By Kobe Eru Godwin
Branding is a crucial notion in marketing spheres, as it is the critical trigger that can drive your business forward, and give you a competitive advantage. Unfortunately, many otherwise savvy business folks take a far too narrow interpretation of the significance of a brand to a company. Beyond just a striking and unforgettable logo, good branding increases the worth of a company, provides employees with direction and enthusiasm, and makes acquiring new customers easy. A brand is a promise. It’s what clients take away from the experience of working with you and it defines what your company stands for and is known for within your market. Coming up with a brand means coming up with what your company promises to deliver, whether it’s flawlessly tailored suits or perfectly seasoned chicken burgers. Branding comprises the overall style of your company and the meaning it has to clients. Ideally, it should inspire your clients and customers to keep coming back for more.
To succeed in branding, it is of paramount importance to have an understanding of the needs and wants of both your present and prospective customers. This could be done by incorporating your brand strategies through your company at every point of public contact. Every time there is contact with a customer, customer service should be impeccable. In addition to remaining a financial asset, happy customers also serve as the most highly effective and economical free advertising available. While a person may or may not buy based on an advertisement, their purchase is a near certainty when they receive a heartfelt recommendation from a reliable and esteemed friend. Other factors that determine successful branding for any company involve targeted and effective advertising, the company’s reputation, slogan and logo. This is why companies like Apple, Sheraton, Google, Coca-Cola and Nike to mention but a few, always stand out even in the midst of tight competition; they’ve been able to build strong brands by effectively applying the aforementioned factors in addition to their own unique strategies.
There is no denying the importance of branding as there are numerous benefits to be gained from it. Consumers are always willing to buy products they know and trust. A strong, well defined brand gives you a competitive advantage in the market and allows you to charge more for your product, knowing that consumers will remain loyal, and buy it even at a higher price. That is the result of consistent reinforcing of the brand, which enables positive responses from the consumer.
A strong brand also has the power to generate new business. This is evident both in the results obtained from persistent market campaigns and reinforcements as well as in the leads that might have been generated because of satisfied customers, who are happy to spread the word. However the fact is that the new business was generated due to a branding strategy that effectively communicated the solution said customers were looking for.
Yet another benefit of a strong brand to marketing is the fact that it provides direction and motivation for your employees and enables customers to easily choose your company for a business relationship both now and in the future. For getting the most out of your employees they need more than just work, they need something to work toward. Companies with a strong brand have established a trend that their employees can follow without being told in details exactly how to do so.
Branding creates that link between you and your customers who already know your business and your product before they even step inside your place of business, or buy your product off the shelf. This awareness they have comes from your brand and the value that goes with it. As we have seen, branding is an effective way to expedite the growth of your business. When successfully implemented, branding can give you a strategic position in the market, and eventually lead to increased profit.
The most profitable companies in the world all have one thing in common; they have carved an indelible expression on the minds and hearts of their customers by the strength of their brands. A strong brand is vital as the battle for customers intensifies daily. It’s imperative to spend time investing in research that can define and build your brand. After all, your brand is the source of assurance to your consumer. It’s a foundational part of your marketing statement and one you do not want to be without.