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Read To See Why Branding Is Beneficial For Your Company?
In a meeting recently, a graphic designer and I sat down at a table where everyone was exchanging business cards. I looked at his logo, and he studied the name on my business card.
"I know that logo. We've been in contact previously," I said.
"That's right. I know your name," he said.
Even though we weren't able to pinpoint when or why we'd exchanged mail previously, we assumed it had been at least five years back. Neither one of us has an exceptional memory. Instead, he had created unique visual identity for his design services, and I had devoted effort to relating my name with creative marketing.
For around five years his look and my reputation had lurked in the other's memory banks, whilst thousands or hundreds of thousands of other business identities had come and gone without leaving a significant trace. Why? Memorability. It illustrates a vital element of effective branding.
What is Branding?
Branding is the technique of making unique and durable perceptions in the minds of consumers. A brand name is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and much more.
Although many people relate brands with major companies, the smallest of enterprises may use branding techniques with great rewards. When a home-based craftspersons ties a nicely designed label on all her products revealing the tale of who she is and where her handy work come from, she's branding her work. When the local market packages groceries in bags bearing its company logo in place of generic "Thank you!" or simple totes, it's branding. When your logo is exhibited along side any of your internet marketing opportunities, it's branding.
While we associate brands with national names such as Crest, Huggies or Healthy Choice, branding doesn't necessarily need the monetary resources of Procter & Gamble. Branding doesn't even need a product or a tangible delivery system. Branding comes with repetition and that is easily done with any internet marketing operation.
Methods of branding include association of a company with logos, distinctive colors, slogans, musical sounds or tunes, unusual characteristics, mascots, the labels, a memorable name, behavioral hallmarks and much more, readily implemented for the home based business as well.
Why Branding Pays Off
Time, money and effort used on branding comes back many times over when the process plays out smartly. Here's why:
1. Memorability. It's simpler to recollect the branded company than the "what's its name?" one.
2. Customer loyalty. When people have a positive experience with a memorable brand name, they're more likely to buy that product yet again as opposed to competing companies.
3. Familiarity. Psychologists have shown that familiarity induces liking, and this helps make even non-customers more likely to recommend a brand name they are aware of.
4. High quality image, premium price. Branding could lift what you sell out of the realm of a commodity, with customers willing to pay out more for the well-branded products.
5. Extensions. With a well-established company, you may spread the value you've earned to a related new product, service or branch more easily.
6. Greater company value. Making your company into a brand typically means that you could secure a higher price for the company when you decide to put it up for sale.
7. Lower marketing expenses. Although you should invest money to create a brand, once it's made you get a bigger bang for every marketing buck using it.
8. For buyers, less risk. Individuals tend to go for the brand-name supplier over the no-name one when afraid of the consequences of a mess up.
For those reasons and even more, branding fattens your bottom line.
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