The 1st question that needs to be addressed even before its importance is to know that what exactly is branding?
Defining branding is not as easy as we define a single-celled organism called Amoeba.
Branding is a constant process that includes companies embarking on an emotional and thoughtful journey of making the world identify with the company.
It’s a journey of creating, ideating and managing every born idea. It’s a way of accelerating the sales of every product and service that shapes the perception of a brand in the minds of stakeholders.
Seth Godin an American author and former dot com business executive rightly defines branding as the “set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Branding is the fuel that runs the car, which makes the four wheels and engine function. It’s something without which, the driver and the car hold no value. So, in order to make the company function, branding holds the most crucial aspect.
It doesn’t only make people aware of your enterprise but also helps build connections.
It acts as an ice-breaking bridge between the producer and the consumer. It makes relationship-building easier and turns every client into a loyal client.
Branding makes an everlasting and enduring impression on consumers. It is something that often turns your company into a fossil-like impression.
If branding is done properly, It distinguishes your brand from your competitors and puts you into the spotlight.
Your branding serves as a medium of what your business is and what does it do differently. If your product or service is the voice, then branding is an echo that vibrates into various corners, reflects, and bounces here and there so that everyone can hear it over and over again.
Recent trends show that 56% of consumers stay loyal to brands that “get them,” and 89% of customers are loyal to brands that share their values. If the core values of your brand align with your customers’ values, you can count on them coming back to your products and services.
The businesses that have an effective branding presence intensely flourished compared to the ones that didn’t have an online presence. This showed the increasing importance of branding in the world of business and marketing.
Hundreds of companies mark their inception, so in order to make your company survive amidst thousands of brands, it needs a strong strategy to make it sail.
- Branding increases awareness and recognition:-
Branding does not let your business be limited to one geographical area.
It acts as the basic functioning mechanism for the company that echoes worldwide and not just in a particular area. The beauty of it is that people miles away can buy your products and service and get to know about your company.
It gives your brand a face, an authentic presence, especially through its logo.
Whenever you see a swoosh, what’s that one word that comes to your mind? Bingo!
Yes, It’s NIKE.
A logo makes your brand instantly recognizable. It’s the simplest and easiest way of branding.
Its enormous capacity is enough to give your audience the craving impression of your company.
an authentic presence by presenting your ideas in a well-articulated way. Further client testimonials also promote authenticity. It also gives clarity about services and products by displaying them through posts and videos on social media.
- Branding helps in generating more customers
Following its 1st benefit, it’s natural that with recognition, comes new customers. Word of mouth referrals spread faster than the forest fire. How many times have you tried a new cafe because your friend referred it to you?
Remember when you watched Squid Games even when you weren’t interested in it?
It was due to its hype and due to peer pressure. Branding creates a space for your product to be hyped.
- Branding can help you develop a healthy community of people:-
- Think of Men’s XP, it isn’t just a men’s fashion brand. It’s a community of men that helps them become better in all areas of their life.
Even Zomato- it’s gaining popularity due to its witty and funny notifications, those notifications show that they care for their customers.
Even the team of Spotify has carefully integrated user insights and current social media trends to attract customers by presenting their personal data in a smart and aesthetic way.
These brands are flourishing because they put their attention towards caring for their customers through carefully curated customer-care strategies.
- Branding helps people connect with you:-
That sounds absurd, no?
But think about Bill Gates and Microsoft, Think about Steve Jobs and Apple.
They had great stories attached to them. Both were school drop out. The innovations of both were criticized, they had to cross several hurdles and conquer several obstacles in order to define their product.
Now let’s rewind back to the times when we first heard about these stories. Did a magical wand put these stories into our heads?
These stories were a part of the branding strategy.
Stories are a powerful way that connects people to your brand.
“ If you don’t give the market the story to talk about, they’ll define your brand’s story for you.”David Brier
Over 94% of people said they’d be highly likely to recommend a brand they were emotionally engaged with.
Your stories, your journey is delivered to the masses through branding which eventually helps people connect with you.
Branding is inevitable in the world of business. If you want to build a strong brand, you need to have an incredibly strong and powerful branding system and set of strategies. This removes all the possible barriers and limitations that can be a hurdle in the flourishment of your business.