Why is branding so important?

by Admin 11. February 2011 04:20

Why is Branding so important?

At the heart of a great business is a first class product or service and every business wants to be a customer’s ‘first choice’. Building and managing a brand can play a large part in making this happen and if you want to strengthen and manage the perceptions of your business, then a strong brand is needed. Good branding elevates and differentiates your like-for-like products or services and gives your customers reason to choose you over your competitors.

OK, What is Branding?

  • Branding is the building of trust with employees, customers and stakeholders.
  • In marketing terms, the definition of branding is the sum total of a company’s value, including products, services, people, advertising, positioning and culture.
  • Brands give potential clients a firm idea of what they are buying before they buy it, making the purchasing decision easier.
  • Customers trust strong brands because they know what to expect.
  • The term ‘brand’ should not be confused with Brand Identity or Corporate Identity. Brand Identity is an element of the brand experience and we’ll talk about brand identity below.


But... brands aren’t just for big companies, they can make smaller businesses stand out from the crowd, particularly if you operate in a competitive market. We need to trust the people we do business with.

The benefits of branding and why should small businesses bother with it?


The most important reason is that it can help increase your sales. This means that when you need to increase your prices (because you are a small company, and there are only so many hours in the day) then your targetaudience will be accepting of your price increase. Think about it like this - if your company is built upon a solid brand base, you can build up to the next stage successfully without losing the trust of your customers.

Branding also encourages confidence and trust in your product/service - If you do experience a one-off issue with a product or service, your customers would be more likely to understand, if your brand ethos proves that you’ll do what it takes to resolve the problem.

Branding also develops the uniqueness of your product.

Marlene

 


Please send your queries or any info directly to info@xplorestudio.co.za and we will contact you as soon as possible.

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