Branding, Its Importance And Some Terms Associated With Branding
Branding is the means of analyzing, developing, and implementing a set of distinctive attributes to your organisation or business, through the use of which your customers will start connecting your brand with the services or products that your business has to offer.
For instance, consider the potential of the brand ‘Coca Cola’. Coca Cola’s logo is recognized everywhere in the world. The logo’s distinctive style of the font, its associated artwork, and use of the red and white colours have created a lasting impression in the minds of consumers for more than 100 years.
This simply is a display of the potential of branding, and the impact it can create when branding is pursued with unwavering consistency.
Having said that, branding requires that you know the pulse of your business and customers; it’s really important, and there are so many different reasons to validate that, and we’ve listed them in the following:
Branding’s Importance
- It is for sure that for your business, its brand is without doubt its most important asset. It firstly gives your business an identity, it ensures that the business remains in the minds of your customers, it inspires consumers to make a purchase from your business, it plays a significant role in your business’ advertising and marketing campaigns, and gives a reason for your employees to feel proud about.
- Branding will often turn out to be the ‘deciding factor’ for customers while they make a decision to purchase a product.
- Branding at times becomes more than just a business’ identity, branding is what connects consumers with the business.
- Branding also helps in making your business stick in your customer’s memory. It’s your business’ face that customers can uniquely distinguish across multitudes of similar businesses as yours.
- Branding can have a drastic impact on your advertising and marketing intent; you get to capitalise on the benefit of prior recognition.
- Employees love being a part of a renowned brand; by branding your business you are improving the recognition of the brand, and working for a recognized brand brings along a sense of pride.
Some Branding Terms You Need To Be Aware Of
In the following are a few branding terms that you need to be aware of:
Brand Awareness
Brand awareness represents or shows how familiar, your target audience and the population in general, is about your brand. With increased brand awareness your brand would be referred to as popular, trending, and so forth.
Brand awareness is something which is really important because if a prospective customer is not ‘aware’ of your brand, then they would never consider, and will be equally wary of purchasing your business’ products.
Brand Extension
Brand extensions are in reference to the ‘extension’ that established branded companies bring forth to their brand when they come up with newer products that cater to newer businesses and markets. An example of the same is, Honda introducing scooters while they are immensely popular for their cars. Brand extensions makes it possible for individuals or companies to leverage upon their existing brand’s equity and brand awareness to create diversified product lines thus enabling them to create new revenue streams.
Brand Identity
Brand identity is in reference to the persona that you want to associate with your business; it is all about what a customer can expect of your brand. These are the qualities you want your customer to associate with your brand’s products or services. What exact feeling would you want your customer to undergo as they interact with your product or service; brand identity is all about communicating these exact things to the customer.
Brand Management
Brand management is in reference to the task associated with brand creation and then going about maintaining the created brand. It is all about managing the tangible and intangible elements associated with the brand. The tangible elements are in concern with the visual perception your brand carries, which include the choice of colour palette, the packaging and its design, and so forth. The intangible elements involve the exact things that you would want your customers to perceive about your brand. A brand is often considered as a living entity, and it should be managed with this thought in your mind.
Brand Recognition
Brand recognition is all about how a consumer is able to recognize your brand and determine that it indeed belongs to your business without even having come across the name of your business at any point during the ‘recognizing’ phase; they recognized your brand merely by the sight of your brand’s logo, or its packaging design, or the tagline, and so forth. Brand recognition has an alikeness to ‘brand recall’ where a customer is able to think about your brand despite not receiving auditory or visual cues in relation to your brand.
Brand Trust
Brand trust is in reference to the strong belief that customers have placed in your brand. Trust in your brand is an outcome of delivering on the promises that were made to customers as part of your marketing activities. If your customer has received the most out of your products or services then they will develop a deep sense of trust for your brand.
Brand Valuation
Brand valuation is in reference to the commercial value that your brand holds as a result of the trust it garners, the recognition it’s capable of, and the values consumers perceive of it. This is in sync with the term brand equity. A strong brand alone makes your business look exceptional to all the associated stakeholders of your business.
If you are in search of a company that can help you with your business’ branding efforts, then you can be rest assured that you’ve reached the right place. Please feel free to call us on the number 0484 4348888. You can be assured that our experts have spent decades in the branding space!