Read To See Why Branding Is Good For Your Company?
At a meeting not long ago, a graphic designer and I sat down where people were swapping business cards. I checked out his logo, and he studied the name on my card."I know that business logo. We've been in touch previously," I said.
"That's right. I know your name," he said.
Although we weren't able to determine when or why we'd exchanged mail previously, we guessed it was at least five years back. Neither of us has an extraordinary memory. Rather, he had made a distinctive visual identity for his design services, and I had devoted effort to linking my name with creative marketing.
For at least five years his look and my status had lurked in the other's memory banks, while thousands or hundreds of thousands of other business identities had come and gone without making a substantial trace. Why? Memorability. It illustrates a key element of winning branding.
What is Branding?
Branding is the process of creating distinctive and durable perceptions in the minds of shoppers. A brand is a persistent, distinctive business identity intertwined with associations of personality, quality, source, liking and more.
Though most people people associate brands with big companies, the smallest of businesses can use branding techniques with excellent returns. When a home-based craftspersons ties a nicely designed tag on all her items telling the story of who she is and where her creations originate from, she's branding her work. When the local market bundles groceries in totes having its logo instead of simple "Thank you!" or plain bags, it's branding. When your logo is displayed with any of your internet marketing endeavors, it's branding.
Although we relate brands with national names like Crest, Huggies or Healthy Choice, branding doesn't always require the budgetary resources of Procter & Gamble. Branding doesn't even require a product or a tangible shipping mechanism. Branding comes with repetition which is quickly done with any internet marketing operation.
Techniques of branding include association of a company with logos, distinctive shades, slogans, musical sounds or songs, unusual characteristics, mascots, packaging, an interesting name, behavioral hallmarks and much more, easily executed for the home based business too.
Why Branding Pays Off
Time, money and effort spent on branding pays back many times over when the process plays out intelligently. Here's why:
1. Memorability. It's simpler to remember the branded company compared to the "what's its name?" one.
2. Loyalty. When individuals have a good experience with a memorable brand, they're more likely to purchase that product or service yet again than contending brands.
3. Familiarity. Psychologists have proved that familiarity induces taste, and this makes even non-customers more likely to suggest a brand they are aware of.
4. Premium graphic, premium price. Branding can lift what you sell out of the realm of a commodity, with shoppers prepared to pay more for the well-branded product or service.
5. Extensions. Having a well-established brand, you can spread the respect you've attained to a related new product, service or location more easily.
6. Greater company worth. Creating your company into a brand usually signifies that you can get more money for the company when you choose to sell it.
7. Lower advertising expenditures. Although you must expend money to create a brand, once it's created you get a bigger bang for every marketing buck using it.
8. For buyers, less risk. People often choose the brand-name supplier over the no-name one when scared of the outcomes of a mess up.
For those reasons and more, branding fattens your financial well being.
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