Before understanding the Importance of branding – we will have a closer look at what is a Brand and its Branding!
What is a Brand?
When you have certain products or services that you have to offer and you give a name to it which differentiate it from the rest of the market, plus when it creates an identity in itself – that’s when it’s called a Brand.
You can give it a visual image while combining it with the customer’s emotions and preferences that will give a unique flavour to it and your Brand will be more connected to the audience.
What is Branding?
The whole process/strategy where you give your Brand an identity to stand out from your competitors and the reason as to why they should choose you over the other similar products is Branding. This can be done by following a few simple steps:-
- Defining your Brand
- Creating Brand uniqueness
- Positioning the statement for Brand
- Marketing – Offline/Online media
- Estimation Plan
These things act like a salesman which builds your brand silently. In short, what you sell is your product, a superficial appearance of your product is what brand is all about and the strategy as to how a product image has to be created is called Branding.
Now, that you’ve understood about “Brand” & “Branding”, we will come back to the important topic as to “WHY BRANDING is important in today’s world”.
Branding – It’s more than a logo design or a graphical representation of your company/product. While you think about your brand, you will think about the customer experience and their choices…and that will cover everything – your webpage, social media, logo to the way your customer service team treats the customers over a chat or on a phone call.
You would have to see through the customer’s eyes, how and what they want in a Brand and then create an amazing experience for them. AA Goodbrand building needs a thorough strategic plan of action. We have seen that many Mid-small sized companies or even a few start-ups for a matter ignore giving time to build their Brand and that affects their growth and business in the long run.
Let us get into why Branding is of utmost importance and why one should invest in it.
Gives Recognition to product/services – People look for trust and they go with someone they can relate with. When you build your brand that way, customers will be more comfortable while choosing you.
Stand out from your competitors – Today, we are sitting in a global world where every company wishes to reach and target a large audience, you need to stop thinking about local competitors and focus on a universal economy. The customers here have a huge variety to choose from. So, think about how would you target such customers and compete locally as well as internationally.
The brand is what makes you – The brand experience that a customer gets starts from looking at your logo to your website or even taking to the customer services people of your company talks about you as a Brand and how you value each and every customer.
Good brands help motivate your employees – Just for example – when your customer service team are not aware as to what your product/services are or how they should be handling a query about a certain product, they will fail as a brand ambassador! Yes, each and everyone who is associated with the company is a brand and a brand ambassador on its own. You would need to give clarity to everyone and have a strategic plan of action that will help your teamwork towards meeting the organizational goals.
Recommendations and leads – People are brand conscious and they like to pick up good brands and show them to their friends and families asking them to buy them too. When you have not created something which people will remember, they won’t buy it or even talk about it to others. Alongside, to generate a good amount of potential leads, one has to get into building a good strategic website that has “inbound links” that helps produce leads and traffic on your website.
Tell your customers who you really are – When you build your brand which is known to the customers and they are very clear as to what you really are, they feel quite comfortable and will reach out to you more often.
Creates importance for your Business – There are times when you have to give it a pause and think about your companies value. Values that are above the physical possessions and that will help your business grow in the long run and have customer’s faith as well.
Branding is not similar to marketing but they go hand in hand and both help each other in some other way. The ultimate goal for both is to serve the business and make it grow. Branding is very much important to any business as it is critical and creates an overall impression.
Everything is about reputation management and reputation comes up, irrespective you do something about it or you totally ignore it. Ultimately, you will end up having a good/bad image in the market. But, you can control how people visualize you by understanding more about Branding and how you can use it in your favour.
Do not get fooled by believing that Branding is expensive and only used by big brands, as a part of their marketing gimmicks. Branding is all about the market and its sentiments and how you wish to be a part of the bigger ocean. It has a variety of capabilities and activities which you can choose from according to your budget and vision. Your Brand value will have an influence that will eventually translate into getting a higher monetary value and a good hold in the business sector. Your balance sheet will show the worth of your company and the weight of your balance sheet will add to building your brand in itself.
Change the way as to how the customers and the market look at you, increase your value and get more business with properly done Branding!
“Your Brand is what people say about you when you’re not in the Room” – Jeff Bezos