Introduction: There are lots of confusions surrounding branding as the topic; this article is therefore intended to create some clarity.
What is Branding?
Branding is simply a high-level marketing strategy created to influence a brand. Branding is what separates your product or your service from those of your competitors thereby helping customers remember your product.
Importance of Branding
The importance of branding is highlighted below in points:
1. Promotes recognition.
A good brand doesn’t come that easy, it has to be well thought out, created in a way that potential customers will easily recognize it. If it’s consistent, people are likely to buy your product or services.
2. Sets you apart from competitors.
Branding helps you stand out thousands if not hundreds of thousands of organizations around the world offering similar services like yours.
3. Clarifies who you are.
From the small elements like the logo to your website, to social media, people can easily tell what you offer or who or what you represent.
4. Giving staffs an identity they can understand.
A good brand strategy provides an identity your employees can be proud to be part of, which in one way or another provides motivation for success, which translates to success in your organization.
5. Influences the buying decision.
The most important reason to branding is to increase sales. If your business is built upon a solid brand base, it’s easy to move to the next stage without losing trust to your customers.
6. Helps you stay focused.
You won’t want to lose your customer’s trust, but without branding, it’s very east to wander around with nothing to guide you. Branding helps you stay focused; guiding your marketing efforts.
7. Builds more trust.
Trust is everything when it comes to business, and with a good brand strategy, people are likely to trust you, connect with you emotionally and above all generate referrals.
8. Better advantage on the market
The fact that branding increase trust in your product or service means that if there are one-off issues with your products, customers is likely going to understand.
9. Helps customers know what to expect
Branding helps put customers at ease, since they know what to expect each and every time they use your product or services.
10. Provides economic value
The value of many large businesses comes from the intangible assets, the brand being the most prominent of an intangible asset.