Read To Discover Why Branding Is Beneficial For Your Company?
By Erina Array
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In a meeting not long ago, a graphic designer and I sat down at a table where people were swapping business cards. I looked at his logo, and he read the name on my card.
"I know that business logo. We've been in contact previously," I said.
"That's right. I know your name," he said.
Although we weren't able to pinpoint when or why we'd exchanged mail previously, we guessed it was at least five years back. Neither one of us has a remarkable memory. Rather, he had made unique visual identity for his design services, and I had devoted effort to relating my name with creative marketing.
For at least five years his look and my reputation had lurked in the other's memory banks, while thousands or hundreds of thousands of other business identities had come and gone without making a significant trace. Why? Memorability. It demonstrates a key element of winning branding.
What is Branding?
Branding is the technique of making distinctive and durable perceptions in the minds of consumers. A brand is a persistent, distinctive business identity intertwined with associations of personality, quality, origin, preference and more.
Despite the fact that many people relate brands with big companies, the smallest of enterprises can use branding techniques with excellent rewards. When a home-based craftspersons ties a beautifully designed tag on all her items revealing the tale of who she is and where her creations come from, she's branding her work. When the local market bundles groceries in totes bearing its business logo instead of simple "Thank you!" or simple totes, it's branding. When your logo is displayed along side any of your internet marketing endeavors, it's branding.
Although we associate brands with national brands like Crest, Huggies or Healthy Choice, branding doesn't really need the monetary resources of Procter & Gamble. Branding doesn't even require a product or a tangible delivery mechanism. Branding comes with repetition which is easily done with any internet marketing procedure.
Techniques of branding include association of a company with logos, distinctive shades, slogans, musical sounds or tunes, unusual characteristics, mascots, packaging, a memorable name, behavioral hallmarks and much more, easily executed for the home based business as well.
Why Branding Pays Off
Time, money and energy spent on branding pays back many times over when the process plays out smartly. Here's why:
1. Memorability. It's simpler to remember the branded company than the "what's its name?" one.
2. Loyalty. When individuals have a positive experience with a special brand, they're more likely to purchase that product yet again than competing brands.
3. Familiarity. Psychologists have proved that familiarity induces liking, which makes even non-customers more likely to suggest a brand name they are aware of.
4. Premium image, premium price. Branding can lift what you sell out of the realm of a commodity, with shoppers willing to spend more for the well-branded product or service.
5. Extensions. Having a well-established company, you may spread the respect you've earned to a related new product, service or location more easily.
6. Greater company worth. Making your company into a brand name usually implies that you could secure more money for the company when you decide to sell it.
7. Lower advertising expenses. Even though you must put in 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. People tend to choose the brand-name supplier over the no-name one when scared of the consequences of a mess up.
For all those reasons and more, branding fattens your net profit.
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