Read To Determine Why Branding Is Good For Your Company?
At a conference not long ago, 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 card.
"I know that business logo. We've been in touch in the past," 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 had been 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 standing 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 substantial trace. Why? Memorability. It illustrates a key element of good branding.
What is Branding?
Branding is the process of creating distinctive and durable perceptions in the minds of people. A brand is a persistent, unique business identity intertwined with associations of personality, quality, source, liking and more.
Despite the fact that most people people associate brands with big companies, the smallest of companies can use branding techniques with great benefits. 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 bags displaying 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.
Whilst we relate brands with national names like Crest, Huggies or Healthy Choice, branding doesn't really require the budgetary resources of Procter & Gamble. Branding doesn't even require a product or a tangible shipping mechanism. Branding comes with repetition and that 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 qualities, mascots, packaging, an interesting name, behavioral hallmarks and much more, easily implemented for the home based business also.
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 easier to remember the branded company compared to the "what's its name?" one.
2. Loyalty. When people have a good experience with a memorable manufacturer, they're more likely to purchase that product or service again than contending brands.
3. Familiarity. Psychologists have established that familiarity induces preference, and this makes even non-customers more likely to suggest a brand they know.
4. Premium graphic, premium price. Branding can lift what you sell out of the realm of a commodity, with buyers 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 value. Creating your company into a brand generally implies that you can get more money for the company when you choose to sell it.
7. Lower marketing expenditures. Although you have to put in money to create a brand, once it's created you get a bigger bang for every marketing buck using it.
8. For consumers, less risk. People often choose the brand-name supplier over the no-name one when afraid of the outcomes of a mess up.
For those reasons and many more, branding fattens your net profit.
Read To Determine Why Branding Is Good For Your Company?
Branding is the process of creating distinctive and durable perceptions in the minds of consumers. A brand is a persistent, unique business identity intertwined with associations of personality, quality, origin, liking and more. Read to See why branding is good for your business?
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