Ever ponder that why is it that you grab a Pepsi from the refrigerator when you are thirsty why not other brands. Why is it that people only go for Doritos when they are looking for a snack during their a game or a party. Every athlete wants to wear Addidas and Nike when there are hundreds of other brands that might offer even better sportswear. Similar thought process is behind the decision of ecommerce retailers when they choose an IT agency for their ecommerce website maintenance. Why is that?
The reason behind all of these choices is that they trust these brands and are not ready to try any other brand. The reason behind these choices is that these brands are offering something more than a product. Customers are choosing brands that are offering products at higher rates because they believe that these brands will compensate for the high prices. The power of branding is that the customer is justifying the product’s price instead of the company. But before we start to discuss branding lets take a look at brand first.
What is a brand?
First of all, let me tell you that a brand is not just a name, logo, or a slogan. It is way more complicated than that. A brand is like the personality of a company, a set of qualities, attributes, and values that make them different and unique from the rest of the flock. It is a collection of a companies logo, name, slogan, mission statement, and the values and non-tangible benefits like a promise, trust, and loyalty associated with the brand.
What is branding?
Branding is an ongoing process of promoting and creating a positive impression of a brand in the minds of the customers. It is the process of creating a unique identity of a company or a brand or a product through their graphics, promise, and influence. Branding means associating values and with the product through marketing. When we think about Nike, Cristiano Ronaldo comes to mind. Why is that, because Nike has associated itself with Ronaldo and now the purchasing decision of every fan of Ronaldo will be influenced.
Now let’s see why branding is vital for your business.
The best way to increase your revenue and grow your business is by getting seen and recognized by the customers. Branding will create a positive image of your company in the minds of the customers. Logo of a company is like the face of the brand. With proper and consistent branding people will know and trust your brand by just looking at your logo. Nike does not need to even write their name on products, their logo is their identity and people recognize them through that. Business especially ecommerce is has gone global and it is no longer a race among the local markets you have to compete globally and brand recognition will help in this matter.
Brand’s value in the market
A brand represents more non-tangible value than tangible ones. A brands value is what attracts new customers and result in high revenue. The main purpose of branding is to create a trusting and a familiarity with the brand. A professional look of the brand communicates credibility and durability of the brand and its products. Humans are prone to making a decision based on how well they know and like a brand. So a brand with a more sophisticated seal of quality on it will make its way easily to the heart of the customer.
Employees are the main workforce of a company the building blocks in the foundation of an organization. The quality and standard of a company and its products is very dependent on the ability and dedication of its workforce. When an employee works with a brand with good credibility he feel more pride in what he doing for the company. Branding defines a way and direction for the employee that helps him stay on the right path and increase his working efficiency. They are more likely to feel that same pride and work in the same direction to achieve the goals the business owner has set. A good brand’s logo is like a flag that employee feel proud to be under and rally around.
Branding help in Marketing
Marketing is one of the most vital and difficult compnents of any business’s success. Marketing is a very sensitive matter. If you go too small you will end up in a bottele neck and won’t be able to reach the right audience resulting in low engagements and even lower conersion rates. The second outcome is that you broaden your target market so much that you are unable to convey the message properly and with the appropriate zest. For problems like this branding is like a ray of light at the end of the tunnel. One of the initial requirments of branding include target market and niche specification making it easier for the companies to approach the right audience with the right message through the right channel.
Branding is a very broad term and the benefits mentioned above don’t do justice to the actual advantages. It is a very cruitial and difficult task but the reward is worth the effort.