You must have heard the term ‘Brand’ and Branding thrown around quite a lot if you are from the corporate world but what does it exactly entail? Welcome to Yashakhatri.com where we take a look at concepts of branding and marketing on a regular basis, so stick around and read on to see what is branding and why You should brand yourself or your business!
According to Investopedia, a brand can be defined as “An identifying symbol, mark, logo, name, word and/or sentence that companies use to distinguish their product from others.” Essentially a logo or a graphic element, however, that isn’t true in isolation.
A brand in its lowest form means your customers perception of you. How they see you or your business, if they think you are a very serious and somber person then your brand is such but if you are perceived as a jovial and fun loving person, that is what you brand becomes. Entrepreneur.com says “Your brand is your Promises to your customer.”
Building a brand takes a lot of dedication and a very long time frame spanning across multiple decades sometimes centuries even, but, it pays off in the long run. A lot of small and medium businesses do not focus on creating their brand and thus eliminate a great opportunity in the process. Let’s take a look at a few reasons why you should brand.
1. Branding and Recognition
Familiarity is the foundation of human comfort, people work with other people who they are familiar with mainly because they do not have to go out of their comfort zone to accomplish things. If your brand is easy to recognize and familiar to the people then new people will be less hesitant to work with you, this, in turn, could and will definitely help you achieve your goal.
2. Branding and Referrals
How many times has it happened that you have asked for suggestions for a certain product and almost everyone recommended the same brand? This is the principal behind referrals, People buy the product and if they enjoy the product they promote your brand.
Lately, the concept of brands has been on a steady incline and more and more people are using only branded products in their day to day life. Think about the last time you thought of Coke when you wanted to buy a cola or Apple when you wished to buy a new phone.
3. Branding and Customer expectations
When someone buys a product or a service from a well-reputed brand they have a certain expectation and having a strong brand value helps deliver on the expectations.
Having a clearly constructed brand helps your customer ease into the buying process and acts as a catalyst for conversion since your customers know exactly what they should expect from you and your brand.
4. Branding and Emotional Connect
The act of purchasing something is an emotional process and people tend to buy from brands that make people emotionally happy about the purchase.
A brand with a mission of helping underprivileged kids with every purchase would be preferred over a brand that has one sole aim i.e. profit. Emotional connect plays a huge role in the purchase decision and helps the buyers to tip over and purchase the product without hesitation.
5. Branding and Value for Business
A brand is a very strong and versatile asset, which most people conveniently choose to ignore. A business is greater than the sum of all its parts, physical or otherwise and your brand plays a great role in adding a lot of value to your business.
Branding Ideas can be found in the most basic of human scenarios, so the next time you get an idea to improve your business or to help you in branding your business, write it down. Who knows, it just may be the next big thing!
Brands are built on ideas and ideas are bulletproof!
Do mention what brands you subconsciously associate with certain products, have you had any experience? Good or bad with a certain brand? Do let me know in the comments.