BRANDING
Branding, can be defined as features (the name, term, design, or symbol) that allow a company to form a distinct identity from their competitors.
Company branding is geared towards all potential consumers. Consumers are always forming opinions about your company, so it's critical to get the branding on point.
Why Is Branding
Important?
One cannot ignore the advantages of branding as it has an overall positive impact on a company. It changes how the target market perceives the product, gives it a recognisable identity, helps in driving new business, and compliments the marketing strategies.
Creates Trust
Since a brand assigns a recognisable identity to the product, it increases the customer’s trust in it as they now can identify whom to blame or promote according to their experience with it.
Branding increases the trust as the customers get an identity to sue if the promises are not fulfilled.
Increases The Overall Market Value
The brand has its own value as a separate asset (called brand equity). Brand equity is the increased in the value of a product just because a brand name is associated with it.
Moreover, a brand can be sold as a separate asset too.
Attracts New Customers
A strong brand attracts more customers like a magnet. Strong branding means there is a positive impression of the company in the minds of the customers. This triggers voluntary referrals through word of mouth and viral marketing.
Support The Marketing Strategies
Referral marketing, influencer marketing, affiliate marketing and even advertising strategies only succeed if they are complemented with an identifiable brand.
Marketing strategies require an identity to promote and the brand is what gives an identity to the product.
Helps The Business To Expand
A reputable brand can be expanded easily and new products can be added in the product mix of the same brand. This gives a kickstart to the marketing and sales of new products as they receive the goodwill of the existing brand.
YOUR BRAND IDENTITY
Creating consistency across your brand is important so your audience gets to understand your brand identity.
