Why is Branding Important?
Updated: Jul 15, 2020
What is a Brand?
"A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers" - (American Marketing Association).
A brand is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer. Brands are used in business, marketing, and advertising. A brand is an identifying symbol, mark, logo, name, word and/or sentence that companies use to distinguish their product from others. A combination of one or more of those elements can be utilized to create a brand identity. Legal protection given to a brand name is called a trademark. In today's marketplace teeming with thousands of products and services, all of which are being rapidly commoditized, a brand stands out from the clutter and attracts attention. A brand name can create and stand for loyalty, trust, faith, premium-ness or mass-market appeal, depending on how the brand is marketed, advertised and promoted.
What is Branding?
“Branding is endowing products and services with the power of a brand” (Kotler & Keller, 2015)
Branding is the process of giving a meaning to specific company, products or services by creating and shaping a brand in consumers’ minds. It is a strategy designed by companies to help people to quickly identify their products and organization, and give them a reason to choose their products over the competition’s, by clarifying what this particular brand is and is not. The main objective is to attract and retain loyal customers by delivering a product that is always aligned with what the brand promises.
In very simple words, a product is what you sell, a brand is the perceived image of the product you sell, and branding is the strategy to create that image.
How is Branding Achieved?
Companies tend to use different tools to create and shape a brand.
For example, branding can be achieved through:
advertising and communications (Audio, Video or even Word of Mouth)
product and packaging design (Graphical representation, Quality of packing, etc.)
in-store experience and customer service (Before and after sales service and experience)
pricing and discounted deals/offers (Market compitative status)
sponsoring and partnerships (Tie-ups with other Firms)
visual identity of the brand (logo, website and colors, etc.)
When we talk about Brand Management, there are 3 important Phases:
Brand Establishment - These campaigns are for Brands who want to reach an audience on a larger scale.
Brand Awareness - These campaigns are for Brands who wish to create awareness, that reaches out to a wider audience.
Rebranding - Rebranding is for companies that are popular as a brand but wish to modify or make changes for the betterment of their Brand.
What makes Branding Important?
When you think about your brand, you really want to think about your entire customer experience, everything from your logo, your website, your social media experiences, the way you answer the phone, to the way your customers experience your staff. When you look at this broad definition of branding, it can be a bit overwhelming to think about what is involved in your brand. In short, your brand is the way your customer perceives you. It is critical to be aware of your brand experience and have a plan to create the brand experience that you want to have. A good brand doesn’t just happen, it is a well thought out and strategic plan. Many small organizations and start-ups neglect to spend necessary time thinking about their brand in this broad sense and the impact it has on their business.
The following are the reasons why Branding is Important:
- Branding improves recognition
- Branding creates trust
- Branding supports advertising
- Branding builds financial value
- Branding inspires employees
- Branding generates new customers
Why have experts handle your Branding?
A branding agency will help you find out about what makes you, you. It will also shape your company’s reputation, boost employee motivation and inspire them to work for and support the brand. And because branding is so important for the growth of a business, having brand specialists working for you can only make your business stronger in the long run.
Contact us now to Discuss on how we can help your Brand Grow.
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