Branding has become a big rage these days. All the products are sold in the name of branding. The word has had several definitions float. Some defined it as a name, slogan, sign, symbol or design, or a mixture of all these that recognized the products or services of a company.
Also, some related it to the elements that distinguished the goods and services from the competition. Today, the brand is a more complex term and of consequential importance in the arena of marketing.
A brand is the perception that a consumer has the moment they hear or think of the name of a company, product or service. Even though consumers transform branding with their behavior, still an image is always formed in their mind the way the company is projected; elements, words, and creativity surely impart an impression.
What is Branding?
Branding is much beyond an identifying logo it enhances the value of the company, sets a proper direction for the employees and makes attracting customers easy.
Cutting long story short; the brand is everything! But unfortunately, there are companies that offer superb products and services but have poor brands due to careless customer service. In this article, we will give you many reasons why without branding your business is bound to fail-
Gives an Identity (LOGO)
A logo is a major component of your brand that establishes an instant connection. Aren’t we too familiar with the golden arches of McDonald’s? It is the face that gives identity as it is used on every piece of product/service and advertising.
Not only the brand becomes memorable but also gives the desired impression of the firm.
The more familiar the company, the better it is for business. People like to come in contact with the companies that are always there in the circuit. If your branding is consistent and clear, people are easily influenced into purchasing the products or services.
A professional look imparts credibility and trust to the product. People are more likely to prefer businesses that have a sophisticated and authentic stamp on them. We fall easily into emotional reactions and these are big-time influencers of our purchase decisions.
Steve Jobs on The Secrets of Branding
Today’s market scenario demands a powerful presence in the crowd. You ought to be class apart. The competition is not limited to the local level. The race is at the global level and your organization is running in the global economy.
Now, it depends upon you, how you carve a niche amongst the thousands or millions of similar organizations around the globe.
Advertising is another segment of your brand. Both the medium and demography kept in view for advertisements helps the brand evolve. If the advertising is done at a narrow scale, there are chances that a company will be ‘pigeon-holed’ and will not be able to diversify into new markets.
If the advertising is created at a very broad scale, the company will lack in its effect and fail to etch a memorable and powerful impression in the minds of would-be customers.
Companies who are authorized to trade on a stock exchange are valued many times the actual worth of the hard assets of the company. Much worth is contributed by the branding of the company.
A strong brand is a gateway to business success. As an instance, even if the company is on the verge of borrowing funds for expansion or rolling out to an IPO, being regarded more valuable will bring in greater profit for the owner of the payday loans online company.
The more a company is dedicated to enhancing its brand value; the better will be the financial gains from such actions.
The Business Story
The entire brand experience, be it the logo or the way your phones are answered at the customer service, give an impression to the customer about the kind of company you have. People get to know about your business DNA. These points tell the story of your brand.
There are many employees who don’t work just for the sake of work. They need the inspiration to deliver their best. When employees are narrowed with the mission and the purpose behind the conception of the brand, they relate to the company and feel the same pride and devote efforts in the same direction to accomplish goals you have set. A strong brand automatically turns the company logo into a flag and the rest of the company rallies around.
New Customers on Horizon
Branding empowers your company to get a lot of referrals. Just imagine, it would have been so difficult to tell your friend about the shoes you recently bought if you hadn’t remembered the brand. ‘Brand’ is best used here as there is nothing in the dictionary of a company that can replace the goal.
Being the most lucrative source of advertising, word of mouth referrals are prevalent only in a situation where the company had won the heart of your customer and delivered a cherishing experience.
The Future of Branding is Personal
The ‘S’ Word
Branding surely triggers sales and revenue for your business. You will earn money based on the fact how your branding strategies influence the users. Users are attracted to test you and thus try you out; further, your results will tell if you will make more sales or not.
Branding is a declaration that all the promises and claims which the company makes will be fulfilled. Everything that a company abides by should be circulated throughout the organization also.
If this is not done then the company will be disconnected and the customers will be angry and feel betrayed. If you are unable to keep the promises you make, it is better to not state them on your brand.
With good branding, follows a trail of customer loyalty. Loyal customers are big supporters and stay with the company in good and bad times. They will propagate a positive message in their circle. Their influence and word will bring prospective buyers to the company.
Branding has a massive reach and can connect with the people through so many mediums. It influences people offline, online, mobile and in target markets. It glorifies many products and services that you presently selling or are planning to sell in the future.
Branding safeguards you from competitors who want to take away the throne of success from you. Without this guard, they would have become mere copycats and claimed copies of your work for themselves.
They might replicate these products but they won’t be able to snatch your style and originality away from you.
A good brand is the one that connects with its audience at an emotional level. They should feel good when they purchase. Purchasing is an emotional experience and a strong bonding with the brand helps them feel comfortable, in an emotional context, when they come in contact with the company.
Think Branding, with Google – Conference Keynote – “Branding in the New Normal”
A strong brand has become a necessity now as the war for customers is growing day by day. Do spend time researching, defining and building your brand. Never forget, your brand is a promise that you are delivering to your customer. It can prove pivotal in your marketing communication and is the one without which your company can’t touch heights.
That is the reason, branding is of utter importance within a business or organization. You can understand the purpose of business objectives well. Branding aligns a marketing plan with that of business objectives to devise an efficient strategy.
Brand can’t be regarded as effective before the purchase as it also takes into consideration the life of the brand experience it gives a consumer. With a brand, not only comes loyal customers but also loyal employees. Brand establishes faith, something to stand with. It adds a meaning to a company’s purpose.
Make sure that your brand permeates the organization and they are clear on it so that you can savor the sweet fruit of brand loyalty in your customer base.