Branding has gained a lot of importance in the marketing industry over the past few years. However, few people know what it truly means. It is a lot more than a logo, a website, a few graphic designs. Good branding represents what the company stands for and the core values and has some memorable color schemes going, among other things!
Before we dive into the importance of branding, let’s look at the 8 types of branding:
All of the aforementioned types of branding are approached differently to generate relevant key results. However, all branding types are important for any business. Here are the major reasons that show why branding is essential for any business:
Branding is not just a name, a logo design, and a musical tagline, and these are simply the foundation of a good branding strategy. Great branding can help your company become more recognizable. The more recognizable your company is, the bigger your market share, hence, better sales and profitability.
Effective branding can be achieved through:
Unique visual elements such as specific colors, a quickly identifiable logo, and an interactive website
Targeted advertising and focused customer communication
Unique product and packaging designs that set you apart
Product design and packaging elements that highlight your brand aesthetics
Pricing
Partnerships or sponsorships
If you’re a businessman, you will know the following fact: A loyal customer is worth more than 100 one-time buyers. Branding helps you highlight your USP against your competitors and enables customers to recall your brand faster, triggering a sense of loyalty among them.
Some of the most successful companies focus primarily on customer experience, clearly showing in their branding strategies and marketing communications. A good branding strategy will guide your targeted audience to associate good emotions with your brand. For example, when we hear ‘Nike,’ we associate it with adjectives such as ‘inspirational,’ ‘motivational,’ ‘trustworthy,’ and even ‘inclusive.’
Additionally, an emotional association of customers with brands helps brands appear more human and caring. This, in turn, allows customers to be warmer towards your brand, increasing your brand’s value.
Effective branding can also help companies shape their brand reputation and attract different stakeholders, such as employees, customers, business partners, investors, government, providers, purchasers, opinion leaders, licenses, etc.
Successful branding requires the entire corporate team to work together. Right from the CEO of the company down to the factory worker, everyone needs to be on board with the company’s vision and end goal. This aspect is important for a business to succeed.
Employees who believe in your company will automatically pass on their enthusiasm and commitment to your customers. This is why a clear branding strategy with detailed brand guidelines is highly advised. These guidelines should showcase your brand’s purpose, strategy, communication plans, and values.
Branding is not a fancy name for marketing. The importance of branding has grown incredibly over the past years, and it is now even added to the balance sheet of small and large businesses alike.
The reason is that a valuable branding strategy results in business growth too. It can be easily adapted and altered over time to fit the dynamics of the commercial sector. However, a strong brand will survive the test of time.
There are many instances which prove that businesses that invest in branding tend to be more successful, more profitable, and hold higher market shares than their rivals who didn’t do so. While branding may seem like an option, it isn’t one. Branding is one of the foundational activities that decide the fate of a company. A good branding strategy will help you achieve all of your objectives.
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