What is branding?
First of all, I would like to approach what is branding, before I give you any reason why branding makes the difference in a business.
Looking in a marketing dictionary you will find a definition as this: “branding is the process of definition and construction of a brand. Is a marketing practice in which a company creates a name, logo or design that is easily identifiable as belonging to the Company”
As many people just stop here, I would like to bring up Jeff Bezos branding’s definition, and a Wally Olins quote about branding:
“Your Brand is what other people say about you, when you’re not in the room”
“Brands and branding are the most significant gifts that commerce has ever made to popular culture. Branding has moved so far beyond its commercial origins that its impact is virtually immeasurable in social and cultural terms.”
Branding is much more than just a name and a logo. It is what other people have in mind based on how you, or your company, have been introduced to them, and what perception have people about you or your company.
WHY IS BRANDING IMPORTANT?
Brand is the most important asset of your company. It represents up to 70% of a company’s value. Every day, our brain is bombed for hundreds of brands, all of them fighting for a gap in our memory. And because of that, our brand’s perception in peoples minds is so important. It doesn’t matter what your business is, definitely branding makes the difference.
Try to imagine making a search on Google, and you find just two architects. One of them has a LinkedIn full of pictures, opinions, tips, etc. In short, this architect profile has great content. On the other side, the other architect has only a phone contact number.
It is very likely that, for a matter of perception, you will choose the one which introduces itself with great content or in other words, the one who made a better job in its branding. So in this instance, it is very clear how branding makes the difference.
Ok, let’s go for the 5 reasons why branding makes the difference in your business!
1. BRANDING GETS AWARENESS:
Brand awareness is the ability of a consumer to identify a particular brand over other brands. In other words, it is the extent to which a consumer can correctly identify a particular product or service just by viewing its attributes or design elements, such as logo, color, graphics, or illustrations of a brand. This brand awareness can be triggered as well, through an audio cue, such as a theme song associated with a brand.
2. BRANDING INCREASES BUSINESS VALUE:
It’s true that the brand lives under marketing, not finance. But a sharp, well-aimed brand strategy can address critical business results from lagging market capitalization to margins. An effective brand, that communicates the essence of quality, helps increase the global value of your company by:
– Reinforcing your position in the marketplace.
– Attracting better quality customers.
– Giving customers the perception that the product or service is better than that of the competition.
– Inspiring employees, by helping them to understand how they fit within your organization. It also improves employee pride and satisfaction.
3. BRANDING GENERATES NEW CUSTOMERS:
A strong brand will have no trouble generating referral business. People usually love to tell others about what brands they like. For that reason, strong branding generally means there is a positive impression of the company amongst consumers, and they would love to do business with you because of the familiarity and trust that your company and brand provides them. Once your brand has been well-established, it will become the best and most effective advertising technique for you.
4. BRANDING CREATES TRUST:
A professional appearance and well-settled brand will help the company build trust with their potential customers and consumers. As I told before, a brand’s perception in people’s minds is very important, because good branding will give the feeling that your brand is something that they can rely on. Good branding will make you connect on an emotional level with your customers, making them feel good when they buy your products or have relationships with your company. It also gives the impression of being in an industry of experts and makes your audience feel as they can trust your message, products, and company in general.
This will involve, that people will be more interested in doing business with your company, which has a professional portrayal, rather than the competition. And that is one of the most important reasons why branding makes the difference.
5. BRANDING SUPPORT ADVERTISING:
randing has to do with a long term promise that your company wants to be known for all the audiences that are important to your success. On the other hand, advertising is design to accomplished specific short term objectives. There is a strong connection between the two of them from the moment that advertising campaigns will directly reflect the brand. For this reason, advertising is an important component of a brand. We need to take care of the medium chosen and prospect targeted for advertisements, as it will help you build your brand.
CONCLUSION ON WHY BRANDING MAKES THE DIFFERENCE:
Having a brand is one of the most powerful things that you can achieve in a business, but it has to be build from the right foundations. I’m talking about the vision of the business, the values of the business and the target audience that you have. Pulling together a well-architected brand, is going to last a long time. It is something you don’t want to rush, as many people have found themselves in a situation where they put together a brand that isn’t really fit for their audience, after spending a lot of time and money in their brand.
If you are starting a business and a brand, I would suggest you to start with these three simple things:
LEARN THE DIGITAL SKILLS THAT YOU NEED TO CREATE YOUR OWN BLOG AND DIGITAL BUSINESS FROM SCRATCH.
LET ME INTRODUCE YOU TO THE COMMUNITY OF DIGITAL ENTREPRENEURS WHO ARE HELPING ME TO MAKE A SUCCESSFUL DIGITAL CAREER: