Imagine, you have two glasses, each filled with a different soft drink and somebody asks you to differentiate between the two while without tasting any. Would you be able to do it??
Obviously no!
Whereas, if you have the same cold drinks in packed bottles, you would easily differentiate one from the other.
How would that happen?
The logo, slogan, design etc. on the bottle would help you name the drinks and distinguish them without any struggle.
In fact, every product ever known to us is due to the branding of that particular company. That makes it essential for every small, medium, and large scale organization to have a unique branding strategy. That will help you in standing out and having a separate identity in this over-crowded marketplace.
Branding is an overall illustration of your organization that prompts customers expectations on a higher side from your company. A good branding strategy can drive new customers and increase brand awareness throughout the market. Along with identity, there are various other factors that branding brings to help your business in positive ways. We have listed down a few below:
RECOGNITION – Sets You Apart From Your Competitors
As mentioned above, the most important reason branding is important for your business is because it separates you from your competitors. Branding acts as a shield and protects you from your market rivals, without branding they would not have any problem copying your products and selling with your name on them. A Product can be copied but not the branding style and strategy.
People nowadays tend to do business with the companies they are familiar with, and branding helps you build a strong relationship with your customers. A unique logo, catchy taglines/slogans, design of product and packaging can help you build an amazing brand and help your customers to identify your genuine product with ease.
INCREASES BUSINESS VALUE
Strong branding leads to an increase in the business value, allowing you to get leverage in the industry. It’s a more attractive opportunity for investment because of the already established foot in the market.
Moreover, branding accelerates the net worth of your company. Think about the corporate giants like Apple, Starbucks, Wrangler, Armani etc. are there products really worth the price they charge us?
No, branding has created a value that is far more than their physical value, now when people have trust in them they are ready to pay any price for the products.
NEW CUSTOMERS THROUGH REFERRALS
A strong branding strategy gets you new customers, even through referrals. When a customer buys anything and is completely satisfied with the product, obviously he/she is going to share his/ her experience with friends and other known people.
Imagine how hard it would be for a customer to tell you about the product if you don’t have a strong brand identity, eventually, you’re going to lose a lot of referrals. In fact, once the brand is well established in the market, word of mouth becomes the company’s best advertising technique.
TRUST/LOYALTY WITH CUSTOMERS
Branding also brings credibility to your business and people like to buy from the most legitimate and genuine brands. Branding is more of a connection that you build with your customers when people love your authenticity, they won’t mind coming back to you for more business in the future.
Furthermore, branding helps you to maintain a loyal customer base which will continue to support you even in your bad times and spread a positive message about your brand to the people. Their influence will not only help you reach new potential customers and retain them but also to build a positive image in the market.
ENCOURAGE YOUR EMPLOYEES
For some employees, a job is all about pay-check, benefits, and time off. But some employees need more than to stay motivated and work towards achieving goals. According to a survey by TINYpulse, money isn’t among the top factors that motivate employees, it’s not even in the top 5!
Well, branding can help you achieve the desired goal to keep your employees happy and inspired.
A strong brand helps to bind your employees with the organisation’s goal and objectives. Employees feel a sense of responsibility & pride and devote their time to work in the same direction as of yours to achieve the target.
PROMISE OF DELIVERANCE
Branding assures the customer that the company will keep every promise made to them. From quality of product to customer service everything will be in accordance with the terms and condition of the company.
So, be honest while strategizing your branding, never quote anything on the brand that is not true or you won’t be able to comply with. As, once customers realize you are not legitimate and making fake promises, it will break their trust that will eventually going to affect your business.
WIDEN YOUR RANGE OF BUSINESS
Branding can widen your range of business. Nowadays, you are not limited to certain demographics as a business can be done in both online and offline modes. You can reach potential customers all around the globe providing you have branding to match that level.
Think about big companies like Apple, Samsung, Starbucks, etc, they all have customers around the world. And people happily accept their product because they have maintained a strong faith and relation with their customers.
CONCLUSION
The cut-throat competition among companies has taken a sharp rise. Almost everyone is after attaining as many customers as possible. Thus, branding has become the foremost requirement to stay unique and ahead of your competitors.
Your brand is a commitment you make to your customers. So before strategizing your brand make sure you spend ample time researching, defining and building it. As it can prove to be the most pivotal aspect of your marketing strategy.
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