Why Branding is important and what it really is?
A logo. A slogan. A symbol. Or much more than that? Branding, by definition, psychologically and scientifically or otherwise, is a marketing and business practice in which a company creates a name, symbol, slogan, or, design that easily conveys the identity, uniform quality, credibility, and, value of the company. Branding also increases the worth of the company, customer loyalty, and, provides motivation and direction to employees.
So what is Branding? In one word… ‘Everything’.
Branding goes way beyond the misconceptions of just being a memorable logo or a trendy design. It is your company’s core DNA. The ‘DNA’ that helps to identify you or your company’s product or service and distinguish it from other company’s products and services. In simple terms, a brand represents the sum of customer’s and investors perception of the company’s service, reputation, advertising, worth, and logo.
Why Branding is Important?
- United Positive Perception
Perception and symbol are what drives people towards a brand. Branding in this Social Media environment is more important now than at any time in the past 100 years. Your company’s name, slogan, symbol, logo, product/services, online presence, etc., all combine together to create the ‘face value’ of the company. When these elements fuse positively, they bring out a united message to your customer, thus generating revenue and increasing your ‘Brand’ value. - Recognition, Rewards and Life Cycle
Familiarity is synonymous with returning customers that invariably leads to a healthy life cycle of a business. People are emotional beings. If they recognize your brand’s ‘logo’ and even if their prior experience was either satisfactory, worthwhile, etc., they tend to increase your brands’ loyalty factor and in fact promote it. That is why as an Entrepreneur it is essential to put time and effort to create the perfect ‘Logo’, which is the most important element in recognizing your branding. The more memorable and eye-catching logo your company has, the more recognition it garners. - Business Value and Competitor’s Edge
Branding is important when your company is working towards generating and expanding the future business. This is when a strongly established and promoted Brand has more leverage and gets an edge over the competitor’s business and increases business value. Strong business value or worth makes your business more appealing not only in terms of selling your products or services but also for investments and profits. - Referrals are the Key
Referral or word of mouth marketing is not just essential but actually the Holy Grail in marketing. They are literally free and generate a whole lot of future customers, revenues and, sales, etc. A strong brand tends to have a positive impression and trust among the customers, who habitually create referrals through personal recommendations and suggestions. If your branding is not strong enough, people tend to forget, thus creating a black hole of missed opportunities. - Employee engagement and satisfaction
Motivation, direction, satisfaction, engagement, inspiration, common goals, and, sense of achievement, etc.: These are all emotions and factors that bind human psychology and your employees are no exceptions. Branding inspires employees. Period. Many of your employees need more than just work and branding gives them just that. When an employee works for a strongly branded company and completely trusts its brand value, they are more satisfied with their work and their engagement in the company’s goals and achievements’ increases. A strongly branded company attracts more qualified and hardworking employees since the job is reputable and more satisfying. - Creates Long-Lasting trust and Loyal Customers
Branding that emphasis on professionalism and ethics helps the company to build trust and long-lasting relationships with the customers, potential clients, and, investors. People, in general, are more likely to do business or purchase goods and services with a company that has a polished and professional portrayal. Working towards proper branding gives a distinguished impression of being versatile industry experts and makes your customers and investors feel a bond of trust. The stronger the Branding emphasis, the stronger is the Brand Life Cycle. - Saves Exorbitant Advertising Costs
Strategical Branding is paramount in achieving the desired portrayal of the company. You really do not want to go off track and create a meaningless reflection of your brand. Case in point, HSBC’s “Assume Nothing” Campaign that was naively translated overseas as “Do Nothing”. These mistakes matter. Especially when you as a CEO or owner of a company put a lot of effort and resources into marketing or advertising your brand. Cohesive, appealing and desired portrayal advertising is the key to creating a strong brand with your company-defined message. - Emotional Connectivity
If a company fails to emotionally connect as a Brand with people, its Business life cycle reduces preposterously, leading to a superfluous outcome of complete failure and shutdown. People face emotions every day and if somehow your brand gives them a positive emotional experience, it creates a strong bond and unwavering customer loyalty. - Go Social or Get Out
We cannot emphasize enough as to how much Social Media connects are important in creating and maintaining your Brand Image. With almost 5 billion people across the world having access to the internet, it is tough to stay in the business without proper social media marketing. Again, the strategy is the key. Social Media Handles should always focus on improving brand value and customer experience. - Branding is the DNA of your Company
Like we mentioned before. Branding is everything. Every aspect of a customer’s experience, logo design, website, and social media presence, staff uniforms, advertisements, news, posters, phone answering methods, etc, etc. All in its entirety is Branding. All these invariably affect how much the company earns, grows and sustains in the future. While products have a limited life cycle, Branding outlives the products.
