The Importance of Branding
An entrepreneur will initially see a gap in the market and build a business surrounding the idea. And, while some products have the ability to sell themselves, such as Netflix as they were first on the market, almost every other business will need to assemble a marketing strategy in order to sell their product. Part of a marketing strategy is branding, which is one of the most difficult things for a business to get right. Even long-lasting businesses like Volkswagen, often re-brand to modernise in order keep up with their competitors and consumer trends. Some of the most successful companies have been built on their excellent branding such as Apple, Coca Cola and Nike. Branding is like an umbrella that encompasses many different aspects. Logo design being the biggest and most valued along with tone of voice, colour, customer service, typography, story telling and packaging are all ways you can built your brand.
It has been established why a brand is a business' most powerful, yet intangible feature. A robust and well-made brand is what connects your customers emotionally to your product. With this you can create brand loyalty, which is invaluable in today's overcrowded and competitive market. Here are some other reasons why and how your branding is beneficial, especially in the early stages of running your business:
Your brand is what makes you easily identifiable and sets you apart from your competitors. Having a memorable logo design or catchphrase is what people will remember when they see your brand name. Mastercard are investing a new form of marketing called sonic branding – a sound which a consumer can identify with their brand as soon as they hear it.
For a customer facing brand such as Nandos, the way the brand decides to engage with their customers can help employees make sales. For example at All Saints, they give all their staff free clothing to be worn as uniform in order to better sell the clothing.
If you have a strong brand then this can give the marketing department more to play with when they are creating advertisements for the product. They can use something as simple as a great logo design or a funny tag line on a sponsored post on Instagram or on a television advert and build their advertising campaign around it. This is valuable when you have a direct competitor. Take Coca Cola and Pepsi for example – a consumer can distinguish the difference between these brands not by taste but by the use of their brand logo.
For a new brand it can be much easier to acquire new customers if they have a recognisable brand, such as a memorable logo that they have seen advertised on television and then again at the bus stop. How did Apple Music manage to steal business from Spotify? It was all in their branding and being able to market the new product to an already brand loyal Apple customer.