The Importance of Branding in Business.
We hear the word ‘branding’ used a lot in Business circles, but what is it exactly and why is important for business?. According to www.businessdictionary.com, branding is the ‘entire process involved in creating a unique name and image for a product (good or service) in the consumers’ mind, through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
Branding has always been an important aspect in business & marketing circles. It is simply engraving your company name or products to the minds of your customers. Brands are often expressed in the form of logos but it also embraces color schemes, domain name, tag line etc. A prominent brand is normally regarded as one that people will distinguish easily, even if they do not know about the company or its products and/or services.
So what is ‘branding’?:
Branding is a compilation of awareness in the minds and hearts of customers
Branding is not about getting your target customers to choose you over your competitors, instead it is about getting your potential customers to see you as the sole provider that gives solution to their dilemma. A professional ‘brand’ builds trust in the mind of the consumer, and will be more likely the chosen ‘brand’ to fulfill their needs.
A brand is a promise
A ‘Brand’ is a promise to your customers. A brand’s promise is what you communicate to the customer and what he or she can expect from your product or service. For example, ABC heating and Air famous tag line is ‘We’re not comfortable until you are.’ This gives some form of initial guarantee & expectation to their clients that they will only received products with quality, but also that they work with you to ensure you are happy. Always remember that your brand promise should pledge to deliver quality and customer satisfaction.
Your brand is also your reputation
The brand of the company is actually its reputation. It is created based on the behaviors and actions of the company, and on how those behaviors and actions are perceived by consumers. Brand is what the company desires to be, while reputation is what consumers feel about the company.
Your Brand can be the mark of your pride
You are pleased when your products or services are being purchased or used by consumers. But you are also satisfied when people are aware of your brand even if they haven’t bought any of your products yet (brand awareness). For instance, Nike brand name is famous around the world; people can easily recognize its name and logo even if they have never bought any of their products.
Unlike the products that you sell, brand is intangible. It exits in the mind of your consumers. How consumers perceived your brand greatly affects your business. For that reason, professional branding drives loyalty, and loyalty acquires patronage resulting in a strong customer’s base, and sales.
If you’d like to discuss your branding needs, feel free to contact Nic Jones from Market Me.
Email: [email protected]
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