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What is Branding?
Most people think an attractive logo or a certain graphical style is branding. Well, this is not a precise understanding. If you think of your brand, you should think about the entire customer experience...from your logo, your physical store or website, your social media experiences, the way you answer the phone, to the way your staff interacts with customers. The crux is, your brand is how your customer perceives you.
Why is it needed?
Ever imagined people choosing your product over others because of your brand name? Branding is great and necessary. Sometimes, new entrepreneurs believe branding is a thing of importance later in the business cycle, which is not. It is almost the very few things to be done first. But why do we need branding at all - I have a solid product, it has a huge demand too and the competition is not tough either? These are common questions people think starting a new business. So what is the need of the whole brainstorming about branding after all? Let’s jump in and understand the hype around Branding.
Jeff Bezos, Amazon CEO
Your brand is what other people say about you when you’re not in the room
1. BRANDING PROMOTES RECOGNITION
Business usually takes place with companies that are familiar to the customer. Brands provide ease to customer to recognize them and choose from among hundreds of players. The brand identity is imprinted on the minds of consumer. Some great examples are – Adidas, Ray-ban, McDonald’s, Rado. They are not just popular brands but they each carry a unique identity of what they sell. Sure, you can’t say – What’s in a name?
A perfect logo plays an important role in brand recognition. Check out their offers. But besides the appearance there are other features of a brand too. Brandstrate Solutions offers Branding services to startups and small businesses at a very affordable price.
What all can come under branding?
• USP of your product
• Style and theme of advertising and communications
• Packaging
• Interaction experience
• Pricing
2. A STRONG BRAND HELPS CUSTOMERS TO KNOW WHAT TO EXPECT
A brand that is consistent and clear puts the customer at ease because they know exactly what to expect each and every time, they experience the brand. The fear of product performance is taken care of nicely by its brand reputation. An example can be HMT watches of 70s decade, people used to buy HMT not paying attention to how it looked because they were buying reliability and value for money in a watch and HMT delivered it every time.
3. BRAND IS AN EMOTION
A good brand connects with people on an emotional level, making them feel good when they buy it. Brand in itself is a super influential element closely linked with customers emotions to decide a purchase.
People prefer NIKE shoes because it gives them the power to be at ease and look trendy at the same time. It is their perception, no matter right or wrong but they feel proud wearing the shoes.
The popular taglines-
A Diamond is forever
and
Amul chocolates – A gift for someone you love are other perfect examples of emotional association with brands.
When you play at emotional level, it promotes brand loyalty, so the customers continue to come back.
4. A STRONG BRAND GENERATES REFERRAL
Your customers are the biggest flag bearers of your brand. People who eat, listen or wears your brand are most likely to have a connection and liking with your brand. They tend to talk about your brand among group of people. On the other hand, if you cannot recall a brand, you cannot tell anyone about it.
5. GIVES AN EDGE OVER COMPETITIORS
In today's global marketplace, it is critical to set oneself apart from the competition. What makes your organization unique when there are thousands or millions of others like it around the world? Brand is the answer. It is better to have 50% of one market, instead of 10% of five markets and for this you need to have dominance and your brand’s power lies in dominance.
6. EASE IN INTRODUCTION OF NEW PRODUCT
Reputed brands enjoy the confidence of creating new products (and obsoleting old products) as they know customers are going to accept them. If a new product is introduced under a known brand it enjoys the reflected glory of the brand and is likely to get off to an excellent start.
7. BUILDS TRUST & GIVES LONGIVITY
Establishing a brand increases the value of your product and company thus ensuring trust from customers and employees too. It is also a tool that attracts top quality employees and helps to retain the best existing ones too. It helps your audience understand “why I should work for you” in a way that showcases your organization as a great place to work. Trust – alone can give you enough strength in the times of rough weather in your business cycle and can survive your business long enough.
8. IT HELPS TO ATTRACT INVESTMENT
You need investment to grow big and expand into new markets. Branding is a tool not only used to attract customers or good employees but is also helpful when it comes to stakeholders and investors.
Branding is way to showcase the professionalism of your company and the specified manner in which it works thus attracting various providers for the same.
Also, investors would always like to invest in a company with good reputation and good profile which can be built with help of branding.
Winding it up...
A Product is something made in a factory; a brand is something that is bought by the customer. A product can be quickly outdated; a successful brand is timeless – Stephen king
Now we know Branding is more than a design on a product, a logo, or a tagline. How a perfect and unique branding is a secret to growth and success of one’s business.
Integrating a robust branding strategy into your overall business plan will likely lead to success and growth.
If you need assistance with your brand, from creating your initial brand strategy to the visual identity elements, contact us for free consultation, we’d love to help you develop these core components of your overall business strategy!
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