What is branding?
When we talk about branding, the first thing that comes to mind is the logo associated with particular brands. By definition, branding is not only about logos or icons. It is a complete marketing process through which a company establishes its unique identity by creating symbols, logos, names or other features.
Your company - its people and customers, contribute to your brand’s identity while building a reputation and perception.
When we talk about soda cans, the first product you can think of is Coke by Coca Cola. You want to book a ride through online applications; you will tap on Uber on your smartphones. You want to buy sneakers of good quality to play tennis with your friends, maybe Nike is your first choice.
These are some examples of powerful branding and how a customer associates a product with particular companies.
Benefits of Branding:
If you want to flourish your business, however large or small, you should focus on branding - because of the strong effect it can have on your company. There may be numerous well-documented advantages of branding out there, and here we will be giving a brief overview of the top five benefits of branding:
1. Standing Out in a Competitive Market
When we want to sell a handbag or purse, we find the market completely saturated with similar products. It is not easy to stand out in a clutter of competitors selling the exact thing. You may consider getting a logo designed as a quick solution, but you will want to dig deeper over time and create a clear brand model. This is where you need to create a branding strategy with a clear purpose and sense of the target audience. Your brand is the only identity that will help you stand out among the thousands of other sellers.
2. Gain Your Customers’ Trust
Consider traveling to another country and finding your favorite pizza outlet (Pizza Hut perhaps?). You will not take a moment to think and will order your most-liked pizza because you trust the brand! You know the flavor would be perfect even though you are in a different country - this level of branding helps you gain your customers’ trust.
3. More Revenue
If your products’ branding is consistent, you are likely to increase revenue by making more sales. The brands personalize the experiences of customers and connect with them at an emotional level. Hence, they prosper your business by becoming retained buyers.
4. Returning buyers
If you deliver according to your brand to your customers, they will keep coming back to you for more purchase. Think of your favorite clothing stores that you visit every time you feel the need to change your wardrobe. You don’t even consider the alternatives since you know the products you buy from a particular brand will always have something in store for you.
Based on your product’s reputation and quality, your buyers turn to loyal customers as you continue to give quality, consistency and value. Why do you always prefer buying perfumes from Chanel or Gucci as your Valentine’s gift? Why not others offering cheaper options? What makes you loyal to these brands is it their value and quality? Or it is their marketing as brand leaders with consistent marketing and branding strategies that are the deciding factor.
Your company’s success is directly related to successful branding. These are some of the benefits associated with good branding. If you have not given it much thought before, it’s never too late to start planning from today!