Imagine, you have two glasses filled with totally different soft drinks and somebody asks you to differentiate between the two while not tasting them. Would you be able to recognize them???
Whereas, if you have two company packed bottles of the same drinks you would easily differentiate one from the other.
How would that happen?
The logo, slogan, design etc. on the bottle would assist you to find out the name of the drinks and distinguish them without any struggle.
In fact, every product ever known to us is caused by 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, it allows customers to know what to expect 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 – Set You Apart From Your Competitors
As mentioned above, 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, and design of product and packing can help you build an amazing brand and help your customers to identify your genuine product with ease.
INCREASES BUSINESS VALUE
A strong business branding leads to an increase in the business value, allowing you to leverage more in the industry. That makes it a more attractive opportunity for investment because of the already established place in the market.
Moreover, branding increases the net worth of your company, think about the big companies like Apple, Starbucks, Wrangler, Armani etc. are their products really worth the cost they charge from 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 the 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 is a 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 you and find you authentic, they won’t mind coming back to you for business in the future.
Furthermore, branding helps you to maintain a loyal customer base. Which will continue to support you in bad times and spread a positive message about your brand to the people. Their influence will not only help you to reach new potential customers 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 that to stay motivated and work towards. According to survey by TINYpulse money isn’t among 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.
When you have a strong brand and bind your employees with the same goal and objectives you have set. 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 states that the company will fulfill every promise made on their behalf to the customers. 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 your 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 eventually going to affect your business.
WIDEN YOUR RANGE OF BUSINESS
Branding can widen your range of business. Nowadays, you are not limited to a certain demographic as business can be done in both online and offline ways. You can reach potential customers all around the globe providing you have a 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.
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 resarching, defining and building it. As it can prove to be the most pivotal aspect of your marketing strategy.
The best brand built on a strong idea, an idea that you and your employees can hold, commit, and deliver .