What is Branding and Why is it Important for your Business: 5 Key Reasons
Brands are more than just businesses. Your products are more than just products and most importantly; with right branding your name become the product description.”
Beginning with such a powerful statement already, you might be thinking it is a very tough job. To become a brand and continually retain the position in your whole business lifecycle – sure it is something that requires a lot of focus and knowledge. But it is not something that is rocket science.
It is appearing impossible because you don’t have the slightest idea of what is it. So, starting off first before we embark on the unraveling journey of brand marketing and how it is done, let’s learn what is branding and its importance in your business.
Branding is said to have occurred or is a phenomenon that turns a mere product in experience. When we buy a product let’s say Coca Cola, what is the first image that fills up your mind. Images of young people hanging out with happy faces, core values being conveyed while passing on the single coke bottle in the group, ton and tons of exploration etcetera. But does it ever cross your mind it is only a bottle of flavored soda?
You see that’s what brands do? They believe and thrive to become an experience rather than a product. It is difficult of course, to turn interaction with your products and services to become an experience and gradually become one with the product identity.
Every time you are working on building a brand building strategies, it is important that you keep in mind what experience you want to convey to your buyers. And viola! That all you need to do to magically turn yourself into a brand.
Why Branding is Important?
According to a search don’t by global Nielsen, about 60% of active shoppers acknowledged they buy only from the brands and 21% of buyers said they the buy product from a particular brand because it has a strong brand identity.
Branding thus can give your business a chance to thrive in that superior percentage. Your services and product should give the buyers something to bond upon.
It is like wooing your users/consumers with a strong personality. Brands are your face, your product is memorized and remembered by a user because of your brand identity.
From supporting your marketing to letting you earn higher brand loyalty branding is a creating your space, it is cutting through the noise to have the bottom line always in the consumer buying decisions. So, in the end, the reasons why branding is important we emphasis on it is:
1. Brand Awareness
Brand awareness allows to be the most popular face among your potential buyers. Your target audience connects and identifies with your brand and thus high brand awareness is achieved through right branding. In the end, it is about being trending, popular, buzz-worthy in the market.
2. Brand Identity
Consider your brand as a walking, talking personality. Personify your brand, let it speak for itself. Branding thus allows you to have your own voice. You need to have a very different and unique voice or your brand succumb in the competition. Values, communication, right interaction helps you in making the job easier.
3. Brand Management
It is different if you have a long term plan and a long line-up of products and services. A business grows and continually evolves, always require a new way to market and attract. Thus the process of managing and maintaining the interaction, not breaking the continuity with your target buyers is brand management.
Tangible elements like packaging, color palate, core values these are something- a scale which always helps you chalk out well while evolving around your brand identity.
4. Brand Trust
Brand trust is important to maintain throughout your business lifecycle. Brand trust allows you to have a strong customer base that is loyal to your brand and it is important for a steady sale throughout your business lifecycle. Branding allows you to achieve that by turning their product interactions into experiences.
5. Brand valuation
It is a derivation of your consumer’s perception, recognition, and trust they have in your brand. Now how it is commercially beneficial? You see the concept goes hand in hand with brand equity, the more you have their trust, the more they believe in your product, the higher is your brand valuation and ultimately your sales are off the chart.
It also comes handy while you are seeking out for funding, investors, shareholders. These brand elements come into accountability not only for potential buyers but also to drive money from various sources.
So, What have we Learnt about Branding?
Brand elements can be anything, from the unique color pallets to their packaging innovation and material to a product USP. In short from qualitative to visual identity elements your business can achieve a unique brand identity by going a little out of the league but never out of the context.
In the end, it is all about going beyond the label and taking control over every element to churn up the brand building process. Research, develop, apply the critical analysis of every brand element for creating a brand. Interact with the audience take important inputs, implement and optimize to touch your consumers with larger than life experience. It is only when you connect your product with an experience you manage to come up as a strong brand.
For more interactive discussions like this and for the second installment of this discussion on “how to achieve branding in 2019”, keep in touch with Orionators.