There are more than a hundred million companies in the world. Now think of those company names you remember (please remove those who you worked for). Don’t you think the names you know count for much less than the count of those which actually exist? Why do you think this happens?
Well, the answer is simple. The names, the logos, or even the taglines that you remember is because these business have been able to build for themselves a brand which you as a consumer can identify with. Let’s take some examples – If someone says ‘Jockey or nothing’, you know which brand is being referred to; or when you see that big yellow ‘M’ with a red background, you immediately identify it with McDonald’s. This is the power of brand, and Importance Of Branding.
So, what is a Brand and What Is Branding? And most importantly, why would you as a business require it? Let’s try to understand.
What Is Branding?
According to Seth Godin, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Branding is a marketing practice in which a business creates for itself a name, term, symbol, design, logo, or anything which helps to distinguish itself from other businesses.
This is one of the first and crucial steps when you’re starting a business. And it is exactly why this marketing practice must be executed flawlessly. Hiring an agency to help you with the overall design and logo of your brand is the smartest choice. For example, agencies like Shortlist already have the insights into what works and what is trendy right now in your niche. They can help you stand out among the sea of competitors which is extremely important.
Remember that a Brand is an expectation, a memory, a story, a relationship, etc - any of them or all of them - it is the perception of the mind. Branding on other hand is a process through which you shape this perception. It thus helps make a memorable impression on consumers, lets them know what to expect from your products/services, etc.
Now that we have a somewhat perception about Brands and branding, you may understand why you need one for your business, why you need to hire Brand Consultants. Or are you still hesitating? Well, then let us clear the air and shed some light on why you would need Branding.
What Is The Importance Of Branding For Your Business?
Branding is going to make a great impact on your company. It is capable of creating an identity for your business, improve the
Branding Gives You An Identity:
While branding is a process, a strategy of shaping people’s perception, identity is the visual look of your brand i.e. the logo, the tagline, the colours, the typefaces, etc. all which belong exclusively to your business. Thus, branding gives and identity to your business. The packaging of your product is also an identity which your business gets from branding. For example, only ‘KFC’ is ‘It’s soooo good”. The pac
Brand Represents You:
The first and foremost factor to remember is that your brand will represent you. Thus, as a business, you are a brand, the owner of the business is the brand, so are all the employees, the materials/resources utilized is the brand; and also the products/services provided are the brand. Your brand is a promise you make to your customers – a promise of the quality of your resources, the quality of your product/service, the service provided by your staff, etc. If you are able to create a brand for your business which is consistent, your customers are then going to believe in this promise and will know what to expect from you.
Branding Tells Your Story:
As we said, your brand represents you. It tells everyone the story of your business. Your name, your tagline, the you reply your customers, the way every product and service is delivered, even the advertisements which you put in, or the events which you organize, i.e. each and every interaction you have with your customers tells them about what type of a business you are.
Branding Develops Trust:
Once customers identify you as a brand, they know your story, branding can connect you to your customers emotionally. Buying is often an emotional experience for people, and if you are able to have that connection, your customers will start to develop trust for you. They will trust you enough to approach you and come back to you again and again to avail your products/ services.
Branding Get You Referrals:
One of the best fact about branding is that if your brand is strong enough, your customers will be giving your referrals. Mouth publicity can be clearly associated with branding. If your customers like your brand, know for sure that they are going to be telling about you to their friends, family, acquaintances, etc. Of course, for that it is important that you should have built for yourself a brand which is memorable. This way you can get new customers.
Branding Distinguishes You From Your Competitors:
Branding will let your stand apart and stand out from the crowd of the competition. The separate identity that you create, your story, etc. is exclusively yours. Your competitor too may have their own well established identity and story, and may have their share of loyal customers. However, customers are not going to confuse you with your competitors.
Branding Supports Advertising:
Branding and advertising support each other. The advertising strategies of your business reflect your brand, and you can use them to portray the desired image of your brand. Thus, your advertising strategies and branding goals gel together.
Branding Satisfies Your Employees:
Branding comes with a crystal clear brand strategy. The strategy provides clarity for your staff on how their behaviour should be. Employees can thus follow the values and motto of your branding strategy. On a positive note, working for a well known brand can be a matter of pride and job satisfaction for your employees.
Branding Gives You Business As Well As Financial Value:
A strong brand will give more leverage to your business within the industry, so that your business value will increase and help you get future business. Also, with branding, your financial value will also be increased.
The above points clearly explain what the importance of Branding is. Warren Buffett has said “It takes 20 years to build a reputation and 5 minutes to ruin it.” This applies for branding too. Because to reap all these benefits only branding is not enough, buy you need to be consulting with experienced and expert Brand Consultants like Techasoft which is a Brand Consulting Service In Bangalore.