When you are in business, there is always that one key area that you specialise in. You cannot be everything to all people and you must identify yourself with a specific line of products and services for your business to work. What identifies you and your business and makes you stand out from your competitors is your BRAND, and it is what we are going to focus on here.
So if you want to learn what business branding means, the common branding strategies that you can use for your business, and the reasons why you should be obsessed with every detail of your brand, read this guide to the end.
What Is Branding?
In the business world, branding is simply the process of making your business identity known to potential and existing customers. Contrary to the thinking of many, branding is not just about your business logo. It encompasses every aspect that customers perceive your business with. Everything from your visual identity (how you style your products, staff and premises), the customer service, to the way you run all your marketing and advertising strategies is all part of branding. In summary, it includes everything you promise to offer to your customers to cater to their needs and all the things you do to fulfil your own needs and accomplish the business goals.
Why Branding Matters?
So you may be wondering why you should spend most of your time creating a brand for your business while you are supposed to focus on ‘more important’ aspects such as production. Here are some reasons why branding is so important.
It Signifies Your Intents And Actions
It is only through branding that the potential consumers your business targets will know what you wish to offer and how you are working and progressing to ensure that the promises are fulfilled. Keep in mind that the promise is what will keep your target group close to your business, while the actions are what will make these people your buying customers.
It Helps You Stay Ahead Of The Competition
If you fail to outdo the competition, your business will not operate at its full potential at any point in time. Additionally, we are living at a time where businesses are required to leverage global markets and also stay ahead of the competitors in the global realm to reach their full potential. Positioning your brand the right way will give assurance to customers and clients that you are the best among companies with similar offerings as yours.
Branding Builds Trust
Since the better part of branding involves working towards offering the best products and services, it helps you build trust with customers. By knowing that their needs will be fulfilled in a straightforward and highly effective manner, your customer will keep coming back for more. This will, in turn, increase the returns your business makes.
Helps Attract Top Talents
Branding is not just about the customers. Investors, management professionals and even other leading businesses will want to be affiliated with a firm that has built its brand. You may not have top-notch and premium offerings, but just by the way you position your identity out there, you may end up having the most skilled and talented team in your firm.
Why Branding Is So Important?
Branding can help to influence the consumers’ purchase decision. In a survey conducted by Nielsen Survey in 2015, more than 50% of consumers said they would prefer buying a branded products they are familiar with, and only 21% of consumers bought the product they actually liked.
Also, branding drives profits for businesses. In a study conducted by Forbes, it was seen that 77% of B2B marketing leaders say branding is critical to growth.
Therefore, in today’s competitive world, branding is crucial to gain an advantage over your competitors.
What Are Branding Strategies?
A branding strategy is a long-term plan on how you will develop and sustain your identity and, in the long run, accomplish all your goals. A working branding strategy should convince your customers that your products and services are the best in the market and that they will cater to all their needs. It would help if you launched a working branding strategy right as your business starts, as this will give you a better chance to succeed.
What Are Branding Guidelines?
Branding guidelines is all the information that defines how your brand works. The information may range from your business’s history, vision, and goals to how you will use your logos and business cards. Good branding guidelines should be rigid enough to keep your identity out there but at the same time flexible to accommodate creativity and emerging trends. Having working branding guidelines is by itself a marketing tool.
Hopefully, you now understand what branding is and why it matters for your business. Clearly, it is only through branding that your business will remain both locally and globally reachable and recognisable. Regardless of growth level or niche, every business must adopt working branding strategies, develop elaborate branding guidelines to remain on the success path, enhance customer satisfaction, and increase returns. Create that voice or image that people want to listen to and see with business branding.
At Graphik Pulse, we will help to establish a new brand for your company. From research, strategy formation, to final production, our team will handle everything. Get in touch with us if you want to know more about our services.