When we hear the word “branding” often what comes to our mind is taking your company logo and slapping it on everywhere and everything. Simply put, branding is about differentiation. To understand this, first we need to understand what a band is. A brand is the perception you leave in your customers mind about your product or service whether it is good or bad. In other words, “Your brand is what other people say about you when you’re not in the room.” – Jeff Bezos.
So how does it work? If branding is about differentiation, a unique story is what differentiates a band. In this day and age as information is pretty common there is not much appreciation for fake personas portrayed by businesses to sell a product or a service. What really matters is how unique and truthful your band is to what it claims to be with your customers. Therefore branding is all about the right emotional connection you build wth your target audience.
Does this mean a brand can only be successful if you are the most innovative hotshot on the block? No. Here’s 5 reasons why you should invest in building your brand today.
1. Assurance
Unless you are next Uber or Apple, ideas are very common. Whether you have the latest technology or the lowest price, the chance of someone is going to do the same better and cheaper tomorrow is high. This is where banding comes in handy. Branding is about building a set of assets that cannot be copied whether it is what your company believes or how operates or its story. Branding allows you to differentiate your product or services from your competition even if it’s a commodity.
2. Recognition
People keen to associate with the things that they are familiar and are able to rely on. Brand recognition is achieved by consistency. Consistency is the key to any brand to last long and be trusted. A well developed and executed brand communicates its values to the customers at every interaction. Once you build that trust of quality and consistency, your brand is already recognized for your values in the hearts of your audience.
3. The Value
A well developed brand not only portrays you as professional and established company, it also a leverage for you to charge a premium for your product or services among your competitors. “People don’t buy what you do, they buy why you do it” – Simon Sinek. Branding allows you to give your product or service a value that the customer cannot expect from your competition. It is the unique and truthful story that you tell your customer is what makes them choose you over others.
4. The Pride
A strong brand creates value for their employees as well as it does for its products and services. A company with well defined purpose is the ultimate motivation for its employees to get behind and help achieving its goals. When you are perceived for your values it helps you to choose the right team or employees for your company with loyalty in building a better work environment altogether.
5. Save Money
Branding is a long term investment. Sole purpose of investing in branding is to acquire a lifetime customer that is loyal to your brand. Even though advertising is part of branding, how they are used makes a huge difference. A strong brand clearly streamlines your existence in the market to communicate to your audience; instead of having to remind about the products or services you have to offer a campaign after a campaign which burns a ton of money. According to Fabian Geyrhalter “Branding is new advertising”. Once you acquired your customer for who you are and the values you can bring to them as company, having to sell them your next product or service is a sale you make when it’s already sold.
Whether you decide to brand or rebrand, it is clear that in long run investing in branding is not only going to save you money but also retains that real reason why you started your venture in the first place. Goals are to be achieved and brands are to be evolved. The key is to understand yourself and tell your story truthfully to keep your promise consistently delivering. As we live in a noisy world, a brand has become a need to cut the noice and standout. Building a strong brand is not something that can be done overnight. As much as it involves hard work and focus, the reward is priceless.
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