Whether we talk about a small local business or a big multinational corporation, branding can significantly influence its success in the market, from setting one company apart from its competitors to driving more loyal customers. Find out how branding can affect your business. Suppose someone asks you to name a fast-food chain, a brand of soda, or a smartphone manufacturer. In that case, the chances are that you at least thought of McDonald’s, Coca-Cola, and Apple. Of course, this comes as no surprise since these three brands epitome of good branding.
Branding is equally important as the products or services the business offers. As the combination of symbols, text, colors, and graphics, branding and visual identity has the power to distinguish one company from its competitors significantly. Branding, in essence, determines business success.
Let’s take Coca-Cola as an example. Even though its main rival Pepsi turns more profits year after year, because of its diversified product portfolio, Coca-Cola still manages to outsell Pepsi on every global market. Yes, Coke’s annual marketing budget is double that of its main competitors. However, it’s the powerful branding that makes it stand out in the market for over a century.
Effective branding is not for just big player
Branding is not only for companies with large marketing budgets. If you look closely, you will see that every local business in your neighborhood has its brand identity. From your local pizzeria to the real estate agency, they all play the branding game with more or less success.
You might believe that great branding is usually associated with excellent service or products. Nonetheless, you can find a plethora of similar businesses in your area that provide the same level of service, with one being more popular than the other.
Today it isn’t hard to develop a good company name, logo, website, and promotional materials. There are plenty of free options if you are a creative type and know your way with words and design. If not, you can always find a design service that fits your budget and help you set up your brand without paying for an arm and a leg.
Is branding really that important to business?
The simple answer is yes. Branding most certainly affects every business. Do it right, and you will quickly become a community staple. Do it poorly, and you will have to increase your marketing budget to attract customers to keep your light on.
Good branding can change the way perceive your company. By becoming more recognizable, you can drive new business, increase brand recognition and get more loyal customers.
Making your brand more recognizable
One thing that all successful brands have in common, no matter the size of the business, is brand recognition. Good branding helps you stand out from the number of similar companies. It gives your potential initial expectations about your service and helps them easily identify you in the future.
The visual elements play a vital role here. your logo and brand colors need to be aligned well with your brand identity. Your company slogan needs to be memorable and easy to understand, without any room for interpretation.
Establishes credibility and loyalty
No matter the type of business you have, your clients will always pick you if you look professional and polished. Branding helps you create a particular image you want your potential clients to see. It will help you inspire credibility in your potential clients and convince them to pick your business over competitors.
when you create brand recognition and credibility. You also gain loyal customers. There is a reason with people frequently shop at H&M. why they purchase only Apple products, drink only Coke, or go to a particular restaurant every Sunday. It’s familiarity and trust with the brand. They know what they are getting and the quality they can expect.
It helps you to get customer
Good branding helps you get more new customers in a few ways. First, it helps the word about your business spread quickly. When the brand resonates well among its target audience, word of mouth about it spread quickly. This is in part due to the buyer’s self-concept.
Every person has a specific image of themselves. That image is usually projected on the things they buy and share with others on social media. This is why every brand needs to spend time identifying its buyer personas and all the riches interests they might have.
Few tips about branding
Good brands are never created by accident. They always involve careful planning and execution. However, this doesn’t mean that you will make it right from the start. Just like thing marketing, branding also takes a lot of trial and error until you refine your brand and find the right voice and identity for it.
Keep in mind that good research and planning will save you a lot of time and money. They will help you set the proper foundation for your future work. We have extensively covered the topic of building your brand, but here are some key points that will help you lay the groundwork for your brand.
Make diligent research of your competitors. See what they are doing, which platforms they use to address their customers, and the promotional materials they utilize. Good research is half the work done. It will help you see your strength and weaknesses and help you find an angle to differentiate yourself from the competitors.
Branding is all about your customers, not your business. See what the pain points of your customers are and offer them a solution. Provide them with visuals and a voice that is specifically tailored to their persona. Make them feel empowered and allow them to “Live their truth”.
Do not be afraid to be unique. Researching your competitors will help you see what everyone else is doing. However, this doesn’t mean that you have to do the same. Instead, identify your target audience, create your buyer personas, and try to think outside the box. If you have many competitors in your industry, thinking outside the box will help you stand out.
Creating and nurturing a brand is a never-ending job. It requires research, measuring key performance indicators, and adjusting things on the go. If something doesn’t give results, try something different. Follow the trends in your business sector and trends among your target audience. Don’t be afraid to try new approaches to old problems.