What is branding? Why is it important for your business?
Branding, by definition, is a marketing practice in which a company creates a name, symbol, or other elements that are easily distinguishable as it is fitting to the company. So, why do people pay attention to a brand?
It helps customers to identify and distinguish a brand, their story, from the competitors in the market. It’s an experience that creates a memorable impression – that is what businesses strive for.
Branding is beyond the logo. Branding gives a gist about your company and paves the customer’s journey. It starts from your logo, website, social media, the tone of voice of your communications with your customers, employees, and other stakeholders.
Your brand is your story, how your customer perceives your company. It is a true representation of the owners and their journey. A strategic plan is required to execute a good brand, it doesn’t happen out-of-the-blue.
Many companies forgo the branding strategy and just concentrate on social media… what people need to understand is finding the balance.
1. Branding & Advertising are best friends
Advertising is a component of branding and promotional strategies. This will directly impact the company and is bound to complement your aim of the company.
When your customer base is familiar with your brand, they tend to continue business with you. If the branding is consistent and easy to identify – it can create a sense of comfort when your customers purchase your products.
2. Your branding will enable clarity
Staying focused and having a clear vision is necessary. It may be easy to wander from idea to idea, but companies require guidance. A clear brand strategy helps to stay focused on the mission, vision, and aims of the business. This will help in a strategic move thereby, saving time and money.
3. It’s your story, need we say more?
Your brand is an extension of your story. It is what connects with people, they feel content and satisfied when they purchase your brand’s products.
Creating a journey that is an emotional experience will resonate strongly with the customer base that is bound to create traffic and engagement.
4. The name helps in the growth of the business
Your brand is important as it is not just towards recalling your business, but also helps in future growth. It creates an appeal, especially if it is an investment opportunity, and this would help to generate future and substantial businesses. It’s putting a price on value.
Brands are much more worth than their physical or tangible assets – it’s the name that sells. Your brand is an intangible asset that deserves all your attention.
5. Branding generates new customers
Referring is an art. When an established customer base is satisfied with your business, there will be no issues in creating referrals. Strong branding is the key foundation to this. Word of mouth is the company’s ally and branding is their ammunition. Businesses must build a sense of familiarity with the customer base to gain referrals in the industry.
People love to share a story!
They don’t wear the business, they wear a story – what the brand represents. It helps to recall and establish the business. Additional branding strategies play a major role here, like, website, SEO, etc.
6. Your brand builds pride and satisfaction
When a person works for a reputable company, a sense of collective spirit is evoked when they work for a ‘brand’. This will result in pride and satisfaction – a sense of high regard is formed and productivity tends to increase.
7. The brand creates trust in the market
Take McDonald’s, KFC, Sephora, MAC, or any established brand for that matter – how did they become established? Simple. The answer is support from customers.
Through well-strategized branding, the company builds trust. Audience members will be forthcoming towards your company, once they resonate with your story and a polished professional portrayal is established.
Wrapping it up
The best branding is built on an idea, to pave the way towards the best idea – start with the name. This idea is something various stakeholders can hold on to and can deliver on.
When your brand and business are in sync, you will see tremendous fruition while constructing loyalty among your customer base.
If you need assistance with building your brand, creating a brand name, and formulating a brand strategy – contact us! We’d love to help you to construct, identify, and share your story!