The deliberate efforts you make to change people's perceptions of your product or service - so they will choose your brand over and over - is called branding. In essence, it is how your product or service is perceived in the minds of your customers.
While grasping may
seem like a simple concept, branding is an obscure, passionately debated, and
difficult to define topic. Why? Why? Because, as mentioned before, branding is
an emotional and subjective process that cannot be evaluated or measured.
A brand is "a
collection of expectations, memories, stories, and relationships that explain
the consumer's preference for one product or service over another."
Anything you do to actively influence these decisions is called branding.
Consider: How will
customers proceed when faced with a decision? Whatever drives them, branding is
what creates their perception of your company and ultimately turns new
customers into repeat customers.
THE IMPORTANCE OF
BEING A BRAND
There is a lot of
noise in the crowded marketing world. If you only have 7 seconds to make a
first impression, your brand needs to be bold and well-designed right away.
Effective branding is the technique that allows your company to stand out and
grab the attention of potential customers. Branding, when done right, can
influence, inspire and generate change.
Consider the
success of some of the most well-known and successful companies like Google,
Apple, Nike, and Coca-Cola. These companies understand the importance of
branding and incorporate it into every aspect of their operations and
marketing. They also continue to strategize, develop and improve their brand
campaigns to maintain customer loyalty.
COMPETITIVE EDGE
No matter what
industry you are in, competition is always strong. Whether you're starting a
bike mechanic, selling CBD-infused products, or working as a social media
consultant, branding allows you to stand out from the crowd by highlighting and
identifying what you have to offer and why it's a superior option.
Brand awareness
Brand awareness is
about how your company appears in the market and in the minds of customers.
Customers must have a positive perception of your brand because of the service
or product you provide. Even if cheaper or alternative solutions are available,
strong brand awareness is one of the most important motivations to persuade
your target audience to choose your brand.
Brand recognition
Brand recognition,
a core component of brand awareness, refers to the way customers remember your
product or service, and is also known as brand recall. Visual branding elements
such as brand colours, a logo or a clever slogan can cause this. Consider the
following scenario: you are on a road trip, and you see the golden arches in
the distance on the highway; You described McDonald's without even thinking
about it.
Building Trust
Brand trust is
crucial to the image your company creates in potential customers and in your
industry. According to the Intelligence Node, “More than 60% of adults in
Canada, the United States and Europe want the companies they buy from to be
upfront about their business methods”.
A great brand not
only makes a firm look more professional and polished, it also instils trust
through openness and friendliness. Beyond that, clearly articulating your brand
values and sticking to the brand promise inspires potential and existing
customers to believe in and support your brand.
Employee Pride
Employees who take
pride in their work and stand behind their brands help shape not only the
business but also public opinion about your brand. This is a win-win situation
for everyone. It can influence how customers see your business and encourage
potential employees to explore working with you. A well-branded company should
provide its employees with a sense of belonging, general happiness, and pride.
This will motivate people to promote the brand honestly across all channels and
platforms.
Business
Development
Whether you're a
start-up or an established organization, branding is critical to determining
your financial value and building your brand equity. When it comes to acquiring
new consumers, creating jobs, or entering new markets, excellent branding can
be critical to your company's success. Also, when it comes to developing your
firm, a well-branded company is a more attractive investment for potential
investors.
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