Branding refers to promoting products or services under the umbrella of some trademark embodying an organization’s reputation. It may include logos, slogans and graphics associated to organization but it’s much more than that. It’s a link that connects customers to a company and vice versa.
In this modern era, everything we know about the products we use is because of effective branding. Multinational firms such as Apple, McDonald and Adidas spend billions of dollars yearly to keep their brand up to date so that they can acquire new customers. They make sure consumers are aware of their products regardless of whether they consume it or not.
In this article we will be discussing the sheer importance of branding in modern day market, no matter the size or scope of your business. Please give it a read to find out how branding can influence your business to take it to the next level.
Creates Company Identity
Businesses competing in the same niche always promise the same things such as quality, customer satisfaction and value of money. Startups tend to go with the flow without creating their own identity making them just another tree in the jungle. Branding builds a strong company identity making it unique and marketable.
Promotes Recognition
Familiarity tends to develop trust. Customers purchase products or services from companies they know and investors invest their money in businesses they are familiar with. Branding bolsters company’s recognition by having consistent approach in colors, logos and slogans.
Creates Links
Branding helps to link your products or services together. It’s hugely beneficial because once one of your products has hit the market high, customers are likely to give a try to other products too knowing the belong to same brand. It will provide you with a huge edge over your competitors.
Generates Referrals
People love sharing things on social media. If they like your product or service, they are likely to talk about it with their friends verbally which will give your sales a little boost. But most importantly, they will promote your brand in multiple ways without even knowing about it. That’s where the value of exceptional branding comes into play. If your products are unique enough, the audience of your customers will remember them while they are out for the shopping.
Builds Customer Loyalty
Branding gives your business a persona to which people can relate. And if your brand is consistently providing with quality products or services, it’s more likely to bring repeat business as well as credibility and reputation. It makes customers to trust your brand enabling long term customer loyalty.
Discourages Copycats
Branding gives your products a special ingredient which makes them distinct. Competitors may imitate or duplicate them but their products would never be able to reflect uniqueness such as yours. Customers will never perceive them like “something special” coming only from your brand. That’s how branding will protect you against fraud and copycats.
Conclusion
Effective branding is built around some unique idea. An idea you and your organization may hold on to. It’s very important that your organization has very clear brand manifesto and is able to deliver on these promises in order to gain stable growth and brand loyalty among the customer base. Branding may take huge efforts and maybe time consuming but it will prove to be the fuel for long term growth of your business.
