Branding is one of the most important aspects for any business including large or small enterprise, retail or B2B. An extraordinary brand strategy can help you get your share in this competitive market. However, what is the meaning of branding? How does it influence a business like yours?
Branding is the process of creating a distinctive and unique name, and image for your product, service or business in the minds of your customers. This is basically done through advertising campaigns comprising of a consistent theme.
The aim of branding is to differentiate your presence and establish a significant name in the market, which attracts and maintains loyal customers. Your brand speaks about who you are, and how you want people to perceive you.
What is included in branding?
- Logo design
- Corporate identity design
- Color palettes
- Marketing message
- Marketing Strategy
Branding is a crucial process. Growth of a company is a lot dependant on it. For getting the best results, it is best to opt for an expert of the field.
Branding separates you from the competition
A well directed brand is so powerful that it can conquer almost all the competition in the market and separate you from the crowd. This is the reason why most of the companies with huge managerial horsepower spend a lot of effort, time and money on branding.
Improves brand visibility
If you observe the market carefully, you are likely to find a number of products that are quite similar to your offerings. How will the customer recognise your product among the competition? The answer is through your brand name and logo.
A successful brand is capable of enhancing the margins. Branding helps in building your goodwill in market. Customers are willing to pay extra in order to get your product in case branding is done in the right manner.
Creates trust amongst customers
The most important thing that branding develops for your brand is consumer trust. They believe you have the capability and willingness to deliver quality in every interaction.
There must be some brand that meets your expectation every time you pay for it and that makes you loyal to that brand. You sometimes even go out of your way in search of that brand if it is not available in your regular store. It is due to the branding.
They have presented themselves as the most unique and outstanding name in your and other people’s mind.
Branding increases your brand visibility, separates you from competition, and helps in attracting new customers and maintaining the old ones. All this simply results in increase in sales.
Attracts new customers
Branding helps in creating an unforgettable image in the minds of customers. This helps a lot in attracting new customers.
A brilliant example of this can be ‘Apple.’ The brand offers iPhones series in the market, which has a huge fan followings. Their logo is unique, simple and attractive. The company has an image of providing premium products with superb quality and features.
However, if you search in the market you will find many other mobile phones with same or similar specification and that too at a much cheaper price. However, those who want an Apple device are willing to pay that premium price and branding has a major role to play in that.