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Wednesday, 23 November 2016

All about branding and why it is important for businesses!!




Are you a start up with big plans?  Well, this article might just take you there!

There is so much hoopla around this word nowadays: Branding”.  But what does it encompass, really? Whether you sell toffees, heavy duty machinery or cosmetics; branding the same is the key to soar high in the market among your many competitors. However, convincing yourself or your customers as to why it is important can prove to be challenging cause most often than not, it is considered to be mere use of colors to grab attention.
Before we see why branding is important, let us first understand what is branding.

What is Branding?

Branding aims to single-out products and services from the many competitors in the market, and to hand-carry the message that a specific business house is the best among the rest. It is the process of coining and using special/specific words, letters or image that signify the company or the products/services that it provides. It is branding that makes you stand out from the competitor and helps the end customer in identifying and remembering you and your product. It is what separates competitors and helps consumers remember a product. The end-outcome of branding is to acquire visibility and thus spike up the sales. However, as against the common conceptions, branding is way beyond a logo or a product. It is in a way a claim of quality and fame!

Why is Branding Important?
The answer is pretty simple. We all are in business to sell and to make a mark as a top-notch service provider, which will in turn result in continual business and fresh lead-flow. Branding is perhaps the only way to promote your business because it is the nature of people to go back to familiarity. Once they identify and like your brand, there is no reason why they will not keep coming or recommend your product to others.

Let us now see how branding can help your business:
Competitive advantage
Every business, however unique or niche it may be, will at some point need to compete for resources, investment, and customer retention. If this is done the right way, then the brand will ideally reflect the company’s ideology, values and plan. This kind of brand communication is important to promote the company through its way forward.

Stable aid
So many changes are happening on the technology front, product failures, mergers and acquisitions. If there is one thing that can pull your company through all these, it is branding.
Brand could be the most stable aid of your company and when combined with the overall strategy of the company it can replicate as the central coordinating fundamental of the company’s decision making.

 Helps grow reputation and recall

An effective brand image, starting with logo design will help you to stabilize your business. It clearly helps your customers to remember, recall and recommend you to their peers.

Helps to attract investors

A well noted and popular brand is a sure fire way not only to retain the customers but also to attract investors in the long run.  This indirectly makes you noticeable for the prospective investors because they see more sense in investing on someone who has a good leverage in the marketplace.

 

Branding can help you win new customers

When you are established as a brand, being referred to some new customers becomes the order of the day, because you must have created a good impression in the minds of your existing customers and you are a name they can trust.
Once your brand is well-noted, word of mouth can prove to be your best and most effective advertising campaign.

So, how strong is YOUR brand?

So it is time to evaluate where you stand!  Are you a well-established brand already, or are you in need of a well planned and structured strategy? After all the whole idea is to present yourself effectively to your ideal target audience.
Branding is a non-vocal promise you are making to the customers. It speaks volumes about who you are  what you believe in, what problem are you addressing and what is you unique selling preposition. Your success or failure totally depends on how religiously you fulfill this promise, each time and every time.