“Branding” is a term startup companies hear constantly. You’ve probably listened to the word brand hundreds of times in one hour if you’ve attended an entrepreneurial conference or watched a startup business video online.
So branding, what’s all the fuss about?
Why do we need it?
Does having a solid brand set a business apart from its competition and give it an edge?
Yes, any excellent business marketing company will tell you that. Business owners with strong brands will stand out and surpass their competitors.
How do you define a “Brand”?
Branding is how your customers see your business. Unfortunately, people think a company’s branding is determined by the fonts and colors it chooses. It does not always take millions of dollars to build a strong brand, but your creativity and research are crucial.
Jeff Bezos, the world’s richest man, states;
“A company’s brand is like a person’s reputation. To build your reputation, you have to do difficult things well. “
What makes a brand strong?
A strong brand is made up of many factors.
- First, strong brands are based on consistent expressions, offering customers products, services, and meaning.
- A strong brand is the core of a company’s success and results from a successful brand strategy.
- It provides employees with orientation, motivation, and a sense of belonging.
- It allows you to increase prices and acquire new customers without lifting a finger.
Suppose you think about companies so successful that they could be considered religions (such as Apple, Nike, Coke, and Amazon). In that case, you will notice that they combine many things like logos, taglines, marketing research, and other strategies to make their branding successful.
Branding: What are its benefits?
So, what makes branding so important?
How does having a solid brand benefit a business?
In an ever-changing climate, here are 5 key benefits of branding:
1. Recognizing customers
“Hey, I know that brand!”
Familiarity never goes out of style. A customer is more likely to seize a product if they can instantly recognize the typography/colors/images than if a sea of other products surrounds them.
How come?
It’s easy to recognize and also eye-catching. Consistent branding ensures that your brand’s components can be recognized on any medium.
Starbucks is a good example. You probably recognize their brand even if you don’t drink their coffee.
2. Consumer Loyalty
“I enjoy everything they do.”
The more customers recognize and buy a service or product, the more likely they will keep returning and become loyal “followers” of that brand. Therefore, businesses that combine great products with engaging branding that hits all the right notes with shoppers will grow their customer loyalty.
For example, Microsoft has a large following, and their respective customers believe that their favorite brand is better than their opponents. It doesn’t matter if it is right or wrong – what matters is how consumers perceive the brand.
3. Maintains consistency in the word of mouth marketing
“Have you heard about this?” It’s incredible.”
As soon as a business has established its branding-company philosophy, marketing, colors, typeface, print, website, etc.-it can model its other efforts. By establishing a “set” branding foundation, other choices become much easier, and all of the company’s marketing can branch off from this.
For example, If you visit the Netflix website, you will notice that it offers recommendations based on your interests. Customization is what makes Netflix’s word-of-mouth marketing so successful.
4. Building brand equity maximizes new product launches
“They’re showcasing something new.”
The main advantage of solid branding is that it helps promote new products and services. The brand is already familiar to them, so they’ll automatically be interested’s. Therefore, it is vital to have a strong brand if you intend to launch a new product or service!
Consider Apple. Have you ever been curious about the new features of Apple’s latest iPhone? We all are!
5. Attracting more applicants to your brand
“It must be pretty awesome to work for this brand.”
Candidates will be more willing to pursue a position with your company if your brand is strong. There is something unique about your brand that only your company can offer its employees. In addition, more people will want to work for you when your brand provides incentives and benefits that other brands do not.
Did you know: The company L’Oreal is consistently regarded as one of the best to work for in the world? Its extensive employer branding campaigns and techniques are responsible for this.
The conclusion is:
It is challenging to build a strong brand. Nonetheless, with branding becoming an ever-more crucial component for organizations – not only to survive but also to stand out in the loud noise of seven billion people demanding to be heard – the arguments for strengthening your brand are overwhelming. An effective brand management platform can help you grow your brand.
Would you like to take the first step in the right direction?
You’re in good hands. Contact DigiNadu today!
