Branding 101
You might have been wondering how you can attract more customers in a market where you have competition offering the same products or services or how you can show the world the unique side of your product or the services you offer and how it differs from anything on the market. The answer to your questions is branding.
A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers
(American Marketing Association 2004) and so branding is the overall experience people have when they interact with your product or service. A product can be easily copied by other players in a market, but a brand will always be unique. For example, Pepsi and Coca-Cola taste very similar, however for some reason, some people feel more connected to Coca-Cola and others to Pepsi. Also, Apple and Samsung offer similar technological services but some people are more connected to Apple, while others to Samsung. This shows that two or more products can always be similar and satisfy the same need at the same measure but a brand will always be distinct. As a matter of fact, what makes each product distinct is the very act of branding. Companies, over the ages, have successfully created different brands for the same kind of product.
Branding can also be seen as the strategies designed by companies and organizations to help consumers quickly identify and experience their brand and to convince them to choose their products over the competition’s. To simply put, Branding is endowing products and services with the power of a brand
(Kotler & Keller, 2015).
Why you need branding.
Branding can help to do a lot. Here are a few:
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Branding increases revenue: Research has shown that branding can increase revenue by 23% (Source). Branding helps to properly define the image of an organization and this can yield better consumer perception and consequently more profit for the organization.
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Branding improves recognition: Recognition is key in the market place. Branding helps to set a brand apart from other competitors through the use of visuals and written content both of which are key to the identity of the brand.
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Branding builds trust in the marketplace: A good brand will help portray a business or organization as capable and professional. It will make consumers think of the company as experts in their field capable of delivering work when needed.
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Branding complements marketing and advertising: Good advertisement and marketing ride on the shoulders of a brand to increase awareness and drive profits. A good brand complements marketing efforts to give the best success rate for any promotion or ad.
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Branding builds unity and cooperation in the workplace: One interesting statistic says that "having a great brand can bring the expenses related to hiring and training down by as much as 50% (Source)." Good branding helps properly define the image and purpose of an organization and this can give workers a feeling of purpose and satisfaction seeing that they are part of a company adding to society. Through the use of branded items like customized shirts, pens, jotters, keyholders and more, staff members can feel united and part of a big team and this can increase unity and cooperation in the organization.
A final Take On Branding
In today's highly competitive, fast-paced, and data-driven world, businesses and organizations need to consciously note how their brand is perceived by consumers and the world at large. Whether we like it or not, we all have a brand - and it can be either good or bad. Having a good brand not only helps drive increase in profit but also helps to build long-lasting connections between customers and brands. We would love to work with you. Let us give you a great brand.