Why is Branding important in the long run for a business Image? Of course, branding can mean a lot of things, but categorically defining, branding is a customer’s perception of your brand. One cannot run a business in isolation. A lot of thought processes, manpower, ideation, execution and deliverable that goes behind selling a final product. But unless the customer knew who you are, where are you coming from and what are you selling, there will be no recognition of your brand whatsoever in the market. This is where branding comes in.
Branding basically helps a business in holding its ground tight while standing in the quicksand of market competition. In simpler terms, branding creates an identity for your product and makes a long-lasting memorable impression on the clients. It starts with the basics of brand name, logo, symbols, graphics, content, design and advertising and goes beyond persisting a direction for your brand. Image SourceBranding can convert a brand from being a wallflower to be a wildfire amongst the competitors in the long run. Therefore, it is absolutely imperative to look at this aspect of business with the utmost importance. Here are a few reasons why branding needs to be the holy grail in your business strategy from the very start.
1. Your face makes an impression
Every business has a story and every story needs to be told. But if you don’t have a face that supports the story, the story won’t have any credibility. The same is the case with branding. A customer recognises the brand only when he is familiar with the brand. If the Maul girl didn’t have a face on the packaging or if Nike didn’t have the tick mark logo which read “JUST DO IT” along with their brand, they wouldn’t have gathered the same amount of recognition in the market otherwise. Branding generates a face for the company that makes a memorable and long-lasting impression on the customer. Brands often make the mistake of using complicated logos which in turn do not make the customer feel at ease purchasing their products or services. People tend to associate with companies they know for recognising well at first glance.
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2. Branding helps to Identify your core values
When a customer shows interest in your product or service, he/she is putting out their trust towards your brand and choosing your values over others in the industry. Thus, it is always important to have a strong core value through your branding in order to have more leverage in the market. Companies like LIC, PepsiCo, Britannia and more have farfetched company value that makes the customer comfortable in committing to them. This value is identified only if the branding is done right. Customers must connect with the values of product to feel like the company is worth their time, energy and investment. A company’s brand draws a bridge between the market and the business’s DNA for the customers. Before getting into the competition with other companies, taking time to identify your core values and building a brand image will sustain your business in the long run.
3. Increase the footfall
A renowned brand name will not only sustain the old customers but will also leave no stones unturned in bringing in the footfall. Even in the world of digital advertising, word of mouth plays an important role in making an everlasting impression. In a country like India, where people love to talk about anything and everything they are familiar with and dependent upon, a good branding strategy can really put your pin on the charts. In the long run, all you need to do is to convert the viewers into customers and branding will do just that.
4. Be your employee’s backbone
Any kind of business heavily relies on human psychology to move towards the ladder of success. Since employees form the backbone of the company, they might as well be proud of being associated with the company. Branding helps a business arrive in the market and once you have made an impact in the industry, the employees will automatically be satisfied with their job. Not only that, but they will even be intrigued to work harder as a matter of pride. One thing common about the employees of big companies like Google, Facebook or Amazon is that they share a sense of belongingness with the company. The sole reason being that employees have high regard for being associated with just the brand name.
5. Branding can have an emotional connect
Every business has a legacy that it takes forward. A well-strategized branding helps the business carve their legacy in a manner that it emotionally connects to the customers and potential clients. The professional portrayal of what a customer should be expecting out of their business adds a factor or trust and reliability towards the business.
When you give importance to the branding, you are putting yourself out in the public, like having a transparent door for the customers to feel connected. Thus, when a customer engages with the company, he/she already knows the backstory of the brand, this makes him enter the association with an expectation and excitement in his mind.
Branding gives an overall impression of the company in the market place, it builds a long term reputation, connects the customers to the business, helps the staff feel proud and reliable and most importantly increases the moral and financial value of the business.