What does “Branding” Entail for Your Business? In today’s competitive marketplace, you need to create a unique brand image for your business. Differentiation is critical for a business not just to earn above-average profits, but to survive the competitive onslaught. One of the most effective and time-tested tactics to make your company stand apart is through strategic branding.
Seth Godin, a former dot-com executive who has authored various books, aptly stated, “People do not buy goods and services, they buy relations, stories, and magic.” And that my friends, is the power of branding.
People love to be associated with brands that are aligned with their personal values. They want to be associated with brands that make them feel cherished and understood. By focusing on building a unique brand identity, you will be able to differentiate your product offerings even though they may be similar to your competitors’.
Think for a moment why Apple has such a large following of dedicated customers. Why are people willing to pay thousands of bucks for a phone that is not very different from the one offered by competitors at half the price? The answer is simple; effective branding.
Power of Branding in Driving Business Growth
A brand is a link that creates an emotional connection with the company. The activity of branding is important not just for large companies but every small business as well. People are generally attracted to companies with a strong brand.Branding is about creating a deep connection with customers, filled with good memories and positive feelings. The connection between brand and consumer can help in keeping your customers connected to your business and keep them… Click To Tweet
Let’s take a look at some of the ways your company can benefit from effective branding.
1. Create a Unique Image
Branding helps create a unique image. It can help your business stand apart from other similar businesses. Without effective branding strategies, your product offerings won’t seem attractive to the customers you are trying to attract.
The fact is that your competitors can copy your products, but they can’t emulate a unique and original brand. By focusing on creating an original brand image, you will be able to capture the attention of customers.
2. Build Customer Trust
Another benefit of branding is that it will help create trust in the marketplace. Customers tend to trust companies with a consistent message across different platforms. You are more likely to win contracts when you go the extra mile to connect with customers and subsequently gain their trust.
Trust is the most important factor for business success. Being a trustworthy company due to effective branding will make customers receptive to your marketing message. They will readily believe any claims you make regarding your quality and reliability. If a consumer doesn’t feel like they can trust your company, they are likely to look elsewhere (AKA, your competitors!)
3. Increase Customer Reach
Branding will help your business improve customer reach. Effective branding will make your brand popular among the target market. Your customers will, in effect, become brand ambassadors, sharing your brand message in their own social circle. Today, a huge component of customer reach is through sharing, whether digitally or verbally. If your customer is connected to your brand and satisfied with your product, chances are they are telling their friends about you through Social Media or through word of mouth.
4. Increase Employee Satisfaction and Pride
Employees who work for a company that is well known and respected will feel more satisfied with their job positions. They will have a higher degree of pride in being associated with a recognized brand. This will result in increased productivity and low employee turnover.
A common conversation between friends, your employees will tell their peers and acquaintances about where they work if they feel pride in the company. This will, in fact, help in the branding of your business. At the end of the day, employees will feel a sense of belonging and will be less likely to leave the company.
5. Unified Vision about the Company
A crucial component of branding is crafting an effective vision and a personal statement, and sharing it with suppliers and employees. When everyone knows about the long-term goal of the company, they will work as a coordinated team, towards realizing that vision.
So, branding, in effect, provides clarity in vision. This is what drives a business to success. When everyone recognizes and understands company vision and strategy, it will result in a more concentrated effort towards achieving the goal. Building a strong brand is like turning the logo of a company into a symbol, around which the business partners and employees can rally behind and support.
How to Create a Strong Brand Identity
Now that you know how your business will benefit from a strong brand identity, let’s turn our attention to how you can transform your company into a brand that is recognized and respected by all.
Remember that a brand is more than a logo or a slogan. It is a unique expression of why your company does what it does. For a brand to resonate with customers, the ‘why’ of a company must be aligned with the exigencies of customers.
A brand must be a reflection of the values and ideals of customers. Consider for a moment why so many people purchase Nike products. There is nothing special about the shoes sold by the company. You can order similar shoes from any company online. Most people want to associate with the sports shoe brand because it projects their own values of persistence, hard work, and success.
We have also learned that branding is largely about evoking an emotional response from customers. Most people make decisions based on their emotions. One study had found that when parts of the brain associated with emotions were severed due to an injury or diseases, people had difficulty in making decisions. By pressing the emotional buttons of your target audience through your branding, you will be able to convince buyers of the necessity of purchasing your products.
In the end, remember that building a brand takes a lot of time. It may take years for a brand to be popular, but the efforts and time invested in a brand are well worth it in the end since it will help your business cement its position as a reliable and trustworthy company.