Branding is as simple as having a name. It is an identification that lets external parties be aware of your product or service. A brand name is a unique selling point in itself and is vital for a business to be successful. It sums up the perception people will have on your business which can have a very positive or sometimes a negative effect.
Brands such as Apple, Nike or Levi’s are brands that have dominated their particular industries. No one does not know them. A brand name can be so influential to the extent of the pricing strategy used or even the ambassadors of the business. Therefore, here are some reasons how important branding is to a business.
This is by far the most basic intention of a brand name. It is to allow consumers to have an immediate connection and recognition with the brand. A creative logo, catchy slogan or even advertising has as a way of capturing the attention of consumers and making it sticks with them. It is important to create a logo or slogan that affects how the consumers feel, emotion is the best way to create attention and draw attention. There are brand design experts who can build your brand to make it as good as competitors’.
Brands build credibility
Credibility is a huge responsibility for a good brand. When a brand is well known it is vital that they maintain the reputation of the company. Their reputation can be through excellent services, their environmentally conscious vision and mission statements or ensuring high-quality products. Once they have established their credibility, consumers will have a positive impact on the brand. This results in higher sales and continued purchases.
Loyalty and trust
Consumers like associating themselves with brands they can trust. Once high quality and repeatedly good products and services have been delivered consumers will have a sense of brand loyalty and create more word-of-mouth attention for the brand.
This strategy is particularly useful for new businesses that are yet in the process of establishing their brand. Good customer service, flexibility with operations such as island wide delivery or even the option of customization for products is great ways to create brand loyalty. Showing positive consumer feedback and even healthy constructive criticism can show potential consumers they are your greatest assets.
Builds financial value
As mentioned above a brand name gives financial value to the brand. This is particularly seen in sporting or tech brands. It is due to the name that a high price is charged. This works in favour for the company as well as consumers are prepared to pay the high value just to say they own products or services from that brand. The brand name brings prestige and goodwill.
Examples of brands with high financial value due to their name can be McDonalds, Samsung and even Adidas. This is how well branding can influence the success and impression your company can have in the market.