A business operating amidst a competitive industry makes good use of attraction marketing in order to maximize selling potentials. This technique enables a potential customer to see what you are offering them and how it can actually be of benefit to them before making any type of purchase. This is a strategy that gives satisfaction on the part of the buyer before they buy something. This also ultimately shows the value of the product or service that you are offering them.
Overall, attraction marketing provides a lot of benefits for your business. By offering information to your customer and allowing them the opportunity to decide whether or not they need the product or service you are offering, you are positioning a qualified sales lead before the actual sale. However, there are two concepts under attraction marketing that need to be given attention: branding and marketing. While they are often confused or associated with each other, there are actually some differences between the two. In order to understand the entirety of the concept, let’s take a look at each one carefully.
Branding for Your Business
Whether you recognize it or not, each and every business thriving today comes with a brand. How you actually develop your brand makes the difference between the creation of your distinction point or just blending in with the crowd. Businesses who invest in building their brand and managing it successfully can expect strong returns on their efforts.
What is the importance of branding for your business? Branding can help a business in creating a specific identity in front of the customers. People usually end up knowing and liking a business based on first impressions. By having a consistent brand and image on your logo, sign and name, you are creating an image of professionalism and trust for your company.
Here are the primary benefits of branding:
- Creates the emotional foundation
Branding can actually help in engaging your customers at a specific emotional level regarding the products or services that you sell. For instance, brands such as Disney and McDonald’s have been benefiting from branding for several decades already, establishing a special kind of bond with their customers.
- Creates an edge against your competition
Perhaps you already have several rivals in the industry and you need to have an edge against them. The advantages of branding can be seen at this point as it helps you in expressing why and how you are actually different from your competitors. The overall relevance of branding becomes noticeable when your customer starts choosing your brand instead of others. Your brand needs to build trust, earn respect, and should eventually become the “go to” product of your customers. Getting the favor you need over other brands is a good characteristic for success in any type of business.
- Reduces potential advertising costs
When your brand becomes recognizable in the industry, you can expect that the costs associated with advertising will be reduced as repeat customers start pouring in. Advertising campaigns no longer have to be as expensive and intensive when introducing a new product or service.
- Creates awareness
There is no particular schedule for an individual to go shopping. Every time they do, they attempt to recall the brands they already know for the products they need. With branding, you are creating an impression which will stay in the mind of your customer when they make a purchase. People stick to the brands they already know, trust and love.
The Essence of Marketing
A lot of people believe that by simply being in the business, they can automatically get customers or clients. If you do not introduce your business to the potential customers and clients, they will not know about your existence. Each and every business owner as well as entrepreneur needs to understand the essence and importance of marketing.
Some businesses shy away from marketing because they feel they might turn out to be a little desperate or pushy. However, instead of thinking this way, you should think of marketing as a way to alert people who need your services. Marketing is very easy. In fact, relationships play a very important role here. Word of mouth can also help a lot, alongside the strategies that you can introduce in your business.
There are different types of marketing strategies that you can implement for your business. One way is to use the yellow pages. A lot of people still rely on the yellow pages when searching for products or services that they need. Another is by making good use of modern technologies through the Internet. Email marketing campaigns, social media, and others avenues can be used in order to introduce your business online. This is a very effective tool, especially since online transactions have become very popular.
The Clear Difference
At this point, it is very easy to tell that the concept behind branding and marketing is different. Here are some points to consider:
- Branding creates the identity of your company, solidifying its characteristics. Marketing, however, is fluid and dynamic. It places your company in a position where everybody will want to know what you are selling.
- The primary objective of branding is to create an emotional foundation and require a response coming from your target market especially when they are doing product comparisons. It creates awareness and recognition of your brand. On the other hand, marketing is what actually proactively introduces your brand to your potential customers. It is the effort spent in making your customers aware that you exist.
Branding, therefore, can be considered a concept that is included in the overall marketing strategy of a company. Marketing encompasses several other sub-strategies and branding is just one of them. Once you have established each aspect, you can now take pride in focusing on what we call attraction management: making sure your customers remember your brand and respond by patronizing it over the others.