What is Branding and Why it is Important for Your Business?

What is Branding and Why it is Important for Your Business?

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Rashmi
Rashmi Karan
Manager - Content
Updated on May 17, 2024 14:49 IST

Having a solid brand in such a competitive market is of vital importance. It offers an extraordinary ability to retain customers and acquire new ones. But why is it essential to have a strong brand presence? Read the article to understand.

Branding

 

People make purchase decisions based on a series of elements that have to do with the product itself, the image of that product, and elements that they perceive through the senses. But that is only half of the elements that help us make that decision. The other half is our beliefs and experience that has to do with the product we have in front of our eyes. The importance of the brand lies in its ability to synthesize feelings and experiences that are intangible into tangible elements. So what is branding?

Content

What is Brand – Definition

“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.

A brand is an element that generates that emotional link. It is not the product or the company but it represents the user’s experience with the product and with the company. The importance of the brand lies in its ability to evoke emotions and be remembered.

What is Branding?

“Branding is endowing products and services with the power of a brand”

(Kotler & Keller, 2015)

Branding is a necessary element for any company since it is a way to consolidate the brand, and achieve reputation and recognition, especially on digital communication platforms.

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Things that Makes A Powerful Brand

Brands are all about value, familiarity, and reliability. The most influential brands are considered nothing but reliable by the consumer market, and often, their name or logo alone can inspire trust. Valuable brands like Coca-Cola are examples of this power.

Powerful brands take a generic product and make them their best seller. This entire experience is all about that particular brand than the product itself. A simple product can be turned into much more through marketing, packaging, advertising, general service, and delivery. This comprehensive experience is what powerful brands often offer and equates to their success.

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What is Brand Loyalty?

Brand loyalty is a consumer’s positive feeling about a brand and tendency to buy the same product repeatedly. A powerful brand held in high regard will inspire feelings of loyalty in consumers. They will feel connected to that brand or its product, feel good about it, and even recommend it to others.

The importance of a powerful brand and brand loyalty can be demonstrated through the level of return. For example, if a consumer’s product is faulty or there is a problem with delivery or customer service, brand loyalty and power usually mean that the customer will always return.

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What is a Brand Logo?

Before we move ahead, let’s check this image.

Surely you know what are these? These are brand logos that help you recollect memories of that particular brand or product.

A brand logo is a symbol/image/drawing that represents a brand. A logo is critical in optimizing brand presence, reach, and recognition. If you are planning to build your brand, then consider designing a brand logo as the preliminary step.

Why Is It Essential To Have A Solid Brand?

The particular needs of each business mark the importance of a solid brand. More and more different brands are coming onto the market, so the competition is much higher.

Consumers, having more to choose from, are much more selective. That is where the importance of having a solid brand that customers trust and recommend comes in.

A positive image of a business gives consumers confidence in its products or services, which is why they do not hesitate to choose it. A strong brand will always convey a pattern of quality, credibility, and experience.

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There are cases of companies so strong that consumers have assumed the product’s name. This means that consumers, instead of referring to the product, call it by the name of a specific brand. This has happened with brands like Surf, Post-it, and Colgate, to name a few.

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Tips For Building A Solid Brand

To build a strong brand, you can follow these tips to ensure that your brand is consolidated in the market sooner than expected.

Work with the essence of your brand.

All brands have their essence. That is why you must work with the essence of your business. What does this mean? You should know your organizational goals. 

The essence must be timeless and will determine your brand’s personality, which is why it is such an important point.

The first step to building a solid brand is knowing your company’s mission in the market, whatever its business niche.

Stand out from the rest.

If you want your company to be unique, you will have to differentiate yourself from the rest. Think out of the box and offer something that others do not.

It can be the price, any new product, the quality of the products, and even the customer service. Be different, and you can easily beat your competitors. It is what we call the value proposition.

Standardize processes

Invest in your company’s visual identity and standardize all interactions with consumers in a consistent and repeatable way. From advertising to the business card, through the decoration of the environment and the employees’ uniforms, these things make a difference.

Simplify

The simplest is always what ends up triumphing. That is why we advise you to simplify everything related to your company, from the name you choose to the services or products you offer, even your website. The simpler, the more you can attract customers.

Think about the big brands. Are they simple or complex? Do they have names that are very difficult to remember or easy? 

A clear example of a successful brand is Apple. Who knew a company with a name like “Apple” would be so successful?

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Advantages of Building a Solid Brand

Building a strong brand has many advantages for you financially and personally. It is very satisfying to see all your work and effort pay off. Here are some of the benefits of building a solid brand for your business –

  • Having a solid brand will help you compete in the marketplace.
  • Helps gain market share by increasing sales.
  • If a brand is already established, marketing expenses will be significantly reduced.  
  • Improved distribution channels because of the brand popularity 
  • Your employees will be able to feel more identified with the brand
  • It allows prices to be higher since the consumer will associate the brand with quality.
  • Increases the value of the company.
  • Helps build market position

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So we can say that in simpler terms, branding is the perceived image of a product or service that you sell. It is a go-to strategy to create a lasting image of your product and services. We hope this article helped you understand what is branding and why it is essential for the growth of your business.

FAQs

What is the objective of the brand?

The brand concept is the general idea that underlies the creation of a brand. It must be attractive and convincing for those who come into contact with the brand, be relevant at its creation, and have long-term potential.

What is the brand according to marketing?

A brand is how a company differentiates itself from similar brands. You can think of a brand as the company's personality, communicated through an identifying brand, logo, name, slogan, voice, and tone.

What is the objective of the brand?

The brand's objective is to sign of guarantee and quality for the product. Give prestige and seriousness to the manufacturing company. Help the product to be sold through promotion. Position the product in the consumer's mind.

How is the brand of a product described?

To describe a brand of a product - Specify your brands; Use keywords; Highlight the features and benefits of the product; Use attractive words to promote your product; Do not exaggerate the product's qualities; Work on a consistent tone with the brand; Be direct, clear, and concise; and Include the product's technical specs, wherever required.

What are the brand elements?

The main components of Branding are - Naming. Also called 'creation of a name.'; Corporate identity; Positioning; Brand loyalty; Brand architecture

About the Author
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Rashmi Karan
Manager - Content

Rashmi is a postgraduate in Biotechnology with a flair for research-oriented work and has an experience of over 13 years in content creation and social media handling. She has a diversified writing portfolio and aim... Read Full Bio