand a global recession and emerge stronger, more results-driven and ready to thrive. Explore the power of branding.