Several aspects should be involved in any business including strategy which is the core one. Then comes the other such as marketing, finance, and branding which are important for B2B and B2C businesses.
In this article, we will discuss the purpose of branding? Why is it important for your business growth?
Before we define branding, we should know the difference between a brand and branding.
- A brand is an idea or a symbol that comes to mind when people are talking about your products, services, or any other activities that are related to you. According to American Marketing Association, it can be your name, caption, logo, templates, or features.
- Branding: it’s the process of creating the brand, which means you create ideas or other examples as mentioned that are connected to people’s minds giving them reasons to buy your products rather than other competitors.
Why is branding important to consumers?
Some people think that branding is limited to logos, colors, and designs, but it is wider than you think! You can assume that branding is creating a personality for your business.
In the Social Media Marketing Era, Every single day customers see tens or even hundreds of your brands every day. It seems good for customers to have many options to choose from them, but actually, it’s harder for businesses. There are many advantages of branding which can include:
Being Familiar with your customers
The most important reason for branding is to help them to be recognized by their customers all the time. If your business has strong branding, it will be the first one to come to people’s minds to be recommended when they think of your products/ services.
If you don’t have strong branding, your business will not stay very long in their minds.
Building trust with customers
Being trusted by your audience is the business basis. All businesses are trying to achieve trust, but it’s not that easy. You should know that businesses that lack a clear branding strategy will suffer till they get people’s trust.
Branding is like investing in your business. Invest in your branding, and you will notice the return of this investment very soon when conversions, leads, and visits increase. This indicates you are being trusted.
Branding and Advertising are two sides of the same coin
Let’s agree that advertising is very important for expanding in the market. Branding helps you a lot in this process. You have to work on branding to achieve great results with advertising.
When advertising, you are showing your brand values and your brand identity, Everything should be clear to create an effective campaign that gains the best results.
Increasing customer loyalty
Customer loyalty is the relationship between you and your customer, showing their trust and continuously purchase your products/services rather than your competitors. Loyalty comes from repeated positive experiences that your customers find with your business.
There are several branding types you can choose from. They may help you in your future decisions and business planning. Every type of branding fits different types of products and services. Examples of these types are:
1. Attitude branding
This type is based on feeling, for example, some products can make you feel energetic when you recognize them such as sports products or energy drinks.
2. Symbolic branding
This type is almost similar to attitude branding as it is also based on emotions, but it is related to services more, as for banking services that may include feeling secure with your money transactions and so on…
3. Functional branding
This type is not based on emotions, but is based on functions. Why should you buy a product/service? This is because of several reasons. That’s it the business is trying to show all features of its products/ services.
4. Individual branding
In this type, multi-product businesses build a single brand for every product, you can notice this in soft drinks companies or sportswear companies. This type of branding is a high-risk one, but it can provide higher chances of market share. It is almost used by large companies.