So what is branding? And why is it so important for your business?
A common misconception is that branding is simply a logo or slogan.
Although these elements are a key part of it, it does, however, go far beyond this. Branding involves every aspect of a customer’s experience, from your logo to your website, your social media posts, staff uniforms and advertising.
The common misconception however is that isn't branding simply a product?
The answer is no, as Advertising literary professionals Kotler & Keller define the difference between branding and a product as a 'product i anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas
Whereas branding is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers (AMA)
In short, branding is the way in which your customer perceives you when they hear or think of your company name, service or product. This includes everything they think they know about your brand, including factual information, such as your bright yellow packaging, but also emotive elements, like for example that it’s luxurious.
So why is branding so important? Take a look at our top 5 reasons why you should take your time developing your brand…
‣ Branding promotes recognition
Effective branding can promote recognition for your business. If your brand is consistent and easy to recognise, it can help people feel more at east purchasing from you.
People adhere to familiarity and if you’re remembered as a quality provider, then you will encourage repeat business as they are more likely to choose your product or service again.
When you need to leave a note, do you use sticky paper, or a post-it?
When you’re ordering a fizzy drink, do you ask for a cola, or a Coke? How about when you’re searching online; do you use a ‘search engine’, or ‘Google it’?
These brands have become so recognisable they’ve replaced the generic terms for similar products in our language.
Related Post:
4 min read
Top 5 Fin-tech trends to look out for in 2020.
‣ Strong branding generates referrals
A strong brand can create referrals or viral traffic because people love to tell others about the brands they like.
People eat, listen and wear brands, and they’re constantly telling others about the ones they love. In fact, 84% of consumers have said that they ‘always or sometimes’ take action based on personal recommendations.1
Word of Mouth marketing is one of the strongest, most effective and cost efficient ways to generate leads. This stems from a strong reputation in a brand and of course is intrinsic with generating referrals.
‣ Branding sets expectations
A strong, consistent brand will allow the customer to know exactly what to expect each time they encounter your business. A professional appearance will build creditability and trust, which bodes well as people are more likely to purchase from a business that appears legitimate.
Your brand represents your promise to the customer- like an unspoken contract so to speak.
Read more about the importance of branding here
