Branding is defined as the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.
If we think of great branding, Snapdeal’s recent “Unbox Zindagi”, LG’s “Life is good” most likely come to our minds. Well, that signifies how a good branding strategy have succeeded them to be on the top of their customer’s mind.
But as small businesses aiming to get the most out of a buck, we often find the importance of branding a conundrum and hence commit the fallacy of making it an afterthought.
Let’s examine some of the important roles branding plays in the success of any business, so that next time you don’t ignore this vital element while planning your business strategies.
- Improves Recognition. Your brand is your unique identity, a distinct personality. It is how you want your customers to see you. Without it, you lack an identity, a pulse, a presence and a purpose. Furthermore, an effective branding will develop a deep connection with your target customers and help you improve your recognition.
- Staying Ahead of Competition. An effective brand strategy gives you a distinct identity and a major edge in increasingly competitive markets. So if you are able to build a strong brand for your business, you are able to set your business apart from your competitors.
- Builds Financial Value. A strong brand guarantees future business. Moreover, If you have a valuable brand then it is easy for you to secure financial aids from the investors as well. The greater a company’s devotion to build its brand value, the better the financial return from its efforts.
- Ensures Customer Loyalty. In the age where each customer has infinite choices in the market, creating customer loyalty is a great challenge. But if you are able to create a strong identity of yourself in the market with trust and reliability, you can ensure customer loyalty and expect repeat sales.
- A Stable Assets. In the age where the world’s most valued brands have existed for just 50 years, Coco Cola is there in the field since 120 years and is still going strong. Credits? A well planned out branding strategy. Technology changes, products fail and companies are brought & sold, but strong brands continue despite all odds. Therefore, brands are like sustainable assets to the company.
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A brand is a living identity- and it is enriched or undermined cumulatively over time, the product of a thousand small gestures.
- Machael Eisner.