Branding is a very important aspect in the marketing circle. It has the power to push your business forward, giving you a competitive edge. A strong and well-defined brand will result in an increase in sales, customer loyalty, brand value, and most importantly, the stimulus for business growth since consumers will feel motivated to purchase your product.
A brand is typically associated with the sign, logo, and name, as well as other images that consumers associate with your product and company. However, branding also involves other factors, encompassing unique characteristics which can distinguish your product from the rest. It can also relate to the overall quality of your product as well as the way you handle your business and how others perceive you.
The Importance of Branding
Looking at this from the consumer’s point of view, we may not really think of the importance of branding. It seems like we just go with the names that have already become familiar and synonymous with our everyday life. However, reality dictates that the influence of a name further reinforces the importance brought about by branding as we promote our business. Consider for example, Nike. It is definitely one of the most popular athletic shoes in the world. The importance of the brand is shown by the fact that the moment you hear the word Nike, you automatically associate the tagline ‘Just Do It’.
In considering the name you will give your company, it is very important to take into consideration the importance of branding. Make sure that you decide on a name that is not common. The selection is often a well-thought out process as well as careful analysis of the name and its meaning. The importance of branding starts with the creation of a name for your company. Keep in mind that consumers appreciate simplicity. They remember simple things. At the same time, it is very important to ensure that your name is associated with a positive characteristic, value, or position. Consumers, in general, love products with which they can easily associate positive characteristics.
The Benefits of Branding
As an overview, branding can help a specific business establish an identity among customers which is distinct from the competitors. People become acquainted with a business through their first impressions. Creating a consistent brand image via company name, logo, sign and other factors can significantly help create an image of professionalism and trust when done appropriately. Here are some of the primary benefits of branding:
—Branding Creates Emotion
This is because branding has the capability to engage consumers at an emotional level with the products you are selling. For example, brands such as Disney and Nike, as previously mentioned, have been focusing on capitalizing on their brand for several decades.
—Creates the Possibility of Expansion
By building your brand name for a certain group of products, you are paving the opportunity for the other products that you will be launching later. When your customer recognizes your company, they will more likely try the products that you will be introducing because they already know your company.
—Reduces Marketing Costs in the Future
When your brand is already familiar, marketing costs incurred in your company may be reduced as repeat customers patronize your products or services. Currently existing marketing campaigns may no longer be as intensified as the actual launching of a new item for your product.
—Creates the Competitive Edge
Perhaps your company is not the only one in the market. Therefore, it is very important to standout from the rest. With branding, your company can be acknowledged accordingly. In the event that new companies are introduced in the same niche, you will no longer have to worry because your customers will most likely prefer the brands that they already trust rather than taking a risk on new ones.
The Lack of Branding and its Effects
Unknown to many, there are also a lot of companies that fail to implement branding accordingly. They may be trapped into thinking that branding will just cost them a huge amount of money. However, what does your lack of branding tell your potential clients? It will leave the impression that you are not serious about what you are doing because you didn’t care enough to establish a good name in the industry. Your potential clients are searching for a reason to trust you. If you do not have the brand to accompany your skills, products and services, your efforts might turn out to be useless.
Imagine yourself as a customer. Which type of product would you be attracted to? One coming from a company that has done its best to promote itself, creating a brand that can be easily identified, or one that could be considered ‘generic’ and easy to forget? Your efforts in establishing your brand can tell a lot about your credibility as a company. Therefore, branding, or the lack thereof, can make or break you in your industry.
What Makes a Successful Brand?
The success of a particular brand is directly proportional to the brand perception that has been created. Regardless of product integrity, which is also important, brand recognition is critical. A positive view on your brand can account for the majority of the decision for purchasing. This is the reason why you should not be surprised if there is a huge cost involved in marketing a specific product. As a matter of fact, creating a good brand can even outweigh all the costs involved in the actual product manufacturing.
In order for a brand to become successful, there should be undivided commitment and support coming from the leaders of your company. This means the need to be committed, first, to the brand principles, and then towards the individuals involved: the workforce and customers as well as the shareholders. This is a process that can only be done through the professional help of an expert in this field. By seeking professional assistance, you can come up with a brand for your business that will later on be associated with your company as a whole.