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Read To See Why Branding Is Beneficial For Your Company?
At a meeting recently, a graphic designer and I sat down where people were exchanging business cards. I checked out his logo, and he studied the name on my business card.
"I know that business logo. We've been in touch previously," I said.
"That's right. I know your name," he said.
Though we weren't able to determine when or why we'd exchanged mail previously, we guessed it had been at least five years back. Neither of us has an extraordinary memory. Rather, he had made unique 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 reputation had lurked in the other's memory banks, while thousands or hundreds of thousands of other business identities had come and gone without leaving a significant trace. Why? Memorability. It demonstrates a vital element of good branding.
What is Branding?
Branding is the technique of creating distinctive and durable perceptions in the minds of shoppers. A brand name is a persistent, unique business identity intertwined with associations of personality, quality, source, preference and more.
Although many people relate brands with major companies, the smallest of enterprises can use branding techniques with great returns. When a home-based craftspersons ties a nicely designed tag on all her products telling the story of who she is and where her creations come from, she's branding her work. When the local market packages groceries in totes bearing its company logo instead of simple "Thank you!" or simple bags, it's branding. When your logo is displayed with any of your internet marketing endeavors, it's branding.
Although we associate brands with national brands such as Crest, Huggies or Healthy Choice, branding doesn't always need the monetary resources of Procter & Gamble. Branding doesn't even need a product or a tangible shipping mechanism. Branding comes with repetition and that is quickly done with any internet marketing operation.
Methods of branding include association of a company with logos, distinctive colors, slogans, musical sounds or tunes, unusual qualities, mascots, packaging, a memorable name, behavioral hallmarks and much more, easily implemented for the home based business too.
Why Branding Pays Off
Time, money and effort used on branding pays back many times over when the process plays out intelligently. Here's why:
1. Memorability. It's simpler to recollect the branded company than the "what's its name?" one.
2. Loyalty. When individuals have a positive experience with a memorable brand, they're more likely to buy that product or service again than contending manufacturers.
3. Familiarity. Psychologists have shown that familiarity induces liking, which helps make even non-customers more likely to recommend a brand name they are aware of.
4. High quality image, premium price. Branding may lift what you sell out of the realm of a commodity, with shoppers willing to spend more for the well-branded product or service.
5. Extensions. With a well-established company, you can spread the respect you've attained to a related new product, service or branch more easily.
6. Greater company value. Creating your company into a brand name generally signifies that you can get more money for the company when you decide to put it up for sale.
7. Lower advertising expenditures. Even though you should put in money to create a brand, once it's made you get a bigger bang for every marketing buck using it.
8. For consumers, less risk. People often opt for the brand-name supplier over the no-name one when scared of the consequences of a mess up.
For all those reasons and many more, branding fattens your financial well being.
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