The Benefits of Branding
Everyone has heard of the term branding in some capacity, as a business owner or as a consumer. Branding is the process of developing and conveying a distinctive, attractive and trustworthy “face” for your business, service or product. One of the most vital things you can do to benefit your business is create a brand, and it’s worth doing it properly. Here’s why branding is not just for Apple:
By making your brand unique, eye catching or targeting markets not widely catered for, your business will stand out from the crowd and get your business noticed. Several large companies also sell products under separate brand names within one company in an effort to target different customers and ensure a bigger share of the market.
If you succeed in creating and marketing a good brand, customers will begin to remember you when they need your specific product or service. If you need insurance, for example, you can probably think of devilishly-catchy advertisements or songs. They can be annoying but those are the ones that you remember when you are looking for car insurance. If you combine a catchy brand with excellent products and a quality service, customers will remember and, importantly, recommend you.
Consumers will generally pay more for a product or service they are familiar with. Your business could offer exactly the same or similar products as your competitors but with an established brand and a good reputation you will always have the edge on your competitors, looking to take a bigger slice of the market.
If customers always receive a good experience they are more likely to stay loyal to well-known brands and, in turn, your business will become more appealing than the scores of competitors out there. Humans are naturally drawn to familiarity and dependability, often taking for granted that the bigger brands are more trustworthy. Put as much effort into building a reputation as you do your brand and you will get ahead.
When you have achieved the above – brought an established, recognised and trusted brand to market, seen an increase in sales and believe wholeheartedly in your product or service – what’s next? Get some free advertising! Initially, you created, advertised, established and pushed for your brand, but now it’s time to get something back. If you smashed the first step – creating a recognisable brand and customers are paying that bit extra – they will automatically want to show it off. If customers are seen wearing, using or carrying your product because it’s the best, they will be more than happy to advertise for you and pay you for the privilege.
Your established brand can be used to create spin-off products or capture an audience in a new market. A loyal customer will be naturally curious about new products or services your business has to offer and are more likely to try it than they would an unknown brand. This approach also gives you scope to be more creative and try out different ideas with your loyal customers, maybe even get them involved in the process too.