Why Branding is important in marketing?
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In simplest term Cambridge Dictionary describes branding as “the act of giving a company a particular design or symbol in order to advertise its products and services.” Not so long ago, this was a pretty precise explanation of branding – at least, what the general consensus was at the time.
According to an expert in the field Tom Goodwin “Brands are essentially patterns of familiarity, meaning, fondness, and reassurance that exist in the minds of people.”
Branding is vital because not only is it what makes a striking impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the challengers and clarifying what it is you offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived.
Why is branding essential?
Branding is absolutely critical to a business because of the overall impact it makes on your company. Branding can change how people distinguish your brand, it can drive new business, and increase brand value – but it can also do the opposite if done wrongly or not at all.
Branding increases business worth
Branding is important when trying to generate future business, and a strongly established brand can increase a business’ value by giving the company more influence in the industry. This makes it a more appealing investment opportunity because of its firmly established place in the marketplace.
Just resembling with the reputation of a person, the reputation of a brand precedes it. Once a certain perception of the brand has been well-known in the market, an uncontrollable chain of broadcast begins. Word of mouth will pass the perception on and further reinforce or tarnish the reputation of that brand. If the reputation is positive, potential new customers may come into contact with the brand, having an already-positive association in their mind that makes them more likely to make a purchase from this brand than from the competition.
Branding Improves employee pride and satisfaction
When an employee works for a strongly branded company and truly stands behind the brand, they will be more satisfied with their job and have a higher degree of pride & respect in the work that they do. Working for a brand that is trustworthy and held in high regard amongst the public makes working for that company more enjoyable, satisfied and rewarding.
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Everyone’s idea of branding is different. Some people think it’s simply the fonts and colours a company decides to use. But if you’ve got a real understanding of what?a brand?is, you know that it contains at least some of the following:
Developing a strong brand doesn’t always take millions of dollars, but it does take a lot of?creativity, innovation?and research. What does having a strong brand actually?do?for a business? It’s an ever-changing climate, but here are eight key benefits of branding:
In nutshell Branding is essential because it?sets you apart from your competition?and gives your customer a reason to buy from you. Consistent, innovative, creative strategic branding leads to strong brand equity. Your brand is the promise you make to your customer. Your branding tells your story and why you are in business.
Note: Contributor of this blog is Gisella Ali. She is director Innovation & Creativity at H2O Blue Life.
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