Branding is one of the most important elements of marketing as a strong brand can be recognised by millions of people worldwide. A brand represents people’s perception of the company’s customer service, reputation, advertising and logo. This article will highlight the importance of building a strong brand and the benefits that it can have for a company.
Attributes such as logo, slogan, and brand name can all improve brand recognition to consumers. There’s a reason that most children in America can name more fast food logos than US Presidents, and it’s all down to successful branding. A professional logo should be simple enough so it is memorable to consumers but powerful enough to give your company the desired impression.
When consumers recognise a brand and know that brand to be of good quality and reputation then a trust is formed. This trust can lead to brand loyalty which is where a consumer will specifically choose a certain brand over other because they trust the brand to deliver on quality and price. If your business looks professional through things like it’s logo and how it is conducted, then this will gain peoples trust. Consumers are more likely to buy from a company that looks polished and legitimate rather than one that doesn’t.
Advertising is important for any brand, successful advertising can help build a brands recognition. Marketing has to be done tactfully as if you advertise to too small a demographic you risk being pigeonholed and this may make it difficult or not possible to expand your company in the future. Similarly, if the advertising focus is too broad the company could fail to make a definable impression of the company and it will be easily forgotten by consumers.
Builds Financial Value
A brand is worth money, and can actually be sold for a lot of money. These are companies who publicly trade on the stock exchange and are valued a lot more than the physical assets of the company. A strong brand also normally guarantees future business; this could be a new product or ongoing sales of an existing one.
Many employees need to be driven by something other than the work that they’re doing to feel fulfilled in their job role. Maintaining a successful brand can help give employees motivation as they feel like they are doing something good and for a cause. When employees understand the mission and what the company is trying to do they are likely to feel more pride about the work that they are doing.
Generates New Customers
Branding enables your company to get referral business through word of mouth. It makes it easier for customers to tell other people about a specific products or services. Word of mouth advertising is the most profitable form of advertising and occurs when the company delivers a memorable experience to a customer, either through excellent customer service, products, services, or previous advertisments.